ACCA Paper F4: Corporate and Business Law

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ACCA Paper F4
Corporate and Business Law
For exams in 2010
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ACCA F4 Corporate and Business Law
ExPedite Notes
Chapter 2
International Trade
International Bodies
You may need to explain the purpose and aims of various bodies. The main ones are given below.
United Nations
The United Nations was established immediately after the Second World War. Its aims are wide ranging, including most aspects of life that could contribute to greater security and wealth for the worlds citizens. In the context of the F4 GLO exam, its main relevance comes from the work of the ICJ and UNCITRAL (see below).
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ExPedite Notes
International Chamber of Commerce (ICC)
Note that ICC also stands for International Criminal Court, which is not within the syllabus. When using the terms ICC in the exam, always first define that you mean the International Chamber of Commerce. The International Chamber of Commerce (ICC), in its own words is the voice of world business championing the global economy as a force for economic growth, job creation and prosperity. It was established in 1919 and although it is a world wide organisation with distinct national committees, its international secretariat is based in Paris. According to its constitution the activities of the ICC, whether of a policy or technical nature, aim: To promote international trade, services and investment, while eliminating obstacles and distortions to international commerce. To promote a market economy system based on the principle of free and fair competition among business enterprises. To foster the economic growth of developed and developing countries alike, particularly with a view to better integrate all countries into the world economy.
It operates at both a national and a supranational level. Thus it pursues its aims by ascertaining the views of corporations, companies, organisations, firms and individuals involved in international trade and related business operations and voicing those views to relevant government and intergovernmental institutions. Membership of the ICC is open to corporations and companies in all sectors; professional associations; business and employers federations; law firms and consultancies; chambers of commerce; and individuals involved in international business.
Activities of the International Chamber of Commerce
ICC activities cover a broad spectrum, from arbitration and dispute resolution to making the case for open trade and the market economy system, business self-regulation, fighting corruption or combating commercial crime. Amongst its most prominent activities are the following:
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Arbitration under the rules of the ICC International Court of Arbitration. The International Court of Arbitration, is the longest established ICC institution and claims to be the worlds leading body for resolving international commercial disputes by arbitration. See further details below. ICC Incoterms are standard international trade definitions used every day in countless thousands of contracts. ICCs Uniform Customs and Practice for Documentary Credits (UCP 500). A supplement to UCP 500, called the eUCP, was added in 2002 to deal with the presentation of all electronic or part electronic documents.
The ICC, however, is also involved in the fight against commercial crime and to that end it established three London-based services to combat such activity. These organisations are: the International Maritime Bureau, dealing with all types of maritime crime; the Counterfeiting Intelligence Bureau; and the Financial Investigation Bureau. A cybercrime unit was added in 1998. An umbrella organisation, ICC Commercial Crime Services, coordinates the activities of the specialised anti-crime services.
International Court of Arbitration (ICA)
The International Chamber of Commerce (ICC) is the worlds leading organisation in the field of international commercial dispute resolution.
In 1923 the ICC established the International Court of Arbitration as a forum for international commercial arbitration. The Court subsequently took the lead in securing the worldwide acceptance of arbitration as the most effective way of resolving international commercial disputes. It was also and most significantly the initiator of the 1958 New York Convention on the Recognition and Enforcement of Foreign Arbitral Awards. The New York Convention, which is the most important multilateral treaty on international arbitration established two key principles in relation to the operation of international arbitration:
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ExPedite Notes
it requires courts of each contracting state to recognise arbitration agreements in writing and to refuse to allow a dispute to be litigated before them when it is subject to an arbitration agreement; and it also requires domestic courts to recognise and enforce foreign arbitral awards.
International commercial disputes give rise to many difficulties. For instance, the parties will be of different nationalities; not only will they probably speak different languages but they will come from different, legal and cultural backgrounds.
The dispute resolution mechanisms developed by ICC have been conceived specifically for business disputes in an international context. They may also have very different expectations about how a dispute can be resolved reasonably and fairly. Distrust may be relatively strong, accompanied by uncertainty or a lack of information about the course to follow. Such difficulties may be made worse by the disadvantages one party may face in engaging in a procedure in a foreign territory and under a foreign legal system. For all these reasons, national courts in the country of one of the parties may not appear suitable to the other parties. The International Court of Arbitration provides international business with alternatives to court litigation.
The court offers all of the usual advantages of arbitration such as reduced cost and secrecy of the hearing as well as giving the parties the power to choose the arbitrators, the place of arbitration, the applicable rules of law, and even the language of the proceedings.
Since its creation, the International Court of Arbitration has administered well over 12,000 international arbitration cases involving parties and arbitrators from more than 170 countries and territories.
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International Court of Justice (ICJ)
The International Court of Justice (ICJ) is the principal judicial organ of the United Nations. It sits in The Hague (Netherlands). The ICJ has two official languages (English and French). The functions of the ICJ are to settle disputes between States and to give advisory opinions on legal questions referred to it by particular international organs and agencies.
Consequently, individuals cannot take cases to the ICJ. It reaches its decisions in accordance with international treaties and conventions, international custom, the general principles of international law and judicial decisions.
The composition of the ICJ has to reflect the principal legal systems of the world. It is made up of 15 judges elected to nine-year terms of office by the United Nations General Assembly and Security Council. It may not include more than one judge of any nationality but in any event the members are under a duty to act independently and not as mere representatives of their governments. However, where the ICJ does not include a judge from a state which is a party to a case, that state may appoint a person to sit as a judge ad hoc for the purpose of the case.
The ICJ deals with disputes between states which have accepted its jurisdiction, in one of the following ways:
By specific agreement to submit the dispute to the ICJ. By virtue of a jurisdictional clause in a treaty to which the states are parties. Such clauses would provide that, in the event of a disagreement over the interpretation or application of the treaty, one of the parties may refer the dispute to the ICJ. Through the reciprocal effect of declarations made by them under the Statute whereby each has accepted the jurisdiction of the ICJ as compulsory in the event of a dispute with another state having made a similar declaration. Such general declarations may be made subject to the specific exclusion of certain categories of dispute.
In cases of doubt as to whether the ICJ has jurisdiction, it is the ICJ itself which decides.
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The procedure followed by the ICJ in contentious cases is defined in its Statute, and in the Rules of Court adopted by it under the Statute. The proceedings include a written phase, in which the parties file and exchange pleadings, and an oral phase consisting of public hearings. After its deliberation the ICJ delivers its judgment at a public sitting. The judgment is final and without appeal and should one of the states involved fail to comply with it, the other party may have to apply to the Security Council of the United Nations for remedial action.
The nature of the disputes dealt with by the ICJ relate to such issues as Frontiers Territorial sovereignty Non-use of force Non-interference in the internal affairs of states Diplomatic relations Hostage-taking Rights of asylum Nationality Guardianship Rights of passage Economic rights.
UNCITRAL: The United Nations Commission on International Trade Law
This is an important body, which is the most commonly examined. That is sensible, since it is a key part of the United Nations in respect of international trade and has been at the core of developing a number of the meta laws in the F4 GLO exam. The United Nations Commission on International Trade Law (UNCITRAL) is the core legal body within the United Nations system in the field of international trade law. It was established by the General Assembly in 1966 (Resolution 2205(XXI). In establishing the Commission, the General Assembly recognised that disparities in national laws governing international trade created obstacles to the flow of trade, and UNCITRAL was given the task of furthering the progressive harmonisation and unification of the law of international trade. This was to be achieved by:
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ExPedite Notes
Co-ordinating the work of organisations active in this field and encouraging cooperation among them. Promoting wider participation in existing international conventions and wider acceptance of existing model and uniform laws. Preparing or promoting the adoption of new international conventions, model laws and uniform laws and promoting the codification and wider acceptance of international trade terms, provisions, customs and practices, in collaboration, where appropriate, with the organisations operating in this field. Promoting ways and means of ensuring a uniform interpretation and application of international conventions and uniform laws in the field of the law of international trade. Collecting and disseminating information on national legislation and modern legal developments, including case law, in the field of the law of international trade. Establishing and maintaining a close collaboration with the United Nations Conference on Trade and Development. Maintaining liaison with other United Nations organs and specialised agencies concerned with international trade. Taking any other action it may deem useful to fulfil its functions.
The Commission is composed of sixty member states elected by the General Assembly and is structured so as to be representative of the worlds various geographic regions, economic and legal systems. The Commission carries out its work at annual sessions, which are held in alternate years at United Nations headquarters in New York and in Vienna. Members of the Commission are elected for terms of six years, the terms of half the members expiring every three years.
The Commission operates through six working groups, although these are composed of all member states of the Commission.
The six working groups and their current topics are as follows:
working group I Privately-financed infrastructure projects working group II International arbitration and conciliation. working group III Transport law working group IV Electronic working group V Insolvency working group VI Security interests.
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Non-members of the Commission, as well as interested international organisations, are invited to attend sessions of the Commission and of its working groups as observers and can participate in any discussions to the same extent as members. The following are some of the most important outcomes of the work conducted by UNCITRAL:
United Nations Convention on Contracts for the International Sale of Goods (Vienna, 1980). This Convention establishes a comprehensive code of legal rules governing the formation of contracts for the international sale of goods, he obligations of the buyer and seller, remedies for breach of contract and other aspects of the contract. See chapters 4 and 5. United Nations Convention on the Carriage of Goods by Sea, 1978 (the Hamburg Rules). This Convention establishes a uniform legal regime governing the rights and obligations of shippers, carriers and consignees under a contract of carriage of goods by sea. UNCITRAL Model Law on International Commercial Arbitration (1985). These provisions are designed to assist states in reforming and modernising their laws on arbitral procedure so as to take into account the particular features and needs of international commercial arbitration. United Nations Convention on International Bills of Exchange and International Promissory Notes (New York, 1988). This Convention provides a comprehensive code of legal rules governing new international instruments for optional use by parties to international commercial transactions. UNCITRAL Model Law on Electronic Commerce. This Model Law, adopted in 1996, is intended to facilitate the use of modern means of communications and storage of information. UNCITRAL Model Law on Cross-Border Insolvency. This Model Law seeks to promote fair legislation for cases where an insolvent debtor has assets in more than one state.
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ExPedite Notes
World Trade Organisation (WTO)
This is also a frequent exam question. The World Trade Organisation was created in 1995, as the reembodiment of the General Agreement on Tariffs and Trade (GATT) had provided the rules for the system of international trade since 1948. GATT evolved through several rounds of negotiations, with the last one, the Uruguay Round which lasted from 1986 to 1994 leading to the agreement to the creation of the WTO.
Whereas GATT had mainly dealt with trade in goods, the WTO and its agreements now cover trade in services, and in traded inventions, creations and intellectual property. The WTO has nearly 150 members, accounting for over 97% of world trade.
The WTOs overriding purpose is to assist the free flow of trade through the removal of obstacles to such trade. It also endeavours to ensure that individuals, companies and governments know what the trade rules are around the world, thus giving them the confidence that there will be no sudden changes of policy.
The WTO seeks to achieve these purposes by:
Administering trade agreements Acting as a forum for trade negotiations Settling trade disputes Reviewing national trade policies Assisting developing countries in trade policy issues, through technical assistance and training programmes Cooperating with other international organisations.
The WTO Agreements, covering goods, services and intellectual property, spell out the principles of liberalisation, and the limited permitted exceptions to that process are the result of negotiations between the members. The agreements include individual countrys commitments to lower customs tariffs and other trade barriers, and to open and keep open services markets. They set procedures for settling disputes. They prescribe special treatment for developing countries. They require governments to make their trade policies transparent by notifying the WTO about laws in force and measures adopted, and through regular
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reports by the Secretariat on countries trade policies. The current set of agreements is the outcome of the 198694 Uruguay Round negotiations, which included a major revision of the original General Agreement on Tariffs and Trade (GATT). Through these agreements, WTO members engage to operate a non-discriminatory trading system that spells out their rights and their obligations. Each country receives guarantees that its exports will be treated fairly and consistently in other countries markets. Each promises to do the same for imports into its own market. The system does, however, allow a degree of latitude to developing countries in implementing their commitments.
All WTO members must undergo periodic scrutiny, each review containing reports by the country concerned and the WTO Secretariat.
Decisions of the WTO are made by the entire membership, usually on the basis of consensus. However, a majority vote is possible but it has never actually been used in the WTO, although such decisions were taken under the WTOs predecessor, GATT. The WTOs structure is as follows:
The Secretariat is based in Geneva. It employs around 600 staff under the direction of a director-general. The Secretariat has no decision-making role and its duties are to supply technical support for the various councils and committees and the ministerial conferences, to provide technical assistance for developing countries, to analyse world trade, and to explain WTO affairs to the public and media. The Secretariat also provides some form of legal assistance in the dispute settlement process and advises governments wishing to become members of the WTO. The Ministerial Conference is the WTOs top level decision-making body which meets at least once every two years. The General Council (normally ambassadors and heads of delegation in Geneva, but sometimes officials sent from members capitals), which meets several times a year in Geneva. The General Council also meets as the Trade Policy Review Body and the Dispute Settlement Body. Specific councils such as the Goods Council, Services Council and Intellectual Property (TRIPS) Council report to the General Council.
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ExPedite Notes
Numerous specialised committees, working groups and working parties deal with the individual agreements and other areas such as the environment, development, membership applications and regional trade agreements.
Under the Dispute Settlement Understanding the WTO operates a dispute settlement procedure for resolving trade quarrels when they arise between member countries. The dispute settlement procedure encourages countries to settle their differences through consultation. However, where this proves unsuccessful, the parties engage in a stage-bystage procedure that may eventually result in a binding ruling by a panel of experts, subject to the further possibility of an appeal. The judgments of the panels are based on interpretations of the agreements and individual countries commitments.
Settling disputes is the responsibility of the Dispute Settlement Body (the General Council in another guise), which consists of all WTO members.
The Dispute Settlement Body has the sole authority to establish panels of experts to consider the case, and to accept or reject the panels findings or the results of an appeal on a point of law only. It monitors the implementation of the rulings and recommendations, and has the power to authorise retaliation when a country does not comply with a ruling. Panelists are usually chosen in consultation with the countries in dispute. Only if the two sides cannot agree does the WTO director-general appoint them. Panels consist of three (possibly five) experts from different countries, who examine the evidence and decide who is right and who is wrong. The panels report is passed to the Dispute Settlement Body, which can only reject the report by consensus. Panelists for each case can be chosen from a permanent list of well-qualified candidates, or from elsewhere. They serve in their individual capacities. They cannot receive instructions from any government.
Any appeal is heard by three members of a permanent seven-member Appellate Body set up by the Dispute Settlement Body and broadly representing the range of WTO membership. Members of the Appellate Body have to be individuals with recognised standing in the field of law and international trade, not affiliated with any government.
The appeal can uphold, modify or reverse the panels legal findings and conclusions. The ultimate decision rests with the Dispute Settlement Body which has to accept or reject the appeals report within 30 days, however, and rejection is only possible by consensus.
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ExPedite Notes
Organisation for Economic Co-operation and Development (OECD)
The OECD is a non-governmental organisation with over 30 members, and a number of members looking to join. It is based in Paris, has a staff of over 2,500 and an annual budget of around 350 million.
Article 1 of the OECD Convention defines its mission as being to:
Support economic growth Boost employment Raise living standards Maintain financial stability Assist other countries economic development Contribute to growth in world trade
It is largely a forum for gathering data, interpreting that data and suggesting solutions to problems common to the group of countries, all of which must be democratic and free economies. China is not a member of the OECD, but the OECD describes itself as having enhanced engagement with China as that country progresses to free market economics and a greater measure of democracy.
It aims to help governments compare policy experiences, identify best practices, seek answers to common problems and co-ordinate international policies.
It is governed by a Council, which comprises representatives of each of the member states, plus representatives of the European Union. It has a plethora of committees to investigate specific matters and has a large secretariat. Its working methods appear to favour collection of data first, then interpretation of that data before suggesting solutions.
As at 2009 (but before the World banking crisis), it defined its major areas of work as being:
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Employment, education, social welfare Ensure equal access to education for all Promote effective and accessible health systems Fight social exclusion and unemployment Bridge the digital divide between rich and poor.
Employment, education, social welfare Ensure equal access to education for all Promote effective and accessible health systems Fight social exclusion and unemployment Bridge the digital divide between rich and poor.
Environment, sustainable development Finance Promoting liberalisation in financial services and the development of international financial best practices Working to promote investment policy reform and international cooperation Analysing national tax systems and their impact on labour, capital and product markets Studying the consequences of ageing populations and their implications for insurance and pensions. Make markets work for a healthier environment Use science and technology to benefit people everywhere Cut wastage and pollution Bring together member countries to discuss fundamental energy issues through the International Energy Agency (IEA) and the Nuclear Energy Agency (NEA).
Governance Promote effective public administration Encourage companies to run their affairs better Ensure transparent and fair tax systems Foster fair competition Fight corruption and money-laundering Promote high ethical standards Encourage citizen-participation in policy-making.
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Innovation A strong record on biotechnology-related topics through work that spans more than 25 years Improving our understanding of how Information and Communications Technologies (ICT) contribute to sustainable economic growth and social well-being and their role in the shift towards knowledge-based societies Development of indicators to benchmark countries' innovation performance.
Notable achievements of the OECD include:
Improving transparency and ethics in international business Principles of Corporate Governance Guidelines for Multinational Enterprises Anti-Bribery Convention Polluter-Pays Principle (PPP) Simplifying tax issues in international transactions, such as with the OECD Model Tax Convention. Helping emerging and transition economies, including co-operation programmes with emerging market economies including China, India and Brazil.
UNIDROIT
UNIDROITs name gives the impression that it is a body of the United Nations. It isnt!
The International Institute for the Unification of Private Law (UNIDROIT) is an independent intergovernmental organisation established in 1926 with its seat in Rome. Its purpose is to study needs and methods for modernising, harmonising and coordinating private and, in particular, commercial law as between states and groups of states.
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Membership of UNIDROIT is restricted to states acceding to the UNIDROIT Statute. Its 60 member states, alphabetically ranging from Argentina to Venezuela, are drawn from the five continents and represent a variety of different legal, economic and political systems as well as different cultural backgrounds.
UNIDROIT has an essentially three-tiered structure, made up of a Secretariat, a Governing Council and a General Assembly.
The Secretariat, the executive organ of UNIDROIT, is responsible for the day-to-day carrying out of its programme of work. It is run by a Secretary-General, who is appointed by the Governing Council on the nomination of the President of the Institute. The Secretary-General is assisted by a staff of international civil servants. The Governing Council supervises all policy aspects of the means by which the Institutes statutory objectives are to be attained and in particular the Secretariats carrying out of the Work Programme, the drawing up of which is its responsibility. It is made up of one ex officio member, the President of the Institute, and 25 elected members, typically eminent judges, practitioners, academics and civil servants. The General Assembly is the ultimate decision-making organ of UNIDROIT: it votes the Institutes budget each year; it approves the Work Programme every three years; it elects the Governing Council every five years. It is made up of one representative from each member government.
UNIDROITS basic statutory objective is to prepare modern, and where appropriate harmonised, uniform rules of private law understood in a broad sense. Uniform rules prepared by UNIDROIT are concerned with substantive law rules; they will only include rules relating to issues of a conflict of law nature incidentally.
The rules produced by UNIDROIT assume one of three types: conventions, model laws and general principles.
Conventions These documents are designed to apply automatically in preference to a states municipal law upon the completion of all the formal requirements of that states domestic law for their entry into force. However, as UNIDROIT itself recognises, the
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low priority, which tends to be accorded by Governments to the implementation of such Conventions and the time it therefore tends to take for them to enter into force has led to the increasing popularity of alternative forms of unification in areas where a binding instrument is not felt to be essential. The first of these alternative forms of regulation are:
Model laws These documents are designed to allow states to adopt or adapt them, when drafting domestic legislation on the subject covered by the model law.
General principles This form is addressed directly to judges, arbitrators and contracting parties who are, however, left free to decide whether to use them or not.
UNIDROITs Achievements
The following list sets out the most important Conventions and Model Laws, drawn up by UNIDROIT:
1964 Convention relating to a Uniform Law on the Formation of Contracts for the International Sale of Goods (The Hague) 1964 Convention relating to a Uniform Law on the International Sale of Goods (The Hague) 1970 International Convention on the Travel Contract (Brussels) 1973 Convention providing a Uniform Law on the Form of an International Will (Washington) 1983 Convention on Agency in the International Sale of Goods (Geneva) 1988 UNIDROIT Convention on International Financial Leasing (Ottawa) 1988 UNIDROIT Convention on International Factoring (Ottawa) 1995 UNIDROIT Convention on Stolen or Illegally Exported Cultural Objects (Rome) 2001 Convention on International Interests in Mobile Equipment (Cape Town) 2001 Protocol to the Convention on International Interests in Mobile Equipment on Matters specific to Aircraft Equipment (Cape Town).
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Council of Europe (COE)
Article 1 of the statute of the Council of Europe states The aim of the Council of Europe is to achieve a greater unity between its members... It is therefore a wide ranging body which largely focuses on human rights. With a budget of over 200 million annually, it is a large organisation.
Note that although all member states of the European Union happen to be members of the Council of Europe, the two are different things. There are many countries which are members of the Council of Europe, but which are not members of the European Union (eg Norway, Switzerland). Founded in 1949, the Council of Europe seeks to develop throughout Europe common and democratic principles based on the European Convention on Human Rights and other reference texts on the protection of individuals. Its mission is largely humanitarian and many of its principles are fairly clearly inspired by preventing the gross abuses of human rights observed during World War II and the run up to that war.
The Council of Europe has a wide membership around the continent of Europe, with 47 member countries. Belarus applied for membership and was given special guest status, but that special guest status has been suspended due to its perceived lack of respect for human rights and democratic principles. There are also five observer countries, being the Holy See (ie the Vatican), the United States, Canada, Japan and Mexico.
Aims: To protect human rights, pluralist democracy and the rule of law To promote awareness and encourage the development of Europe's cultural identity and diversity To find common solutions to the challenges facing European society: such as discrimination against minorities, xenophobia, intolerance, bioethics and cloning, terrorism, trafficking in human beings, organised crime and corruption, cybercrime, violence against children To consolidate democratic stability in Europe by backing political, legislative and constitutional reform.
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The current Council of Europe's political mandate was defined by the third Summit of Heads of state and Government, held in Warsaw in May 2005. The main component parts of the Council of Europe are: Committee of Ministers, the Organisation's decision-making body, composed of the 47 Foreign Ministers or their Strasbourg-based deputies (ambassadors/permanent representatives); Parliamentary Assembly, driving force for European co-operation, grouping 636 members (318 representatives and 318 substitutes) from the 47 national parliaments: Congress of Local and Regional Authorities, the voice of Europe's regions and municipalities, composed of a Chamber of Local Authorities and a Chamber of Regions; Secretariat of 1,800 staff recruited from member states, headed by a Secretary General, elected by the Parliamentary Assembly.
The European Convention on Human Rights
This is probably the most famous achievement of the Council of Europe. Its full name is The Convention for the Protection of Human Rights and Fundamental Freedoms. It was signed in 1950 and was largely inspired by the gross violations of human rights seen in Europe during the Second World War. It contains 18 core articles and a number of associated protocols. Notable contents include: Article 2: Right to life Article 3: Prohibition of torture Article 4: Prohibition of slavery and forced labour Article 5: Right to liberty and security Article 6: Right to fair trial Article 7: Prohibition of punishment without due process of law Article 8: Right to privacy and family life Article 9: Freedom of thought, conscience and religion Article 10: Freedom of expression
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Article 11: Freedom of assembly and association Article 12: Right to marry Article 14: Freedom from unfair discrimination.
European Court of Justice (ECJ)
The European Court of Justice is the legal division of the European Community. Its remit is to decide cases where a complainant has exhausted legal remedies in their home country, but where that complainant believes that their home country has not properly enacted or followed a European Community directive or other rule. It comprises a judge from each member state of the European Union and has both the main court and a court of first instance, which hears cases directly referred to the ECJ.
The ECJ is not the ultimate appeal court for all EU citizens, as its competence only covers matters where there is a European Community law. For example, if a citizen of an EU member state believes that an EU member country has not allowed them proper free movement as a worker, they may bring a case against that state, as free movement of workers is guaranteed by the European Community Treaty (the successor to the original Treaty of Rome). However, if they believe that drugs law in their country is too severe, they have no right of appeal to the ECJ, since there is nothing in European Community law that covers this area.
In reality, there is often a social dimension to the ECJs rulings, since much EC law concerns workers. The ECJs remit means that it scarcely ever considers matters of criminal law, but it is concerned with public law since it hears disputes between individuals (including companies) and the state.
For example, UK company Marks & Spencer believed that the UK government was failing to honour its EC Treaty obligations by refusing it to reduce its UK profits by losses made by
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subsidiary companies in other EU member states. This acted as an effective deterrent to cross-border investment and capital mobility; which is encouraged by the EC Treaty. To the clear irritation of the UK tax authority, the ECJ ruled that the UK government had failed to honour its treaty obligations and it was ordered to allow M&S the tax offset from losses in other EC countries. This was subject to a complex series of restrictions, but immediately binding on all EC member states. ECJ decisions are immediately binding on all member states they do not require passage into national law.
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Want to Know More?
You can obtain a full copy of the European Convention on Human Rights free at http://www.echr.coe.int/NR/rdonlyres/D5CC24A7-DC13-4318-B4575C9014916D7A/0/EnglishAnglais.pdf
Past Real Exam Questions
Done Revised
International bodies
Q1 June 2005 Q1 June 2006 Q1 December 2006 Q1 F4 GLO pilot paper Q1 June 2008
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ACCA Paper F4: Corporate and Business Law

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Thank you for downloading this extract from our ExPedite notes to accompany your free online Course

ACCA F4 Corporate and Business Law

ACCA F4 Corporate and Business Law

International Chamber of Commerce (ICC)

Activities of the International Chamber of Commerce

ACCA F4 Corporate and Business Law

International Court of Arbitration (ICA)

ACCA F4 Corporate and Business Law

ACCA F4 Corporate and Business Law

International Court of Justice (ICJ)

ACCA F4 Corporate and Business Law

UNCITRAL: The United Nations Commission on International Trade Law

ACCA F4 Corporate and Business Law

ACCA F4 Corporate and Business Law

ACCA F4 Corporate and Business Law

World Trade Organisation (WTO)

The WTO seeks to achieve these purposes by:

ACCA F4 Corporate and Business Law

ACCA F4 Corporate and Business Law

ACCA F4 Corporate and Business Law

Organisation for Economic Co-operation and Development (OECD)

Article 1 of the OECD Convention defines its mission as being to:

ACCA F4 Corporate and Business Law

ACCA F4 Corporate and Business Law

Notable achievements of the OECD include:

ACCA F4 Corporate and Business Law

ACCA F4 Corporate and Business Law

ACCA F4 Corporate and Business Law

Council of Europe (COE)

ACCA F4 Corporate and Business Law

The European Convention on Human Rights

ACCA F4 Corporate and Business Law

European Court of Justice (ECJ)

ACCA F4 Corporate and Business Law

ACCA F4 Corporate and Business Law

Want to Know More?

Past Real Exam Questions

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