Designing New Legal Rules and Principles for Global Finance Regime

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This study is indented for designing new legal rules and principles which are better suited for the realty of global finance.1. To a limited degree, Japanese regulatory rules concerning finance has adopted the principle of law of origin and the principle of recognition, but not so clearly. The existence of these principles should be widely acknowledged and they should be adopted as such in the regulatory regime.2. It is submitted that many present and potential problems of global finance may be dealt with by Japanese courts with by the traditional rules of conflict-of-law. However, requirement of predictability by players, i.e., parties and architects of financial transactions asks for clearer, more reasonable and more detailed rules of conflicts. One of the proposals of this study calls for a new rule of conflict-of-law that adopts the principle of the law of creditors or originations of securitization of receivables.3. It is argued by recent writers that many instances of application of regulation can be explained by the absolute or international mandatory rules approach contrasted with the traditional choice-of-law approach. This study, while acknowledging the utility of the former approach, casts doubts on the assertion that the traditional approach must give way to the former whenever a mandatory rule is applicable as "public law."