bluuebunny/crossref_metadata_2025_split huggingface dataset:
Charterparties and their Relationship with Bills of Lading
Authors: Girvin Stephen 
Published: May 2022

Abstract
This chapter highlights the relationship between charterparties and bills of lading. A bill of lading issued by the shipowner to the charterer performs two of the functions of a normal bill of lading, operating as a receipt for the goods shipped and, potentially, as a document of title which, provided it is in the appropriate form, may be endorsed to a third party. The bill of lading is not evidence of the contract of carriage because the relationship between shipowner and charterer is governed by the terms of the charterparty. The same principle applies where bills of lading, initially issued to a third party, are endorsed to the charterer. Potential difficulties of identification arise when the bill of lading does not clarify which charterparty in a string is incorporated. The general rule is that reference to an undated charterparty does not negative an intention to incorporate a charterparty.
The Rise of International Regulation
Authors: Girvin Stephen 
Published: May 2022

Abstract
This chapter examines the rise of international regulation on the carriage of goods. It begins by looking at the Hague Rules, the text of which was discussed by the International Chamber of Commerce (ICC) at an inaugural meeting in London in June of 1921. The aim of the Hague Rules was to achieve a better balance between the interests of shipowners and cargo owners. It regulates the rights, duties, and immunities of the carrier under a contract of carriage by sea covered by a bill of lading, in relation to the shipper, the consignee named in the bill of lading, and the endorsee of the bill of lading. The Visby Protocol expanded the scope of application of the Hague Rules, but it did not radically alter the compromise between the demands of carriers on the one hand and cargo interests on the other. The chapter then looks at the SDR Protocol.
Hybrid Carriage Regimes and the Rotterdam Rules
Authors: Girvin Stephen 
Published: May 2022

Abstract
This chapter focuses on hybrid carriage regimes. After the coming into force of the Hamburg Rules in 1992, a number of countries which had not ratified them took steps towards their domestic implementation. There are a number of hybrid domestic regimes in civil law countries. In China, the Maritime Law of the PRC of 1992 contains provisions on carriage of goods by sea drawn from the Hague and Hague-Visby Rules and also from the Hamburg Rules. During the period of national initiatives, the Comité Maritime International’s (CMI) role at the vanguard of unifying instruments, in this and other areas of maritime law, was challenged. Nevertheless, it continued to undertake work on the uniformity of carriage regimes. The chapter then looks at the Rotterdam Rules.
The Legal Effect and Interpretation of the Hague and Hague-Visby Rules
Authors: Girvin Stephen 
Published: May 2022

Abstract
This chapter assesses the legal effect and interpretation of the Hague and Hague-Visby Rules. Article X of the Hague Rules provides that ‘the provisions of this convention shall apply to all bills of lading issued in any of the contracting States’. Section 1 of the Carriage of Goods by Sea Act 1924 applied only ‘in relation to and in connection with’ the shipment of goods from ports in Great Britain to ports in or outside Great Britain. The port of destination was immaterial for the purposes of the Act. Thus, section 1 was narrower than intended by article X. Meanwhile, article X of the Hague-Visby Rules provides that ‘the provisions of these Rules shall apply to every bill of lading relating to the carriage of goods between ports in two different States if: (a) the bill of lading is issued in a contracting State, or (b) the carriage is from a port in a contracting State, or (c) the contract contained in or evidenced by the bill of lading provides that these Rules or legislation of any State giving effect to them are to govern the contract, whatever may be the nationality of the ship, the carrier, the shipper, the consignee, or any other interested person.
The Scope and Application of the Rotterdam Rules
Authors: Girvin Stephen 
Published: May 2022

Abstract
This chapter describes the scope and application of the Rotterdam Rules. In a marked point of departure from the other international carriage conventions, the Rotterdam Rules is explicit in providing a general interpretation provision. This is to be found in article 2, which states that: ‘In the interpretation of this Convention, regard is to be had to its international character and to the need to promote uniformity in its application and the observance of good faith in international trade’. The call to the ‘international character’ of the Rules and the ‘need to promote uniformity’ are important benchmarks in the Rules, which were drafted because of an incipient lack of uniformity in the carriage of goods by sea. The Rules mirror the Hamburg Rules in having wider application than the Hague-Visby Rules. They apply in those cases where the place of receipt and the place of delivery are in different states and the port of loading of a sea carriage and the port of discharge are in different states and if the place of receipt, the port of loading, the place of delivery, or the port of discharge is in a contracting state.
Freight
Authors: Girvin Stephen 
Published: May 2022

Abstract
This chapter highlights freight, which is the consideration payable to the carrier for the safe carriage of the goods, in a merchantable condition, and their delivery at the port of discharge. Freight is payable under a voyage charterparty or under a bill of lading issued by the shipowner and, in some cases, by the charterer. If the parties have agreed no freight, it is possible to determine a ‘reasonable sum’ as remuneration from the state of the freight market. The common law presumption is that freight is payable only on delivery of the goods to the consignee at the port of discharge, following presentation of an original bill of lading or letter of indemnity. The carrier may not demand payment unless it is willing and able to deliver the goods at the place agreed. The chapter then looks at advance freight, lump sum freight, pro rata freight, and back freight.
Deviation
Authors: Girvin Stephen 
Published: May 2022

Abstract
This chapter reviews the doctrine of deviation. The origins of the doctrine appear to derive from marine insurance, where there was established authority to the effect that when a vessel deviated from the insured route, the vessel was thereafter uninsured for subsequent loss, unless beyond the control of the master or the shipowner, or justified. The problem today is less acute and the doctrine is rarely strictly applied. Marine insurance policies contain ‘held-covered’ clauses, whereby the assured is covered in the event of a deviation on payment of an additional premium. At common law, the shipowner impliedly undertakes to proceed on a voyage, in the designated vessel, by ‘the usual and customary course’. A deviation is a deliberate and unjustifiable departure from the usual and customary course from the loading port to the discharge port.
Limitation Periods
Authors: Girvin Stephen 
Published: May 2022

Abstract
This chapter assesses limitations periods under domestic law and the Hague, Hague-Visby, and Rotterdam Rules. A core component in the litigation strategy of any claimant, whether under the general law or the carriage of goods by sea, is the potential for any statutory or convention time bar to eliminate the claim, if not brought in time. As the leading text on the subject explains ‘a limitation period is construed as including any provision which specifies a time-limit within which legal proceedings of a particular kind must be brought or, exceptionally, within which notice of a claim or dispute must be given to another party’. In practice, the time bar is the most powerful weapon in the hands of the carrier and the most dangerous defence which the cargo claimant faces. It has often been stated that the reason in the carriage context for the time bar is that it ‘meets an obvious commercial need, namely, to allow shipowners, after that period, to clear their books’. The restriction is not, however, reciprocal: if the shipowner sues the shipper or consignee, for example for freight or demurrage, or for the carriage of dangerous cargoes, then its claim is not subject to the restrictive one-year time bar which is a major component of the Hague and Hague-Visby Rules.
Employment Contracts and Private International Law
Authors: Merrett Louise 
Published: May 2022

Abstract
With employment contracts increasingly involving international elements, cases involving any international aspect require the application of rules of private international law to determine which court or tribunal can hear the case, and what law will be applied to determine the dispute. The Rome I and Rome II Regulations, and the Brussels I Regulation (BIR) all contain special regimes of rules for employment contracts, which have remained applicable in the UK following Brexit. This new edition includes an updated treatment of both the Rome Regulations, and a detailed chapter analysing the rules contained in the BIR recast, which replaced the Brussels I Regulation in 2015. The book offers an exposition of the substantive law background, covering the jurisdictional and the choice of law rules to identify commonality and overlaps, and explores their rationale to provide a better understanding of each. It deals with the common law rules on jurisdiction and emphasises how those rules are likely to apply in an employment context. The scope of the book includes coverage of the difficult overlapping provisions which apply to posted workers, as well as other claims which might arise out of the employment relationship such as claims in tort or for breach of statutory duty. Each chapter is usefully concluded in sections which summarise the analysis and scope of the coverage. The book is a timely new edition in view of the twin challenges of the post-Brexit legal landscape and the rapid evolution of our understanding of the workplace as a result of technological advances and the COVID-19 pandemic.
Jurisdiction under the Brussels I Regulation Recast
Authors: Merrett Louise 
Published: May 2022

Abstract
This chapter evaluates jurisdiction under the Brussels I Regulation recast. The general rules is that a defendant must be sued in the court of its domicile. However, additional heads of jurisdiction, based on a link between the facts of the case and another jurisdiction, can also be relied on by claimants in certain circumstances. The Court of Justice developed a special approach for employment contracts which was eventually reflected in specific employment rules in the Brussels Convention, Lugano Convention, and later the Brussels I Regulation and Regulation recast. As well as the special rules for employment contracts set out in Section 5 of the Brussels I Regulation recast, Article 7(5), which allocates jurisdiction to the country where the defendant has a branch agency or other establishment, can also be relied on by employees. Following amendment to the Regulation recast, Article 8(1) in relation to the joinder of third parties also applies in employment cases to the benefit of employees. Moreover, the Brussels I Regulation recast sets out rules to allocate proceedings between the courts of Member States. In particular, through Articles 29 and 30, the recast Regulation seeks to minimize the risk of conflicting judgments by providing rules to deal with situations where there are parallel or related proceedings in different Member States.
Mandatory Rules in Employment Cases
Authors: Merrett Louise 
Published: May 2022

Abstract
This chapter addresses the role of mandatory rules in employment cases. Mandatory rules and public policy operate in a number of distinct spheres in private internal law. Whether or not a rule is intended to be mandatory is essentially a matter for the internal law of the relevant country whose rule is involved. However, in a private international law context, the way in which those rules take effect and how they relate to the choice of law process as a whole is determined by rules set out in the Rome I Regulation. The chapter details how mandatory rules operate in both the Rome Convention and the Rome I Regulation. Having considered these general principles, the focus will then turn to overriding mandatory rules in English employment law.
The Territorial Scope of English Employment Legislation
Authors: Merrett Louise 
Published: May 2022

Abstract
This chapter describes the territorial scope of the main English employment rights. Many of the international employment cases which come before courts or tribunals concern territorial scope. Because employment rights are often either expressly or impliedly overriding mandatory rules, they can be applied without consideration of the normal choice of law rules and often the only issue is whether the claimant falls within the territorial scope of the relevant rule. Moreover, the rules relating to territorial scope are themselves unclear. The chapter begins by looking at claims under the Employment Rights Act 1996, in particular the territorial limits which apply to a claim for unfair dismissal. It then addresses the question of whether the same limits apply to different rights under the Employment Rights Act 1996, and to rights under other employment legislation. Finally, the chapter considers the approach to rights based on European law and/or fundamental rights, particularly post-Brexit.
The Cross-Border Enforcement of Claims Against Employees
Authors: Merrett Louise 
Published: May 2022

Abstract
This chapter explores the cross-border enforcement of claims against employees. It begins by outlining the position in English law. The doctrine of restraint of trade may extend beyond the enforcement of post-termination restrictive covenants to the enforcement of garden leave clauses and also to the partial enforcement of invalid clauses through the doctrine of severance. In relation to jurisdiction, under the Brussels I Regulation recast, claims made against employees are subject to very restrictive rules. These rules are now mirrored in section 15C of the Civil Jurisdiction and Judgments Act 1982. In relation to choice of law, the enforcement of restrictive covenants may raise issues which go beyond normal contractual principles because of the involvement of the restraint of trade doctrine and rules of public policy. The chapter then looks at remedies and the availability of injunctive relief in international cases.
Financial Market Infrastructures from a Trans-Atlantic Perspective
Authors: Binder Jens-Hinrich , Saguato Paolo 
Published: May 2022

Abstract
This chapter introduces financial market infrastructures (FMIs), the backbone and the critical providers of essential services to modern financial markets. FMIs have been a central piece to the post-2008 global financial crisis reforms. Yet, despite the critical functions they provide in the financial system, they have been often overlooked by commentators and both the technical design of their regulatory framework and their underlying policy questions, for a long time, have gone under-theorized. Both international standard setters and, indeed, academic research into the legal and economic aspects of FMI regulation have caught up over the past few years. This process has been fuelled by three interrelated forces. First, an unprecedented progress in technology has revolutionized the FMI business, reducing transaction costs and enhancing informational and operational efficiencies both in domestic and cross-border markets, while also creating new forms of operational and cyber risks that might undermine FMIs’ resilience and threaten market stability. Second, an impressive wave of cross-border convergence and consolidation has restructured the FMI sector, both at the trading and post-trading level. Third, multiple regulatory interventions in the markets have contributed to the expansion and reliance on FMIs as essential players in the financial system.
Securities and Derivatives Exchanges in the United States
Authors: Dombalagian Onnig H 
Published: May 2022

Abstract
This chapter evaluates securities and derivatives exchanges in the United States. Securities and derivatives exchanges have long enjoyed a central role in the ordering of US trading markets, insofar as they established much of the contemporary framework for coordinating the interests and obligations of brokers, floor traders, specialists and market makers, listed companies and sponsors of exchange-traded products, and other market participants. Congress enshrined this role by vesting exchanges with broad rulemaking and disciplinary authority in eponymous legislation, while at the same time ensuring accountability through governance requirements, public transparency and access standards, and federal oversight of their self-regulatory activities. The past several decades have threatened to disrupt such arrangements as US exchanges have lost primacy of place in their respective markets. To face these challenges, exchanges have demutualized to compete more effectively with alternative trading venues, while ceding much of the authority they exercised over listed issuers, brokers, and dealers to federal regulators and non-market self-regulatory organizations (SROs). Addressing, in turn, the role of exchanges’ listing rules for the corporate governance of listed companies, the regulatory requirements pertaining to the provision of liquidity to market participants, as well as the legal and regulatory regime for the dissemination of market information, the chapter builds on the theoretical framework developed in the previous chapter and discusses the applicable provisions in US securities regulation.
Alternative Trading Venues in the United States
Authors: Rauterberg Gabriel 
Published: May 2022

Abstract
This chapter focuses on alternative trading systems (ATSs) in the United States. It begins by describing the basic architecture of the US equity market, organized around the types of trading venues; and then analyses some of the criticisms that politicians, media commentators, and scholars have made of ATSs. The chapter then argues that ATSs have stronger incentives to innovate than exchanges. Beyond batched auctions, ATSs have introduced multiple other innovations, including different ranking systems for executing orders beyond exchanges' price, display, and time priority rules; order-initiated auctions; and innovative order types, including ones that allow execution instructions across multiple securities, such as aggregate limits on transactions across many securities. Finally, the chapter discusses the welfare implications of the different innovation incentives of ATSs and exchanges.
Central Counterparties Insolvency and Resolution in the EU
Authors: Binder Jens-Hinrich 
Published: May 2022

Abstract
This chapter assesses the international policy debate on insolvency management in relation to central counterparties (CCPs), as well as the general context in the European regulatory framework for the licensing and ongoing regulation of CCPs. It then turns to a closer examination of the new Regulation, which has been strongly influenced by the Financial Stability Board’s (FSB) ‘Key Attributes of Effective Insolvency Regimes for Financial Institutions’ of 2014, but is far more detailed and prescriptive. While the prudential requirements for CCPs’ own risk mitigation and loss management arrangements established under the European Market Infrastructure Regulation (EMIR) have been taken as the basis for recovery measures, the Regulation introduces some key features of recovery and resolution regimes for banking institutions also in relation to CCPs. Just as banks, CCP operators, under the Regulation, will be required to engage in rigorous recovery planning, while resolution authorities are required, in turn, to develop resolution plans in order to prepare for future contingencies. For the actual resolution stage, the Regulation prescribes a number of statutory tools, some of which have also been adapted from the corresponding regime for failing banks.
Credit Risk-Mitigation Techniques and Credit Risk Protection
Authors: Joosen Bart PM 
Published: May 2022

Abstract
This chapter assesses credit risk mitigation (CRM) techniques and credit risk protection. Managing the risk of default of bank counterparties is, if possible, the most important objective of banks engaged in lending. The lower the counterparty’s creditworthiness, the stronger the collateral must be for a bank to be prepared to extend its credit. From the perspective of prudential supervision, CRM techniques will be subjected to an in-depth test to determine whether the reduction in credit risk envisaged by the bank may actually lead to a reduction in the weighting of the credit risk on the item concerned for the purpose of capital adequacy. Each bank applies its own techniques and terms and conditions related to lending and credit risk management; this is how banks distinguish themselves from each other. The chapter then looks at the developments in the regulation of CRM in the Basel standards or in Capital Requirements Regulation (CRR), considering the genesis of the rules regarding capital market-driven CRM techniques and the use of financial collateral. It also identifies the general principles of CRM and of funded and unfunded credit protection.
Covered Bonds and Securitization Positions as HQLA
Authors: Grünewald Seraina 
Published: May 2022

Abstract
This chapter reviews the differences in treatment of covered bond and securitisation positions with a view to calculating liquidity requirements (both the Liquidity Coverage Ratio and the Net Stable Funding Ratio) by Basel III on the one hand and the EU framework on the other. It begins by explaining the concept of high-quality liquid assets (HQLA). Covered bonds are debt obligations issued by banks and secured by a pool of cover assets to which investors have direct recourse as preferred creditors, while retaining a claim against the issuing bank in the event of default as ordinary creditors. Securitisations, on the other hand, represent transactions or schemes with an exposure or pool of exposures whose credit risk is tranched, which possess the following characteristics: (1) payments in the transaction or scheme depend on the performance of the exposure or pool of exposures; and (2) the subordination of tranches determines the distribution of losses throughout the ongoing life of the transaction or scheme. The chapter then addresses the implications of the EU’s efforts to integrate and improve the efficiency of the covered bonds market, culminating in the recent adoption of the Covered Bonds Directive and Regulation.