JBA Opinion on Interim Plan for Modernizing the Private International Law

JBA submitted its opinion on the Interim Plan for Modernizing the Private International Law to the Ministry of Justice (MOJ) on May 24.MOJ released the Interim Plan for comments on March 29 with the intention of modernizing the Private International Law, which was established more than a century ago in 1898.In the opinion, JBA expresses its position that modernizing the Law will simplify selection of applicable laws for existing banking transactions and lead to future development of new foreign businesses. The paper proceeds to discuss principal subjects of the Interim Plan such as the (1) Implicit intent in selecting an applicable law, (2) Linking a law when an applicable law has not been selected by the concerned parties, (3) Consumer protection rules, and (4) Applicable law for claim transfers.