Rome I threatens to be a legal nightmare
LONDON – UK business leaders are up in arms about a new piece of European legislation that threatens to seriously undermine the financial services sector and damage online businesses, and that has the potential to become a legal compliance nightmare.
The European Commission is seeking to pass through legislation, know as Rome I, which the Commission claims simply enshrines into European law the policies set out in the 1980 Rome Convention, which sets out the rules to determine the applicable laws of contract in cross-border trade. However, its draft legislation, published in December 2005, contained substantial amendments to the Rome Convention that could have serious and wide-ranging ramifications for cross-border trade.
Under the proposals
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