Unit 3 - The International Legal Models, Conventions and Standards

Question 1

The international legal models

Answer 1

Common Law:

1. decisions made by a supreme court, or court of appeal, bind the decisions made by lower courts – such decisions are called judicial precedents
2. the principles of law relied upon to make the decision are called ratio decidendi (reason for the decision); the ratio is the reason why the court makes its decision,
   based upon the facts of the case
3. the ratio is binding on inferior courts because of the doctrine of precedent
4. the law made by statutes is often a means of codifying a previous common law position
5. statutes enacted by any government that reflect common law are interpreted in light
   of common law decisions
6. legislation enacted by Parliament is seen as being supreme and overrides the
   common law.

Civil Law
- In civil law jurisdictions, the codified law
is the primary source of law, and lawyers and judges must refer to it and interpret it
for decisions. Nonetheless, even in civil law, judicial decisions can be influential

Question 2

The European Union legislation and the European
courts

Question 3

How United States law can be applied
extraterritorially

Question 4

United Nations conventions

Question 5

Council of Europe Conventions

Question 6

OECD conventions

Question 7

European Union conventions and directives

Question 8

The FATF recommendations for combating money
laundering and terrorist financing

Question 9

The development of insider dealing and market
abuse laws

Question 10

Information security standards and initiatives

Question 11

Set out the differences between civil, criminal and Shariah law

Question 12

Give a useful description of conventions, directives, laws and principles containing legal requirements and guidance on financial crime

Question 13

Give an overview of European legal precepts and court structures