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This research explores the interplay between innovation, economic systems, governance structures, and law, and how they interact with one another in the context of China and Ethiopia's investments in the Digital Silk Road. The way cutting-edge methods related to governance and economic systems might help lower the risks involved in major infrastructure projects, like the Digital Silk Road, particularly in light of law and 5G developments, is investigated. China–Africa connections are to be strengthened, sustainable development is to be encouraged, and healthy economic progress is the goal of the partnership between Ethiopia and the Hainan Free Trade Port. The impact of these transnational investments on fair growth and sustainable development is assessed, while exploring the evolving agendas and procedures governing investments. This research draws attention to how the law and legal cooperation between Ethiopia and China may promote mutually advantageous outcomes, promote transparency and governance mechanisms, and lessen the likelihood of disputes. This research on the factors influencing the future of the Digital Silk Road and its consequences for long-term, sustainable economic growth, and business in the area, aims to provide valuable insights for policymakers, development professionals, and academics, and for the copromotion of China and Ethiopia in terms of digital investment. This research relates to the promotion of the African Continental Free Trade Area (AfCFTA), in terms of construction and economic development. It also examines how the DSR raises concerns about data security and privacy, cross-border transactions, technology transfer, and cyberterrorism, as well as encourages digital investment, such as through enhancing digital governance regulations, modernizing international investment agreements (IIAs), and bolstering global health, coordination, and cooperation; the article concludes by analyzing the implications for Africa. The findings show that such cooperation would support Africa's digital transformation and sustainable development, while strengthening China–Africa cooperation. [ABSTRACT FROM AUTHOR]

This article is devoted to the study of certain aspects of control by the tax service over the implementation of controlled transactions by taxpayers. The author summarises the main criteria for transactions that fall under controlled transactions. The author emphasises that controlled transactions are under close scrutiny of the tax authorities. These are transactions involving non-residents and affecting the financial result of taxpayers and are carried out: with related non-residents; with non-residents registered in low-tax jurisdictions; with non-residents whose legal form is included in the relevant list; through non-resident commission agents; between a non-resident and its permanent establishment in Ukraine. Since cross-border pricing is one of the ways to minimise taxes, this increases the interest of the controlling authorities. Attention is drawn to both the type of controlled transaction and the income received by the taxpayer based on the results of the activity, which should be considered in the complex. It is emphasised that the main element of the controlled transaction audit is the correct pricing. In this case, the arm's length principle is used for the audit. The Tax Code of Ukraine clearly defines the conditions under which transactions are recognised as not complying with this principle. The author emphasises that in case of violation of this principle, the financial result is adjusted, which entails additional taxation. In addition, attention is focused on the existence of a business purpose (reasonable economic reason) for the controlled transaction, which can only be present if the taxpayer intends to obtain an economic effect as a result of economic activity. The economic effect mainly implies an increase in the taxpayer's assets and/or their value, as well as the creation of conditions for such an increase (preservation) in the future. Taxpayers should focus on the correct pricing not only as a basis for avoiding a tax offence, but also for proper tax planning. [ABSTRACT FROM AUTHOR]

The present study is aimed at considering topical international legal problems related to notarial proceedings on the territory of Russia and foreign countries, including within the framework of the EAEU. This article deals with some modern actual international legal problems of notarial proceedings in private international law.Aim . Find ways to solve certain topical problems of notarial proceedings in private international law, in particular, the use of electronic documents issued outside the territory of the Russian Federation and the performance of notarial acts in connection with the introduction of economic measures in the context of sanctions against the Russian Federation.Tasks. Outline the essence and depth of certain topical problems of modern notarial proceedings in private international law, in particular, the use of electronic documents issued outside the territory of the Russian Federation and the performance of notarial acts in connection with the introduction of economic measures in the context of sanctions against the Russian Federation; formulate conclusions and suggestions on the specified research topic.Methods. The methodological basis of this study was the method of analysis and synthesis, the analytical method, the comparative legal method, the system-structural method, and some others.Results . During the study, the authors concluded that notary activity with a foreign element is a complex and responsible process that requires not only a high level of professionalism and competence from a notary public, but also the ability to work with clients from different countries, as well as with other specialists, in order to ensure the correct and accurate execution of documents. It is important to understand that each case can be unique, and a notary must be prepared to adapt to different situations and provide effective problem solving for his clients. However, a properly organized and professionally executed notarial activity with a foreign element can be an important step towards a successful international transaction or legal procedure.Conclusions . If we turn to modern problems of notarial proceedings in private international law, we can conclude that notarial proceedings in the Russian Federation were significantly affected by the global pandemic and the imposed sanctions conditions, which made it difficult or impossible to provide paper documents necessary for notarial acts. We believe that the transition to electronic document management will have a positive impact on international cooperation and will facilitate the performance of notarial acts. As a solution to the problem, we proposed the conclusion of an international treaty regulating electronic document management, in which it would be possible to establish the possibility of accepting international electronic documents.

This article examines the persisting problem of IBAN discrimination in the EU, which is the practice of refusing or charging more for cross-border payments based on the IBAN of the payer or payee. It explains the origin and function of IBANs and VIBANs, which are identifiers for bank accounts and payment transactions, and how they are supposed to facilitate cross-border payments within the EU and beyond. It also analyses the existing EU legislation that prohibits lBAN discrimination, such as the PSD2 and the SEPA Regulation, and the challenges and gaps in their implementation and enforcement. It then explores the potential solutions and prospects for ending IBAN discrimination and whether introducing a pan-EU IBAN system, developing innovative and secure payment solutions, or amending existing anti-discrimination laws could help, IBAN discrimination not only a breach of EU law, but also a barrier to the completion of the Banking Union and the digital Single Market, and EU legislative policymakers should have a vested interested to achieve a truly integrated and competitive payment market during 2024. [ABSTRACT FROM AUTHOR]

This research explores the interplay between innovation, economic systems, governance structures, and law, and how they interact with one another in the context of China and Ethiopia’s investments in the Digital Silk Road. The way cutting-edge methods related to governance and economic systems might help lower the risks involved in major infrastructure projects, like the Digital Silk Road, particularly in light of law and 5G developments, is investigated. China–Africa connections are to be strengthened, sustainable development is to be encouraged, and healthy economic progress is the goal of the partnership between Ethiopia and the Hainan Free Trade Port. The impact of these transnational investments on fair growth and sustainable development is assessed, while exploring the evolving agendas and procedures governing investments. This research draws attention to how the law and legal cooperation between Ethiopia and China may promote mutually advantageous outcomes, promote transparency and governance mechanisms, and lessen the likelihood of disputes. This research on the factors influencing the future of the Digital Silk Road and its consequences for long-term, sustainable economic growth, and business in the area, aims to provide valuable insights for policymakers, development professionals, and academics, and for the copromotion of China and Ethiopia in terms of digital investment. This research relates to the promotion of the African Continental Free Trade Area (AfCFTA), in terms of construction and economic development. It also examines how the DSR raises concerns about data security and privacy, cross-border transactions, technology transfer, and cyberterrorism, as well as encourages digital investment, such as through enhancing digital governance regulations, modernizing international investment agreements (IIAs), and bolstering global health, coordination, and cooperation; the article concludes by analyzing the implications for Africa. The findings show that such cooperation would support Africa’s digital transformation and sustainable development, while strengthening China–Africa cooperation.

This article reviews the present status of the global payment system, a network of financial institutions, payment processors, and regulatory bodies that facilitate the transfer of money across borders. The article introduces the reader to recent developments in provision of cross-border transactions using recently developed technologies, and outlines the benefits and disadvantages of them. Barriers and challenges currently observed in the global payment system, and some of the possible solutions, are also discussed. The article concludes with an introduction to, and critique of, how regulatory challenges in the global payment systems have been addressed in Singapore, an open, export-oriented economy dependent on smooth international transactions. [ABSTRACT FROM AUTHOR]

The present research paper offers an all-encompassing examination of Article 5 of the Rome I Regulation, a pivotal component of the European Union’s private international law. The article centres its attention on the influence of Article 5 on contracts of carriage, a crucial element of global commerce. The objective of the research is to offer a comprehensive comprehension of the legislative framework and fundamental attributes of the Rome I Regulation. The regulation’s primary objective is to facilitate predictability and legal assurance in cross-border transactions. This article critically examines the complexities of Article 5, encompassing its extent, conditions, and exceptions, and further explores its importance for international transportation agreements. This study analyses the function of Article 5 in ascertaining the applicable law in instances of conflicts between parties from diverse legal systems, with specific emphasis on multimodal transportation and the notion of “the place of delivery”. The present article assesses the influence of the legal rulings of the European Court of Justice on the construal and implementation of Article 5. The research presented here delineates several pragmatic impediments and limitations that emerge during the execution of Article 5, encompassing possible contradictions with other international accords, complexities in ascertaining the site of delivery, and the impact of obligatory legal statutes. Notwithstanding the aforementioned challenges, the study concludes that Article 5 has been instrumental in fostering legal certainty, facilitating the performance of international carriage contracts, and propelling worldwide trade. The present study’s outcomes augment the extant corpus of literature on the Rome I Regulation and furnish significant perspectives for policymakers, legal professionals, and academicians. The article emphasises the necessity for additional examination and evaluation of the obstacles and possibilities posed by Article 5 within the framework of global commerce and transportation agreements.

BigTech and Fintech have been developing for some time. They will make a significant contribution to the global digital economy. The digital economy is the new frontier for international trade and investment. Yet, their ability to capture and use personal data is significant and not well understood by individuals or entities outside the sector. Combined, BigTech and Fintech are developing and providing new products and services for consumers, such as finance. Their reach is significant, and they have been able to provide access for consumers online that traditionally were so remote they had no access at all. This article explores the potential vulnerability of the cross-border flow of data in the emerging Fintech and BigTech economy. Coupled together the vulnerability of data in Fintech and BigTech, which are relatively under-regulated, will pose a number of challenges. Furthermore, with the increasing push of BigTechs into the Fintech sector, this may result in competitive advantages or disadvantages to a few. On the other hand, data flows and data protection are beginning to be well embedded into national legal frameworks. A challenge is the competing areas of law that are all pulling in different directions in regulating the functional arrangements of BigTech and Fintech. A related purpose is that competition law provides a very different function to minimise monopolies forming. This is on the backdrop of nation states encouraging the expansion of investment across these two sectors. On this basis, it is argued that there is the potential for anti-competitive behavior by these sectors. In drawing on the work undertaken by the EU in accordance with the General Data Protection Regulation (GDPR), this article highlights how there are competing laws, achieving different things. That is, the GPDR protects the use of personal data, and provides for data flows, while there is emerging legislation to regulate Fintech, which has been and continues to be in tension with the GDPR. It will demonstrate how the current Fintech legislation in Europe requires a level of reporting on transactions. In responding to the potential anti-competitive behaviour by these sectors, it will be argued that, in part, it can be addressed where jurisdictions have data portability and data retention laws. The paper concludes by attempting to strike a balance between economic advancement of data in the digital economy, and consumer choice, while not penalising BigTech and Fintech companies, who have been instrumental in the development this relatively new economy. This sector alone is predicted to bring significant benefits economically and socially to people around the world. [ABSTRACT FROM AUTHOR]

This paper reviews the global market conditions together with the commercial and technical drivers that have created the need for a globally interoperable form of digital identity for legal entities. It recounts the role the Global Legal Entity Identifier (LEI) System is already playing in enabling the clear and unambiguous identification of legal entities for all stakeholders globally, and presents examples of how the LEI is already being leveraged by public authorities in payments use cases around the world. The paper also explores the technical model underpinning the Global Legal Entity Identifier Foundation's new form of digital organisational identity — the verifiable LEI — before exploring how this can bring new value to the payments industry globally. [ABSTRACT FROM AUTHOR]

While enjoying the convenience of cross-border mobile payment, we cannot ignore the risks hidden in such payment. There may be many risks in the process of the cross-border mobile payment. After classifying, identifying and evaluating the risks in the cross-border mobile payment, the authors takes Alipay as an example to conduct an empirical study on the early warning of the risks in the cross-border mobile payment on the basis of establishment of the early warning system of risks. The empirical study indicates that security risk, online payment risk, supervision risk, and financial risk have a negative impact to users. The authors put forward some relevant suggestions on early warning of such risk. [ABSTRACT FROM AUTHOR]

The article presents reflections on the best practices in real estate cross border transactions.Transactions on real estate markets have several aspects that make them highly complex, mostly due to their individual nature – each property is unique in terms of its location, structure and history. Cross-border transactions on the real estate market are becoming increasingly popular as the world becomes more globalized. The growing volume of this type of transaction presents a challenge for the modern real estate lawyer. It is impossible to create an exhaustive guide setting out all the hazards occurring in such transactions. This article addresses this difficult challenge by indicating the most important of them. It is essential and extremely helpful to enter into cooperation with a local counsel who will help us to explain the local specificity and who will take the legal differences into account. In addition, other helpful tools, such as a legal due diligence report or a title insurance Policy, should be carefully considered. One cannot forget about the importance of the local culture and customs, which may prove decisive at the crucial moment of the transaction. Finally, to be effective in working with cross-border clients, lawyers must have a good understanding of how people think and make decisions, and must possess good people skills. Respect for local customs and traditions, as well as understanding the local legal system while securing clients’ interests, is the key to a successful transaction.

Copyright of ERA Forum is the property of Springer Nature and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

ICO is the acronym for initial coin offering which, drawing a parallel with IPO, refers to the offering to the public of tokens created within blockchain platforms. Most jurisdictions have not specifically regulated these new instruments but instead apply their capital market law requirements when tokens are considered securities; in primary markets, prospectus rules. Failure to comply with those requirements may give rise to liability. Given that ICOs are cross-border in nature, issuers act globally by targeting retail investors in any jurisdiction through online channels--the determination of the law applicable to both regulatory and private law issues is key. This contribution aims at analysing investor protection in ICOs from a substantive-law and, in particular, conflict-of-laws perspective, testing traditional connecting factors, mainly market-orientated, in this context. [ABSTRACT FROM AUTHOR]

Payment systems make a significant contribution to the flow of transactions and financial stability. In this paper, we start by applying the principles of the gravity model to explain the TARGET flows of banking transactions between Portugal and other eurozone countries. The main explanatory variables tested are a composite indicator of economic and financial activities, distance, membership of the Eurozone (EZ), and country risk measured by treasury bond yields. The results indicate that Portugal has a high level of integration in the European banking market as distance is not statistically significant, and that the membership of the EZ facilitates the financing of the economy. The economic size of the partner country becomes non-significant after controlling for country fixed effects. The increase in the Portuguese country risk during the European sovereign debt crisis led to a marked decline in external financing, indicating that this is an important channel of transmission of crises. [ABSTRACT FROM AUTHOR]

This legal analysis looks at the proposed revisions to the Alternative Investment Fund Managers Directive in relation to the concept o f pre-marketing and the issues identified with such proposals for the fund management industry. [ABSTRACT FROM AUTHOR]

In cross-border regulatory or criminal investigations in the EU, due attention needs to be paid to privileges and related fundamental rights that might benefit the person who is the target of an investigative measure. This article assesses the state of play of a number of well-known examples, such as the right to silence, the privilege against self-incrimination, the legal professional privilege and the non bis in idem principle. [ABSTRACT FROM AUTHOR]

The performance of many cross-border UK-EU contracts in existence at the time of Brexit should be possible after Brexit under protections afforded by EU and international legal frameworks. UK and EU financial services businesses can take additional steps now to future-proof their existing contractual relationships in advance of Brexit to ensure that they can continue to provide services to all of their customers once the UK becomes a "third country" to the EU. [ABSTRACT FROM AUTHOR]

The transition to automation in legal architecture through smart contracts should improve transactional productivity, efficiency and risk management. However, this involves a translation of legal rights, obligations and remedies into a framework which is, at least partly, digital. In this article, we consider what smart contracts are, legal considerations in their creation and issues of legal recognition and harmonisation which should be considered if the potential for smart contracts to transform trade and finance is to be achieved. [ABSTRACT FROM AUTHOR]

Copyright of Economic & Political Thought / Myśl Ekonomiczna & Polityczna is the property of Lazarski University and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

In article features of the greatest in the world of cross-border transactions of merges and acquisition are investigated. Their dynamics in quantitative and cost expression, dynamics of the average price of transactions is analyzed. The countries-leaders on the greatest activity in processes of merges and absorption are defined.В статье исследуются особенности наибольших в мире трансграничных сделок последней волны слияний и поглощений. Анализируется их динамика в количественном и стоимостном выражении, динамика средней цены сделок. определяются страны-лидеры, компании которых отмечались наибольшей активностью в процессах слияний и поглощений.

This article sets out how UK and EU insurance, reinsurance and insurance intermediary firms and branches may be able to access each others' insurance and reinsurance markets after Brexit. It considers the alternatives of a "hard" Brexit and an EEA/EFTA route, and sets out applicable equivalency regimes for third-country access. We conclude that workable solutions for cross-border access should, in principle, be available in each scenario. Equivalency regimes for reinsurance are extensive, but those for direct insurance are partial. Gaps in equivalency regimes for insurance mediation and some aspects of direct insurance (e.g. customer access) would best be plugged for the benefit of UK and EU insurance businesses generally. [ABSTRACT FROM AUTHOR]

This article traces the evolution of EU payments law for retail payments, identifying four phases of its development. In spite of the EU's founding principle of free movement of payments, the first two phases of EU payments law were characterised by negative integration and soft law measures with limited effects on the performance of cross-border payments. The introduction of the euro started the third phase of EU payments law, in which the EU became more aggressive in its approach to regulating payments. Nevertheless, EU legislation was mainly aimed at triggering and supporting "voluntary self-regulation" by the banking industry. As a result, EU payments law acquired a hybrid character. The ensuing Single Euro Payments Area (SEPA) is composed of publicly and privately made rules which became mingled together into a single system. Finally, the fourth phase of the development of EU payments law has witnessed, on an unprecedented scale, EU public regulation colonising areas that used to be in the private domain. It also marks a nuanced shift of objectives of EU payments law: integration is no longer the overarching objective but "regulation for competition" has surfaced as an equally important goal. [ABSTRACT FROM AUTHOR]

The article discusses the impacts of the National Bank of Ukraine's (NBU's) Regulation “On Issuance of Electronic Payment Instruments and Carrying Out of Operations with their Usage” on the activity of the international payment systems in Ukraine. The methods used to collect fees and collateral from banking customers are addressed, along with bank clearing systems and cross-border transaction laws. Prevention against the outsourcing of internal processing to foreign countries is examined.

The article focuses on the creation of institutional frameworks for cross-border bank regulation in 2015. Topics include the expansion of global economic integration between 1995 and 2015, the increase in foreign investments in developing nations, and the creation of the Economic Community of West African States (ECOWAS).

The article analyzes the framework of single supervisory mechanism (SSM) for signifying the European integration and functioning of the Banking Union. Topics discussed include the provisions of the European Central Bank (ECB) in enhancing the financial stability, for maintaining the relationship between national competent authorities (NCAs) and ECB, and the laws for regulating the cross border transactions.

The article discusses several legal and regulatory challenges which are associated with cross-border banking in Africa, focusing on issues related to international law, financial regulations in Africa, and the growth of institutions such as the Bank of Africa in Mali, Ecobank Transnational Inc. in Togo, and The Standard Bank of South Africa Ltd. Other topics include financial market development in Africa, corporate banking clients, and financial sector liberalisation in Africa.

The article focuses on cross-border banking regulation in Africa in 2014, particularly the legitimacy of soft law institutions. Topics include soft law institutions' compliance with international banking standards, the soft law approach to financial market regulation, and the success of self-regulation in the African banking system.

The article discusses the practice of law in the European Union (EU) in relation to the land registries of the Member States of the EU, electronic conveyancing, and a reported lack of harmonisation of European land registries. EU property laws and conflicts of laws are addressed, along with cross-border transactions and land registration laws in the EU. The Treaty of Rome 1957 and the EU Land Information System are examined, along with EU common law and the European Commission.

The importance of cultural factors as antecedents of post-acquisition integration has been recognized in previous research. Nevertheless, there are not many case studies on the post–merger and acquisition (M&A) integration process of USA-based multinational corporations (MNCs) acquiring Chinese companies. This article summarizes lessons in communication learned from the integration process between Duracell and Nanfu, the two battery giants from the US and China. In 2003, the Gillette Company, who owned Duracell, acquired Nanfu. In 2005, Gillette was acquired by Procter and Gamble (P&G), and the management of Nanfu remains to be coordinated by Duracell. This case embodies the interplay of two national cultures (China and the US) and four organizational cultures (P&G, Gillette, Duracell, and Nanfu). Data from interviews and participant observations with American and Chinese managers and engineers, and Chinese consumers indicate a complex post-acquisition integration process. The article proposes a six-tier American-Chinese communication gap to be overcome for any MNCs in their post-acquisition integration after cross-border transactions between the US and China: Directness vs. Subtleness; Aggressiveness vs. Modesty; Courtesy vs. Command; Different connotations of the same concepts; Competitive vs. Obliging Conflict Management Styles; "Rule-based" vs. "Good will-based" working atmosphere. The case study on the Duracell-Nanfu case demonstrates that MNCs need to provide comprehensive intercultural training for its multinational teams for more effective communication and higher productivity after M&As. [ABSTRACT FROM AUTHOR]

The article reports on plans of the Monetary Authority of Singapore towards initiatives to strengthen cross-border Renminbi (RMB) flows and commitment towards collaboration on capital market.

The article informs that he Brazilian Securities and Exchange Commission has released Instruction No.559 on March 27,2015 which updates the rules on the approval of programmes of depositary receipts (DR) for foreign trade and discusses the objectives of the instructions.

The article discusses the Brazilian Internal Revenue Service's issuance of Interpretative Act (Ato Declaratório Interpretativo) No.7, of August 15, 2014 (IA 7/2014) which deals with Brazilian taxation on cross-border payments for the use of offshore data centres that are located abroad. According to the article, IA 7/2014 applies to all amounts paid, credited, or remitted by individuals or legal entities resident or domiciled in Brazil to companies headquartered in other countries.

The article offers information on a board resolution issued by the National Bank of Ukraine for payments for services rendered abroad, and mentions that it has abolished the requirement to obtain prior authorization of pricing expertise certificate by Monitoring International Commodity Markets.

The article comments on the provisions of Alternative Investment Fund Managers Law of 2013 (AIFM Law) in regulating the alternative investment funds. Topics discussed include the role of the AIFM law in cross-border transactions, the provisions of the law governing the marketing of alternative investment funds (AIF), and the laws for regulating tax exemption.

The article focuses on the Monetary Authority of Singapore (MAS) and its proposed rules regarding the Asian Region Fund Passport (ARFP). Topics include the Asia-Pacific Economic Cooperation (APEC), collective investment schemes for passport member economies, and cross-border investment. Information is provided on the efforts to create regulatory consistency.

The article informs that the Resolution 996 of the Board of the National Bank of Ukraine (NBU) has relaxes the prohibition on changing the parties to cross-border loans and mentions from January 11, 2016, it will be permissible to amend loan agreements to replace a lender or a borrower.

The article reports on the signing of an agreement between Central Banks of Brazil and Uruguay to establish the system of payments in local currency in order to enhance the trade of goods and services between the two countries.

The article discusses the Argentina Federal Administration of Public Income (AFIP) and its issuance of a General Resolution on February 22, 2012 on the requirements for cross-border payments, as well as foreign currency purchases and wiring.

Checkpoints in Cyberspace: Best Practices to Avert Liability in Cross-Border Transactions is an intensely serious look at the US trade and export regulations that govern cross-border transactions. [ABSTRACT FROM PUBLISHER]