On 21 July 2021, Shanghai Financial Court issued the “Guidelines of Shanghai Financial Court for the Trial of Financial Cases Involving Foreign Countries, Hong Kong, Macao or Taiwan” (hereinafter referred to as the “Guidelines”, 上海金融法院涉外、涉港澳台金融案件审判指南), as well as eight typical cases of financial disputes involving foreign jurisdictions.
The Guidelines consists of four parts, clarifying the procedural and substantive issues of the trial of foreign-related financial cases. Part One deals with the procedural issues of foreign-related financial cases, covering nine elements, such as jurisdiction, judicial review of the validity of arbitration agreement, case filing, periods and service, preservation, examination of the overseas parties and evidence, extraterritorial investigation, and evidence collection. Part Two involves the application of law for foreign-related financial cases. Part Three introduces the recognition and enforcement of civil and commercial judgments and arbitral awards for foreign-related financial cases. Part Four is the appendix, including the format for drafting legal instruments for foreign-related financial cases, and common international conventions, practices, and industry rules commonly used in the trial of foreign-related financial cases.
The Guidelines may serve as a reference book for the trial of foreign-related financial cases, providing judges with guidelines for hearing financial cases involving foreign countries, Hong Kong, Macao, and Taiwan, and also providing clear solutions for the financial disputes of the same kind.
The eight typical cases involve financial derivatives transactions, shareholding entrustment, independent letter of guarantee, judicial review of foreign arbitration, preservation, application for enforcement of foreign-related judgments, and other areas.
Cover Photo by Merlin Kraus (https://unsplash.com/@merlin_amadeus_) on Unsplash
Contributors: CJO Staff Contributors Team
