Inside This Issue:
LUNCHEON WITH COUNSUL GENERAL OF THE REPUBLIC OF KOREA
On Thursday, November 18, 2010, the International Law Section of the Los Angeles County Bar Association hosted a successful luncheon at The Fabiolus Café with Mr. Jae-Soo Kim, Consul General of the Republic of Korea and his personal guest, Mr. Woo-Jung Shim, Consul of the Korean Consulate General in Los Angeles, California. Among those in attendance was Mr. Jaehong Choi, Legal Counsel for the Korean Consulate General in Los Angeles, California.
Mr. Kim spoke about his rewarding career as an attorney in the United States. He relayed interesting stories of his experience working on cases as a member of the private bar, including a story about the particular case that prompted his desire to work as a civil servant for the Korean government. Mr. Kim also spoke about the current negotiations for the long-awaited free trade agreement (FTA) between the United States and South Korea, the finalization of which President Barack Obama has made a priority in order to improve the American economy. If finalized, the FTA would become the largest trade accord since the North American Free Trade Agreement, which the United States signed in 1993.
The International Law Section will continue to host luncheons with Consul Generals of other nations, and it hopes that those who have not yet attended a luncheon will consider doing so in the future.
INTERNATIONAL LAW SECTION CALENDAR OF UPCOMING EVENTS
• LACBA International's Executive Committee monthly meetings take place the second Wednesday of every month. The next scheduled Executive Committee meeting will take place on February 9, 2011, at 6:00 p.m. at the Los Angeles County Bar Association, located at 1055 West 7th Street, Suite 2700, Los Angeles, California, 90017. All are welcome!
• LACBA International Delegation to Delhi and Mumbai, India from January 28-February 7, 2011
• 7th Annual Asian ITECHLAW Conference in Bangalore, India from February 3-4, 2011 (www.itechlaw-india.com)
• Inter-Pacific Bar Association (IPBA) Reception
Date & Time: Thursday, February 3, 2011; 6:00-8:00p.m
Place: Zuber & Taillieu LLP, 777 S. Figueroa St., 37FL, Los Angeles, CA 90017
RSVP: E-mail email@example.com - space is limited to the first 75 registrants!
• American Bar Association (ABA) Midyear Meeting, Atlanta, Georgia; February 9-15, 2011 (http://new.abanet.org/calendar/midyear/Pages/default.aspx)
• International Bar Association (IBA) Israel Conference "The Global Commercialization of Knowledge based Industries – legal tools for funding and structuring export driven technology companies," Tel Aviv, Israel; February 9-11, 2011
• Loyola Law School, "Paparazzi Law in a Flash: Examining California's Past, Present, and Future," February 25, 2011 (http://events.lls.edu/paparazzi/index.html)
• Joint International Association of Young Lawyers (AIJA) and ABA, Antitrust Commission Spring Meeting from April 5-9, 2011 (http://www.abanet.org/intlaw/spring11/PreMeetingPocketSchedule.Final.pdf)
• ABA, Section of International Law, Spring Meeting, Washington, D.C., from April 5-9, 2011 (http://www.abanet.org/intlaw/spring11/PreMeetingPocketSchedule.Final.pdf)
• Los Angeles Area Chamber of Commerce's "18th Annual World Trade Conference & Expo," City of Industry, California, May 3-5, 2011 (http://events.lachamber.com/sbaweb/events/events.asp?&id=76086&wpid=-101&details=True&date=12/30/2010&cale_id=2526&newsession=TRUE&sid=588455493)
• AIJA Half-Year Conference in Stockholm from May 18-21, 2011 (http://www.aija.org/uploads/events/stockholm2011_flyer_upd2.pdf)
• ABA Annual Meeting, Toronto, Canada, from August 4-9, 2011 (http://www.abanet.org/mtd/futmeet.html)
• 49th Annual Congress of AIJA, Amsterdam, Netherlands, from August 23-27, 2011 (http://aijaamsterdam2011.org/contactinfo/)
• IBA Annual Conference, Dubai, United Arab Emirates, October 30 to November 4, 2011 (http://www.int-bar.org/conferences/Dubai2011/)
• AIJA, "Legal Challenges and creative solutions of the organization of major events," Sao Paulo, Brazil, November 16-19, 2011 (http://www.aija.org/uploads/events/SaoPaulo_flyer.pdf)
• Please join LACBA International's Facebook site at "International Law Section / Los Angeles County Bar Association"………….
INTERNATIONAL LEGAL UPDATES
• Russian Ministry of Justice Prepares Bill to Amend Legislation on Notaries. The Russian Law on Limited Liability Companies was amended with effect from 1 July 2009 to include a requirement that any transaction involving a transfer of a participation interest in a limited liability company must be endorsed by a notary public. While a number of questions and uncertainties connected with the role of a notary in property transactions still remain unresolved, the Ministry of Justice is preparing a new set of amendments to laws and regulations governing notarial services. The amendments are expected to further extend the scope of notaries' responsibilities, in particular, into the domain of corporate law. (Excerpted from Article of the same title by Violetta Molchanova available at http://www.clydeco.com/attachments/published/24927/Russian%20Newsletter_SEP_2010_eng.pdf).
• Extraterritorial Application of US Securities Laws. A recent US District Court decision in class action litigation involving the European financial services company Societe Generale (SocGen) has significant implications for the application of US securities laws to foreign securities transactions. The case arises out of the highly publicized trading fraud of SocGen rogue trader, Jerome Kerviel. Investors who purchased SocGen shares traded on the Euronext Paris stock exchange and investors who purchased American depository receipts (ADRs) over the counter in the United States brought suit in the United States District Court for the Southern District of New York. The Court in the SocGen case dismissed the federal securities complaint in its entirety, finding the US securities laws inapplicable to claims brought by domestic investors who purchased foreign securities. The SocGen decision holds that where "domestic plaintiffs purchased shares of a foreign bank traded on a foreign exchange," the US Securities Exchange Act is inapplicable. The decision is significant because it joins a trend of US courts in declining to apply US securities laws extraterritorially even where the plaintiffs are domestic purchasers. (See briefing entitled "US Securities Law Class Action Dismissed on Extraterritoriality Principles" available at http://www.freshfields.com/publications/pdfs/2010/oct10/29032.pdf).
• Mojave Cross Display Constitutional Says US Supreme Court in Salazar v. Buono. In a judgment of potential significance for future U.S. church-state disputes, the Supreme Court of the United States has ruled that a California federal court went too far in ordering the removal of a war memorial cross long displayed on federal land in a remote area of the California desert. The 5-4 opinion of 28 April 2010 in Salazar v. Buono concerned the 5-foot-tall cross erected in 1934 by the Veterans of Foreign Wars on Sunrise Rock in the Mojave National Preserve. In 2002 a district court enjoined the display. The U.S. Congress responded swiftly with legislation in late 2002 and in 2003 barring the use of federal funds to dismantle World War I memorials and suggesting a land exchange that could have left the cross standing on private ground. Seeing these acts as government evasion of the constitutional issue, the Ninth Circuit Court of Appeals in 2004 affirmed the district court's injunction and moved to enforce it. During this process and while awaiting the outcome of the writ of certiorari to the Supreme Court, the cross has been covered by a plywood box. Chief Justice John Roberts joined the majority opinion of Justice Anthony Kennedy, who wrote, "Here one Latin cross in the desert evokes far more than religion. It evokes thousands of small crosses in foreign fields marking the graves of Americans who fell in battles, battles whose tragedies are compounded if the fallen are forgotten. ... The goal of avoiding governmental endorsement does not require eradication of all religious symbols in the public realm." Justice Kennedy, even as he took part in the opinions of the majority, insisted that the ruling does not provide a clear rule for the future and did not even explicitly say that the cross could remain in place. "To date, the court's jurisprudence in this area has refrained from making sweeping pronouncements, and this case is ill suited for announcing categorical rules,'" said Justice Kennedy. (Excerpted from article of the same title available at http://www.religlaw.org/index.php?blurb_id=844&page_id=19).
• Recent Developments With Respect to Iran Sanctions. In November it was reported by The National that according to a government official the UAE is implementing UN sanctions against Iran, including barring some Iranian ships from its ports, banning some of its citizens from entering or transiting through the country, and empowering Emirati officials to inspect shipments traveling to or from Iran. The UAE has also hinted that it would like the UN to lift the current Iran sanctions. The UAE is not alone as Guernsey has adopted financial sanctions against Iran after the island signed up to the United Nations Security Council Resolution. The Policy Council warned island banks to exercise extra caution when it came to doing business with the country. It said any Iranian assets, frozen under the resolution, must be reported. The chief executive officer of Italian energy company Eni SpA said his company will continue importing Iranian crude oil despite international sanctions. They signed two contracts in 2000 and 2001 to develop two fields in Iran and they will be paid by Iran in crude worth around $1 billion. After their meeting in Geneva in early December, Iran and key world powers known as P5+1 (permanent members of the UN Security Council + Germany) or E3+3 (three European countries plus the others) agreed to meet again following two days of talks on Tehran's disputed nuclear program. The new talks will take place in Istanbul at the end of January. High Representative for Foreign Affairs and Security Policy of the European Union (EU) Baroness Ashton described the Geneva talks as "substantive" but said Iran must comply with its "international obligations". More recently the US has said that it was planning additional economic sanctions against Iran and acknowledged that Iran might be trying to manipulate the West by continuing slow-moving talks with the US and five other major powers. The existing US sanctions are wide-ranging and further details of the enhancements are awaited. (See Iran Sanctions Bulletin by Clyde & Co. available at http://www.clydeco.com/attachments/published/35324/Iran%20Sanctions%20Bulletin_7_2010.pdf).
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