Foreign Regulators Up Co-Operation
The IBA is all about the interface of legal systems, says our man at the 2013 extravaganza, Reuben Guttman of Guttman, Buschner & Brooks PLLC.
BOSTON, MASS — It is day three of the International Bar Association’s 2013 Convention and the halls of the Hynes Convention Center here are graced with lawyers from across the globe.
With the growth of a global economy, the common question among all attendees is how to interface the laws of different nations particularly where culture and language may not be susceptible to simple translation?
At a panel entitled “Enforcement by Regulators,” Richard Walker, counsel for Deutsche Bank, noted the rise in cooperation among foreign regulators. “Multi-jurisdictional investigations have a new meaning with Libor,” noted Walker, who explained that the US prosecution of Seimans for violations of the Foreign Corrupt Practices Act “was the beginning with local German prosecutors cooperating with US prosecutors.”
Panelists noted that attorney client privileges may vary from jurisdiction to jurisdiction presenting challenges to legal counsel involved in cross boarder investigations. Yet attorney client privileges are just the tip of the iceberg with language and cultural barriers presenting a thick layer of challenge for prosecutors involved in cross-border cooperation.
Others sessions on international investment arbitration shared the same common theme of the interface of law, culture and language. Creating fluid movement between legal systems is the challenge faced by IBA members.
But the IBA is not just about the procedural side of law. Questions about human trafficking, pollution and employment standards are topics of discourse here. While the subtle theme is promotion of human rights the driver is economics. Reliable legal systems that allow for enforce of rights provide confidence for investors.