Enforcement of Exchange Regulations: Private Internal Law Aspects of Comity

Enforcement of Exchange Regulations: Private Internal Law Aspects of Comity 249 Enforcement of Exchange Regulations: Private Internal Law Aspects of Comity By Ingrid Detter De Lupis* In the aftermath of the crisis in Teheran when American Embassy staff had been taken hostage, an action was taken in the High Court of London against a number of United States banks in England by the Government of Iran to re- cover substantial sums of money frozen in American Banks in London under President Carter's Decree.' Iran sought to recover assets in England through the High Court action but, although the case was prepared in some detail, it was never heard; as soon as the hostages were released the assets freeze was lifted and the action came to an end. It may well be that the prepared action and the refusal of the American banks, under the Decree to return funds, played a substantial role in bringing about the release of the hostages. The so called Assets Case concerned, i.a., the question whether foreign de- crees and regulations must be applied or respected by a Court in another coun- try as well as the question whether the United States regulations were 'exchange regulations' and ensueing transactions 'exchange contracts' under Article VIII http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png Nordic Journal of International Law Brill

Enforcement of Exchange Regulations: Private Internal Law Aspects of Comity

Nordic Journal of International Law, Volume 56 (3): 249 – Jan 1, 1987

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Publisher
Brill
Copyright
© 1987 Koninklijke Brill NV, Leiden, The Netherlands
ISSN
0902-7351
eISSN
1571-8107
D.O.I.
10.1163/157181087X00057
Publisher site
See Article on Publisher Site

Abstract

249 Enforcement of Exchange Regulations: Private Internal Law Aspects of Comity By Ingrid Detter De Lupis* In the aftermath of the crisis in Teheran when American Embassy staff had been taken hostage, an action was taken in the High Court of London against a number of United States banks in England by the Government of Iran to re- cover substantial sums of money frozen in American Banks in London under President Carter's Decree.' Iran sought to recover assets in England through the High Court action but, although the case was prepared in some detail, it was never heard; as soon as the hostages were released the assets freeze was lifted and the action came to an end. It may well be that the prepared action and the refusal of the American banks, under the Decree to return funds, played a substantial role in bringing about the release of the hostages. The so called Assets Case concerned, i.a., the question whether foreign de- crees and regulations must be applied or respected by a Court in another coun- try as well as the question whether the United States regulations were 'exchange regulations' and ensueing transactions 'exchange contracts' under Article VIII

Journal

Nordic Journal of International LawBrill

Published: Jan 1, 1987

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