Queen Mary University of London CCLS Alumni Bulletin 2014

8Issue Conflict:Caveat Auctor

6qLegal - The SmallPrint for Big Ideas

11News from theParis LLM

4The Energy andNaturalResources LawInstitute at CCLS

12Do We Shape theWorld... Or….?International TaxLaw

AlumniCentre forCommercial Law Studies

Seventh Edition – Summer 2014

Bulletin

2 CCLS Alumni Bulletin – Summer 2014

Alumni Newsletter Editors

Please contact us if you have any comments or if you would like to write an article for the bulletin.

Diane DennyCCLS Development DirectorOversees the CCLS Development andAlumni Office and is responsible for thestrategic direction of the Centre’s development programme.Tel: +44 (0) 20 7882 8058 email: [email protected]

Katherine ZaimCCLS Alumni and EventsDevelopment ManagerDevelopment and alumni support at CCLS.Organises CCLS public events,conferences, summer schoolsand seminars.Tel: +44 (0) 20 7882 8481email: [email protected]

Juliet BaillieAlumni, Events andDevelopment AdministratorAdministrative support for the CCLSDevelopment and Alumni Office and theevents programme.Tel: +44 (0) 20 7882 6181email: [email protected]

Dear CCLS Alumni

Thank you to all of those alumni studentsand staff who have written articles for thisissue of the bulletin.

2013/14 has been a time of growth for CCLS.We launched three exciting new initiatives: theParis LLM, qLegal and a new LLM specialismin Energy and Natural Resources Law.

• The specialist LLM in Energy and NaturalResources Law provides one of very fewopportunities in Europe to study this topicfrom a commercial law perspective. Wehave huge support from industry andpractice for this and have welcomed manyprofessionals such as lecturers and guestspeakers. The LLM is recruiting stronglyand research and forum activities areplanned.

• Based at the University of London’sInstitute of Paris, the Queen Mary ParisLLM provides in-depth immersion in acommon law environment with anexceptionally wide range of modulestaught in English by distinguished Queen

Mary faculty members. One of thedistinctive features of the Paris LLM is theflexible structure of courses designed toenable students with working or othercommitments to complete the programmeon a part-time basis without having tointerrupt their professional career.

• qLegal is based at Queen Mary’s awardwinning Legal Advice Centre. It providesour postgraduate students with practicalexperience whilst giving legal support toICT start-ups and entrepreneurs. PatrickCahill, qLegal’s co-ordinator tells us moreabout how this initiative is inspiring a newgeneration of ICT lawyers on page 6.

I would like to thank all from CCLS, practiceand industry who have worked with us overthe last year to help devise, develop andresource these innovative projects.

With all good wishes!

Professor Spyros M ManiatisHead, Centre for Commercial Law StudiesQueen Mary University of London

Welcome from the Head of CCLS

For further information, to update your contact details or to contribute an article to the bulletinplease email us at [email protected] or call the CCLS alumni office on 020 7882 8481www.ccls.qmul.ac.uk

This publication has been produced by Marketing and Communications for the School of Law – QM13-0018. The information givenin this publication is correct at the time of going to press. The College reserves the right to modify or cancel any statement in it andaccepts no responsibility for the consequences of any such changes. Any section of this publication is available upon request inaccessible formats (large print, audio, etc.). For further information and assistance, please contact: Diversity Specialist, [email protected], +44 (0) 20 7882 5585.

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Articles inthis issue4 The Energy and Natural Resources Law

Institute at CCLS

6 qLegal - ‘The Small Print for BIG Ideas’A New Initiative Launches for LLM StudentsPatrick Cahill, qLegal Coordinator,Queen Mary University of London

8 Issue Conflict: Caveat AuctorConstantin Klein Trainee Solicitor,London

9 Celebrating Professor Sir Roy Goode’s80th Birthday

11 News from the Paris LLM

12 Do We Shape the World... Or….?Renata Ardous, a former LLM studentin Banking and Finance.

Regular Features10 Ask the Professor

13 Events

14 Did You Know?

15 On the Bookshelves

16 Alumni News

All views represented in these articles arethose of the writers and contributors.

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For further information, to update your contact details or to contribute an article to the bulletinplease email us at [email protected] or call the CCLS alumni office on 020 7882 8481 www.ccls.qmul.ac.uk

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CCLS Alumni Bulletin – Summer 2014

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The Energy and Natural ResourcesLaw Institute at CCLS

In autumn 2013, CCLS greeted its firststudents studying its new LLM specialism inEnergy and Natural Resources Law. Fewuniversities focus on the research and studyof energy and natural resources law and theLLM specialism is growing fast, offeringstudents the opportunity to study underacademic and industry leaders on a range ofmodules related to the field. Norah Gallagher,Academic Director of the ENRLI says, “Ouraim is to provide students with academic andpractical insights into the energy sector. Thisyear we had almost 50 students from over 30

different countries, many of them resourcerich, with a keen interest in working in thegrowing energy markets”. The Energy andNatural Resources Law LLM specialism isalready set to become one of CCLS’s mostpopular specialisms and highlights the needfor a dedicated London based Institute.

The student experience has beensupplemented by a series of guest lecturesfrom leading energy and legal practitioners,including Andrew Clarke, General Counsel atEsso UK Limited and Peter Rees, LegalDirector of Shell International BV, withlectures from the general counsels of BP, BGGroup and EDF Energy to follow. OlgaWisniewska, a student currently studying onthe LLM specialism, said that,

“Queen Mary University of London’sintroduction in 2013 of the new LLMspecialism in Energy and Natural ResourcesLaw was the prevailing factor in determiningthe right university for me.

The variety of modules that QMUL offerswithin this specialism perfectly suits mypreferences. The course has broadened myknowledge about international energy lawwhich will be useful for my future professionalcareer as an energy lawyer. In addition,modules are taught by professors with manyyears of practical experience in this subject.

During the International Energy Transactionsmodule taught by Norah Gallagher, differentprofessionals from various energy sectorspresented a number of the lectures. This kindof practical approach has allowed me to learnfrom the most successful specialists in thissector…The International Arbitration andEnergy module conducted by Dr MaxiScherer encouraged me to start considering

The Energy and Natural Law Resources Institute (ENRLI) hasrecently been established at CCLS, as a centre for innovation inlegal studies and research in relation to the Energy and NaturalResources sector. Here, we share information about the newInstitute and its aims and activities.

ENRLIAdvisory Group: Andrew Clarke General Counsel, Esso UK Limited

Eleonora Andrews-Smith Exploration & Access, BP Exploration Operating Company Limited

Phil Burns Director, Frontier Economics Ltd

Sam Dunkley General Counsel, Oil and Gas UK

Kyri Evagora Partner, Reed Smith

Miriam Greenwood Partner, SPARK Advisory Partners Limited Banking

Maria Taylor Head of Credit Risk, EDF Trading

Russell Wells Partner, Clifford Chance

“ExxonMobil is very pleasedto support the new Energyand Natural Resources LawInstitute. This as anopportunity to promote andencourage a greaterunderstanding of the legaland regulatory frameworkwithin which energy isbeing developed, not only inthe United Kingdom butaround the world.”Andrew Clarke, GeneralCounsel, Esso UK Limited


Andrew Clarke, General Counsel, Esso UK Limited

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an alternative career path as an arbitratorspecializing in energy law.”

Like Olga, Vladyslav Vlasiuk, another studentstudying on the specialism, believes thecourse thus far has been enlightening and hehas felt encouraged to pursue a career in thefield,

“The specialism gave me two…importantoutcomes: precise knowledge about themassive and complicated world of energy,and, even more meaningfully, the inspirationto work in it.”

The LLM is just one activity of the ENRLI,which is set to become an international forumfor discussion on energy law, dissemination oftopical research through publication,seminars and engagement. Olga highlightedthe significance of the ENRLI,

“…There is no doubt that Queen Mary offersa unique opportunity for those who want tobecome a specialist in energy law and as faras I am concerned, this is the one and onlyuniversity in the UK gathering together all thebest specialists in this field.”

CCLS has been working closely with legalpractitioners and industry specialists,establishing an advisory group and enlistingtheir expertise to inform aspects of thecourses being offered on the LLM. This helpsto ensure that the LLM programme meets theneeds of students going into any aspect ofthe sector, whether it be practice, business,government, regulatory authorities oracademia.

CCLS has been fortunate to have the supportof Exxon Mobil and Shell International BV,both of which have made generous donationsto CCLS to aid the establishment of the newInstitute. A number of UK law firms are alsocontributing to the establishment of theInstitute through donations, funding ofresearch projects offering work experienceopportunities, contributing to teaching, or in

the case of Clifford Chance, hosting andsponsoring the Annual Lecture of theInstitute. Andrew Clarke, General Counsel ofExxon Mobil’s UK operations, and who chairsa group of industry professionals andacademics who worked to establish theENRLI, notes that,“ExxonMobil is verypleased to support the new Energy andNatural Resources Law Institute. This as anopportunity to promote and encourage agreater understanding of the legal andregulatory framework within which energy isbeing developed, not only in the UnitedKingdom but around the world.”

If you or your organisation would like moreinformation on becoming involved in thisexciting new Institute, please contact DianeDenny [email protected], or NorahGallagher [email protected].

CCLS Alumni Bulletin – Summer 2014

ModulesOffered onthe SpecialistEnergy andNaturalResourcesLaw LLM:

• International Energy Transactions

• International Arbitration and Energy

• International Regulation andGovernance of Energy

• Energy Regulation and Policy

• International and ComparativePetroleum Law and Contracts Module

• International Construction Contractsand Arbitration

• International Trade and InvestmentDispute Settlement

• Multinational Enterprises and the Law

• Climate Change Law and Policy

• International Natural Resources Law

• Energy Economics

• International Environmental Law

• European Environmental Law

• International Law of the Sea


qLegal - ‘The Small Print for BIG Ideas’A New Initiative Launches for LLM StudentsPatrick Cahill, qLegal Coordinator, Queen Mary University of London


The project was launched with a party atGoogle Campus in Shoreditch, withperformances by the Oxford LaptopOrchestra and speeches by Simon Gaskell(Principal of QMUL) and former student,now entrepreneur Sam Amrani, who is theManaging Director and Co-Founder ofTamoco (www.tamo.co).

Why qLegal?

London is fast becoming one of the mainglobal hubs for digital technology innovationas shown by the vibrancy and growth ofDigital Shoreditch in east London. As aclose neighbour, qLegal is very aware of therole it can play in this emerging digitalinnovation hub.

There are 3,000 tech companies in EastLondon, employing an estimated 50,000

A new initiative providing free legal advice to tech start-ups andentrepreneurs has launched at the Centre for Commercial LawStudies (CCLS). qLegal was established by Queen Mary Universityof London (QMUL) in September 2013. The project supportsinnovation by providing free access to legal and regulatory resourcesto new businesses, primarily in the technology sector coveringintellectual property, commercial, regulatory and ICT law advice.


people (The Guardian, 8 July 2012).However being a business start-up in theUK is risky business, with 1 in 3 businessesfailing within the first 3 years. qLegal helpsindividuals and companies to create jobsand entrepreneurs, and enablestechnological advancement, which in turnfuels innovation and development in thetech sector.

Ian Walden, Professor of Information andCommunications Law at CCLS, said “It’sessential that companies in this particularsector protect their intellectual property at avery early stage in their business career. Itmay seem very complicated and dauntingbut by working with qLegal we can provideour clients with expert advice and ensurethat these entrepreneurs and their ideas areprotected and can continue to flourish inthe future.”

qLegal Advice for Clients

Advice is provided at the award-winningQueen Mary Legal Advice Centre. Theestablished Centre provides free legaladvice to members of the public, students,businesses and university staff on a rangeof legal issues and operates for the mutualbenefit of clients and students and iscommitted to enabling students to learnfrom practical experience.

qLegal assistance is provided by students ina number of different ways:

• qLegal advice sessions in which a clientattends an appointment with two qLegaladvisers and a qualified lawyer andreceives written advice;

• qLegal toolkits which give an overview ofdifferent areas of law are drafted byqLegal advisers and uploaded to theqLegal website; and

• qLegal 'Small print' workshops facilitatedby qLegal advisers to start-ups andentrepreneurs on a specific legal topic.

qLegal Student Experience

qLegal aims to inspire and develop a newgeneration of lawyers capable of representingtech start-ups and entrepreneurs. Servicesare provided by high calibre postgraduate lawstudents under the guidance of legalprofessionals from collaborating law firms aswell as CCLS academic staff. Students havethe opportunity to work with, and learn fromlawyers from top law firms and in-houseteams including Mills & Reeve LLP, Kilburn &Strode LLP, Intel Corporation (UK) Ltd, UnisysCorporation, Morrison & Foerster (UK) LLP,Edwards Wildman LLP and Origin Ltd.

The Wider Picture-iLINC Network

qLegal is also part of iLINC, the EuropeanNetwork of legal incubators at leading lawschools, including the universities ofAmsterdam, Hamburg and Leuven. TheiLINC Network aims to establish a criticalmass of law universities to collectively coverthe specificities of different national legalsystems both within and beyond Europe,and to develop links with communities oftech start-ups and entrepreneurs.

qLegal is kindly supported by Mills & ReeveLLP, Kilburn & Strode LLP, Intel Corporation(UK) Ltd, Unisys Corporation, Morrison &Foerster (UK) LLP, Edwards Wildman LLP,Campus London and Origin Ltd.

For more information on qLegal, please visitwww.qmul.ac.uk/qlegal

7CCLS Alumni Bulletin – Summer 2014

qLegal Student Advisers 2013-2014

Leslie Lansman, Nuria RiberaCasellas, Rebecca Gulbul,Nnaemeka Ezeh, AnshulaKaushal, Pedro Malaquias, MatusMeszaros, Andreas Parpas,Sebastiaan Teekman, DamianMoran, Maria Victoria RivasLLanos, Jagdeep Bahra, ChuchuWang, Anubha Dhulia, CristinaCowap, Christina Kelepenioti,Badar Al Raisi, OlugbemiOduntan, Fatima Abass, GiancarloMoretti, Antonija Ivancan,Aryaman Basu, MohamamdRahman, Macy Siu, YanchoYanchev, Adedamola Layonu,Marianna Sagropoulou, RijitChakraborty, Anna Caruso, Yu Jia,Faith Phang, Carlos GarciaBerned, Daria Minchenko,Rishabh Jogani, Clémence Tanzi,Valeria Schiralli, GiuseppeSciascia, Lucy Sansom

Professor Ian Walden speaking at the launch of qLegal

OxLOrk: The Oxford Laptop performedat the launch of qLegal



Issue Conflict: Caveat Auctor

under the Mauritius-India BIT, over acontroversy regarding a cancelled satellitetelecommunications project.

Having agreed to the appointment of thetribunal in February 2013, in May 2013India changed counsel, retaining a US lawfirm. Shortly thereafter it proceeded tochallenge Mr. Orrego Vicuna, the Claimant’snominee, and Mr. Lalonde, the jointlyappointed chairman. A key concern for theClaimant was the three month delaybetween the appointment of the tribunaland the challenges submitted by theRespondent, and the fact that theinformation which the Respondent relied onhad been publically available throughoutthat time. The Respondent alleged that bothmen had, in previous unrelatedproceedings, prejudged the meaning of atreaty provision forming a key part of itsdefence. The provision in question was the“essential security” clause. Mr. OrregoVicuna had reiterated his understanding ofsaid clause in a 2011 academic article,stating that “essential security” should beinterpreted to conform to the “state ofnecessity” test under customaryinternational law. He had done so, evenafter ICSID annulment committees hadannulled all or part of the previous awardsin question. The Respondent contendedthat their previous decisions were likely toleave either arbitrator unable to appreciatetheir argument fully and with the necessarydegree of impartiality, meaning theRespondent would be denied a fair hearing.

The President of the International Court ofJustice, Judge Peter Tomka, as theappointing authority in the case, dismissedthe concern over the three month delay. Hereferred to the unequivocal wording ofArticle 11.1 of the UNCITRAL rules,applicable in the arbitration, wherein a partyis afforded 15 days to lodge a challengefrom the time of becoming aware of therelevant facts. India had raised its challengewithin this time frame; therefore there could

be no question of any undue delay. JudgeTomka also dismissed the challenge to Mr.Lalonde, emphasising that having only ruledon the meaning of “essential security” in2005 and 2007, was insufficient toconstitute an issue conflict. Prof. OrregoVicuna however was disqualified. Here thejudge found that his previous awardscombined with the 2011 academic article,meant that the Respondent’s entitlement toan arbitrator with an “open mind” mustprevail.

While there is ostensibly a considerabledifference between the two alleged issueconflicts in this case, Judge Tomka endorsedan approach that has been advocated bymany commentators. While a prior decisionalone should not likely give rise to an issueconflict, repeating and reaffirming a priorposition in an academic article or publishingextensively on a subject is a much morelikely do so. For young practitioners themessage is clear: caveat auctor!

International arbitration, and investmentarbitration in particular, has seen noshortage of ‘hot topics’. They populate thediscussion fora at arbitration conferencesand make the odd guest appearance in thelatest VIS moot problem.

While some are merely passing fashions,others have been ever-present. For youngpractitioners harbouring the ambition ofbecoming an arbitrator sooner rather thanlater, paying heed to what is beingdiscussed or mooted may pay dividends.One such ever-present topic is issueconflicts for arbitrators. This refers to a formof bias or prejudice arising, not from thearbitrator’s relationship with either party, butfrom their relationship with part of thesubject matter in dispute. It will often relateto a prior decision or published academicwriting in which the arbitrator has given hisview on the abstract legal issue in question.

Last year a (as yet unpublished) challengeto the tribunal in an investment arbitrationhighlighted the complexities and nuancesinvolved in determining the crux of an issueconflict. In CC/Devas and others v India, thethree Mauritian Claimants were affiliates oftwo US venture capital firms, who brought aclaim against the Government of India

Constantin Klein Trainee Solicitor, London. CCLS Alumnus in Comparative and International DisputeResolution LLM, 2013


The International Court of Justice


The Rt Hon The Lord Neuberger ofAbbotsbury, the President of the SupremeCourt, and The Honourable Mr JusticeCranston, former Director of CCLS, praised SirRoy’s enormous contribution to CommercialLaw and illustrated this by reference to theirown judicial work.

Robin Callender Smith, an Information Rightsand Immigration Judge and one of Sir Roy’sLLM students, recalled him as an inspirationaland challenging teacher, which drew wrysmiles from those who know how challengingSir Roy’s seminars could be.

Professor Julian Lew QC, a colleague at CCLS,recollected Roy’s involvement in theestablishment of the School of InternationalArbitration at CCLS. Recalling Roy’s vision,entrepreneurial spirit and meticulousplanning, he remarked, “Roy welcomed allideas and worked to improve an idea andmaximise what could be done. His mainconcern was that courses were delivered atthe highest level.” Professor Lew spoke formany when he said that it was his “privilege topay this tribute to Roy not only on behalf ofmyself and others at the School and at CCLS,but also on behalf of the many students whohave passed through CCLS over the years.“

These speeches gave way to an excellentdinner, which was followed by a toast to SirRoy and Lady Catherine proposed byProfessor Simon Gaskell, President andPrincipal of Queen Mary University of London.

Of course, Sir Roy was never likely to becontent simply to bask in the glow of all thisadmiration, and to the delight of the guests heresponded with a characteristic speech thatrevealed his boundless energy, enthusiasmand humour. Of course, when you are aseminent as Sir Roy, you may fearlesslydisclose to the President and Principal of theUniversity and to a room full of lawyers thevarious (lawful) ruses he deployed in the1980s to obtain space and funding for CCLS.

But the dinner was not merely a celebration ofpast glories. It was a milestone, of Sir Roy’scontribution to the law and to CCLS continues.He fizzes with enthusiasm and passion. Asone of the other speakers, Sir Bernard Rix(formerly Lord Justice of Appeal and nowProfessor of International Commercial Law atCCLS), reminded guests, Sir Roy has alwayslooked to the future development ofCommercial Law. To this end, Sir Bernardannounced the Roy Goode Scholarship Fund.Donations to this Fund will providescholarships and bursaries that will allow theworld’s brightest students to study at CCLSand to continue the work that Sir Roy started.

To find out more about the Roy GoodeScholarship Fund and how you cancontribute, please visitwww.ccls.qmul.ac.uk/support/roygoode/

A dinner was arranged for 9th October 2013at Lincoln’s Inn to thank Professor Sir RoyGoode CBE QC FBA for his outstandingcontributions to Commercial Law and for hiswork in founding and continuing to supportCCLS. It is testimony to the affection for SirRoy that over 100 people attended and, had itbeen possible to make the Old Hall larger,more would have come.

Among the guests were members of thejudiciary, including seven former and currentmembers of the Supreme Court and theAppellate Committee of the House of Lords,along with general counsels from leadingcompanies, senior members of the legalprofessions, academics, administrators andmany former students whose illustriouscareers started under Sir Roy’s tutelage.

Dinner was preceded by speeches, and, itmust be admitted, Sir Roy had beensomewhat deceived by the organisers intothinking these would debate current issues inCommercial Law. The intention had, however,always been that this should be a celebrationof Sir Roy.

Celebrating Professor Sir Roy Goode’s80th BirthdayProfessor Sir Roy Goode CBE QC FBA turned 80 years of age in2013. This was an occasion that CCLS, which he founded in 1980,did not wish to pass without proper acknowledgement.


Professor Julian Lew QC, Lord Neuberger of Abbotsbury and Professor Sir Bernard Rix

Professor Sir Roy Goode


better place in the UK or continental Europeto be other than QMUL.

How do you balance your academic life as aprofessor and chair in the Law and Financeprogramme at QMUL with your obligations asa corporate lawyer in one of the mostdynamic areas of legal practice?

At the moment I am not active in privatepractice although I act as consultant forseveral international organisations and alsohave some capacity building projects inAfrica, Asia and the Middle East. Therefore,I travel a lot. This has obliged me to be verydisciplined and develop a virtual office fromwhich I can work wherever I am. However,the most challenging aspect is keeping upto date with all the multiple developmentstaking place in banking and finance in theUK and the US in the aftermath of the sub-prime mortgage crisis/credit crunch and theEU Sovereign Debt Crisis.

How has working at CCLS influenced yourresearch? What are you researching at themoment?

Working at CCLS is a great pleasure. Thecollegiate and thriving environment is agreat stimulus in itself. Very shortly afterjoining CCLS I was involved with two othercolleagues in a very challenging legalproject related to the EU sovereign crisisthat had real and substantive effect in howthings panned out. Also, it continuedfocusing my area of expertise, i.e. sovereigndebt, in which I have become a leadingexpert—particularly on contractual clauses.At the moment, I am working on someresearch papers on a comparison betweencorporate, banking and sovereign debtrestructuring dynamics, a book with OxfordUniversity Press on corporate debtexpedited debt restructuring procedures inthe EU and a second edition of my book onDebt Restructuring, also with OxfordUniversity Press.

Ask the Professor

How did you become interested in law?What drew you to Banking and Finance?

I originally wanted to become anOceanographer or Veterinarian. In theend it was like I was predetermined orgenetically codified to become a lawyer. Iwent to University to register myself for adegree in Veterinary Science(Oceanography would have implied that Ihave to study in a remote location faraway from a capital city—and I am a bigcity individual) and returned homeregistered to study law. This was probablyone of the most important decisions in mylife, but one that I do not regret a singleminute.

What drew me to Banking and Finance,is much simpler. In the early days of mycareer I worked with a former insolvencyjudge and then in Latin America’s biggest

and most important law firm. In the latter,I was responsible for the account of oneof the biggest international investmentbanks dealing with all their portfolio ofbusinesses in the region dealing withsecurities regulation, syndicated lending,bond issuances, IPOs, etc. Then,Argentina was hit by the 2001-2002 crisisand everything was about debtrestructuring (corporate, banking andsovereign) which is another side tofinancing.

Given that you are from Argentina, can youexplain why you decided to live/work inthe UK and why you chose to teachspecifically at Queen Mary University ofLondon? How did this decision comeabout?

It was a requirement of my Firm to do anLLM abroad in order to become a partner.My options were either New York or theUK and I preferred the UK due to culturalissues. I did my LLM outside of Londonsince I was interested in a research-based LLM and that was the onlyresearch based LLM at the time. Mydissertation supervisor encouraged me topursue a PhD at QMUL, since it waswhere he did his doctorate. I applied andnot only got accepted but also received ascholarship covering my tuition and livingexpenses for three years. After teachingat the University of Warwick for five yearsand working as a Sovereign Debt Expertfor the United Nations (UNCTAD), whichhas been my main field of researchduring the last 12 years, I becameAcademic Director of an MSc in Law andFinance at the Centre for Commercial andManagement Studies (SOAS). I finallyrejoined my alma mater. Coming back toQMUL was like coming home. A numberof the people that I met in my PhD dayswere still here and I was very pleased withthe possibility of joining QMUL. For me, inthe banking and finance field there is no

CCLS student Pedro Augusto Pinto Guimaraes interviewsProfessor Rodrigo Olivares-Caminal, Chair in Banking and Finance Law. Pedro is from Brazil and studying for the MSc in Banking and Finance.



Nowadays, it appears that a postgraduatedegree has become one of the essentialrequirements for students or youngprofessionals wishing to advance in theircareers. From the perspective of a graduaterecruiter, is a postgraduate degree morevaluable than practical work experience inthe relevant industry?

These are several questions in one. Apostgraduate degree has always been anessential requirement for professionals insome jurisdictions wishing to advance intheir careers (as it was in my case). It iseven a bigger requirement in today’s worldwhere things have become more complexand specialised. A postgraduate degreedemonstrates that you have an additionalknow-how in a specialised area ordiscipline. Moreover, it is a great networkingopportunity (not only with classmates but

also with lecturers and guest speakers) andalso a publishing opportunity (publishingthe research that you conduct for yourdissertation or course assignments is anexcellent letter of introduction when you areseeking a job). The issue of practicalexperience versus postgraduate degree isone that does not have a clear cut answer.However, as I mentioned above, apostgraduate degree can certify severalthings and can also provide you with anedge in relation to the common law system.Overall, the degree of exposure to differentcultures, legal systems, research/assessment methods, specialised disciples,etc. provides a competitive advantage inreal terms and will round you as aprofessional.

The MSc Law and Finance appears to be ahighly unique programme in that it offers

students the opportunity to combine bothaspects of law and finance in a singledegree. How does this work in practice?

Again, it is difficult to be objective as theprogramme director of the MSc Law andFinance, but I am convinced that in today’sworld it is impossible to refer to law andfinance as two separate disciplines. Forexample, when you are structuring a swapor creating a structured product you need tounderstand the underlying dynamics tocomprehend why certain things are done inone way or another. These underlyingdynamics will help you assess therisk/reward expected by investors andunderstand how you can handle this risk orprovide the legal certainties required so thatinvestors can correctly price the deal. Inother words, it is about understanding thelegal and financial aspects of the deal.

The Paris LLM has now entered itssecond year. The programme isflourishing with more than 50 registeredstudents of over 30 nationalities studyingtogether at the University of LondonInstitute in Paris’ building, overlooking theEsplanade des Invalides in central Paris.

Like the London programme, the ParisLLM benefits from a diverse studentbody. Professionals (often qualifiedlawyers in their own jurisdictions) workingboth in-house and in law firms, as well asyounger, more recent graduates, studytogether. We are pleased to see growingnumbers of Paris Bar School students,thanks to our close relationship with theSchool, and recognition of theprogramme for credit towards anindividual’s qualification as an avocat.

The recipient of the first Paris LLM prize,sponsored by the Franco-British Lawyers’Society, will be announced this summer.Applications are open for this September,and we are grateful to the Association ofFrench In-house Lawyers (AFJE) and thefirm McDermott Will and Emery who havemade it possible for CCLS to offer a fullscholarship for a September 2014candidate.

The Paris LLM – An Innovative Approach

The Paris LLM offers students theopportunity to continue work and othercommitments whilst completing theirdegree within one or two years.

Modules taught intensively over 5 days or 8evenings, with additional support andresources provided online, gives studentsmore choice as to when and how they fulfilthe study requirements.

Approximately 35 modules are offered in arange of commercial law topics. LLMSpecialisms include:

• LLM in International Business Law• LLM in Banking and Finance Law• LLM in Intellectual Property Law• LLM in International Dispute Resolutionand Economic Law

With our most senior academics travelling toParis to deliver the classes, the CCLS bringsits unique international and comparativeapproach to those who find it difficult totake a year out to come to London to studyfor the LLM.

Two enrolments per year – in January andSeptember, as well as two exam periods peryear – July and January, add to the flexiblenature of the programme.

As the programme grows, we will be offeringpublic lectures, debates, and conferences.Please contact [email protected], withsuggestions of topics, speakers andcollaborations.

For more information about the Paris LLM,please visit: www.law.qmul.ac.uk/postgraduate/llmparis

News From The Paris LLM


“Lateral thinking, creativity and intellectual flexibility in the context of legalreasoning and the delivery of legal services are skills which business lawyersare increasingly expected to demonstrate in the current global economy. TheQueen Mary LLM in Paris programme constitutes a prime forum and opportunityto develop or enhance those skills for anyone willing to focus on cross-bordertransactions, litigation or regulatory matters.”

Alexander de Daranyi, Director, Head of Finance Law, Sanofi, and Head of the Sanofi Legal Academy. Queen Mary University of London Alumnus


Do We Shape the World... Or….?

Do you think of tax while you are lying onthe beach, downloading the latest hit fromiTunes, updating your Facebook profile orplanning your next adventure on Google? Doyou consider sophisticated tax planningtechniques while you balance your favouriteStarbucks coffee on the Circle line duringthe morning rush hour, or when you order aDVD from Amazon or when you sweetenyour afternoon tea with Tate & Lyle sugar orsweetner? Most of us do not!

G20 political leaders, the EuropeanCommission, the OECD, media outlets, non-governmental organizations (NGOs), suchas Tax Justice Network and Christian Aid,and civil societies all around the world haveexpressed their concern about “aggressive”tax planning by multinational enterprises(MNEs) that could cause serious loss of taxrevenues for countries and create a heaviertax burden on individual tax payers.

The UK sweetener-maker uses a hybridscheme called a “Tower Structure” resultingin a tax deduction in both the UnitedKingdom and the United States which isoffset by a single United Kingdom taxpayment on the interest received while

tax competition, challenging treaty abuse,preventing treaty shopping, supporting thedisclosure of aggressive tax planningschemes and creating more transparency.

The United Kingdom Government providedEUR 500,000 to support the BEPS andstated that “Britain is open for business butnot for tax avoidance” and aimed to ensurethat United Kingdom businesses canoperate efficiently in the global economywithout incurring an uncompetitive UnitedKingdom tax cost. In France, PresidentHollande made it clear that France wouldnot tolerate tax optimization and in the lightof this statement, France is seeking aroundEUR 1 billion in tax from Google.

In the 21st Century, the digital economy haschanged the game for the application ofestablished international taxation principles.These principles were not designed to dealwith unusual situations such as thepurchase of hearing aid earpieces printedby a 3D printer in London from a Germanbased company. On the one hand,globalisation and new innovations haveundeniably had a unique impact on MNEsand on the other hand, it is obvious theglobal tax system faces new challenges.

Can we really blame MNEs for mitigatingtheir tax burden and maximising their profit?Looking at this matter, we should considerboth sides of the same coin. Stop for amoment and imagine that you are the headof Starbucks, about to compare offersrelated to the same paper cup from twodifferent providers. Is it similar to a decisionto purchase a dress online with 30%discount instead of going to Selfridges? I donot think it would be that simple. Askyourself how would you balance betweentax mitigation and shareholders’ interest?How would you draw the line?

Renata Ardous is currently InternationalTaxation Manager and GBU at Mazars.

Amazon, Google and Starbucks enjoy theoutstanding benefit of “The Double-IrishDutch Sandwich”. On the 3 February 2014,Bloomberg reported that IBM ended 2013with a tax provision US$1.84 billion lowerthan it had initially projected and thusreduced its tax rate to a two- decade lowwith its tax planning strategy.

The US Senate Permanent Sub-committeeon Investigations has scrutinised thedifferent international structures andmethods employed by MNEs such asCaterpillar, Apple, Microsoft and Hewlett-Packard. The Committee pointed out “…executing its Swiss tax strategy, over a 13-year period beginning in 2000, Caterpillarallocated more than $8 billion in non-U.S.parts profits to its Swiss affiliate, and has sofar deferred paying $2.4 billion in U.S.taxes on those profits.” Caterpillar does notagree with that report.

The practice reflects that MNEs use gaps inthe interaction of different national taxsystems to artificially mitigate their taxobligations or to shift profits to low-taxjurisdictions in which no or little economyactivity is performed. As a result of thistendency, the American Action Forumestimates that US MNEs have parkedapproximately US$1.3 to 1.6 trillion in taxhavens and Finnwatch-Tax Justice Networktraced Finnish MNEs with subsidiarycompanies in tax havens (including theNetherlands and Luxembourg) andrevealed that 438 Finish companies hadone or more subsidiaries in a tax haven.

The OECD, the European Commission, theG8 and the G20 decided to take a standagainst aggressive tax planning. As a part ofthis initiative, the European Commissionstarted a highly intensive EU campaign andpublished an Action Plan in December2012. In St Petersburg, the G20 FinanceMinisters endorsed the OECD’s BaseErosion and Profit Shifting Project (BEPS).Through the BEPS 15 Action points, theOECD is mounting a full scale review whichfocuses on identifying tax rules related tothe digital economy, neutralising hybridmismatch arrangement, preventing harmful

Renata Ardous, a former LLM student in Banking and Finance


Events


15 June 2014 CCLSHamline Summer School 2014 - Certificate Program in GlobalArbitration Law and Practice: National and Transborder Perspectives

16 June 2014 CCLS The Summer Tax Programme 2014

18 June 2014 CCLS London Technology Week: Knowing Your IP: IP Explained for Start-ups

19 June 2014 CCLS London Technology Week: Legal Essentials for Start-ups

25 June 2014 CCLS CCLS Lunchtime Lecture on 'Shadow Banking and Limited Liability'

26 June 2014Reed Smith, Broadgate Tower, 20Primrose Street, London EC2A 2RS

3rd CCLS Roundtable on Financial Regulation: ‘Financial Markets:Impossible to Govern?'

8 July 2014The Baltic Exchange, 38 St Mary Axe,London EC3A 8BH

Roundtable Event: The Continued Development of Shipping Law: The Role of Arbitration

14 July 2014Great Hall, Queen Mary University ofLondon, Mile End Rd, London E1 4NS

School of Law Summer Graduation Ceremony 2014

4 November 2014 London EQE Training Programme on European Patent Law and Practice Part 1

6 November 2014 TBC Fifth London Alumni International Tax Conference

6 November 2014 CCLS New Voices in Commercial Law Seminar

12 January 2015 London EQE Training Programme on European Patent Law and Practice - Part 2

28 January 2015 TBC 10th Annual Avoir Fiscal Conference

5 February 2015 CCLSNew Voices in Commercial Law Seminar: 'Maritime Piracy and its Legal Implications'

19 April 2015 London The School of International Arbitration 30th Anniversary Conference

Conferences, Courses and Events

For further information on forthcoming events please see our website www.ccls.qmul.ac.uk/events



Professor Stavros Brekoulakis has beenawarded the Rusty Park Prize inInternational Arbitration for the article‘Systemic Bias and the Institution ofInternational Arbitration’ published at theJournal of International Dispute Settlement,one of the most academic anddistinguished journals in the field.

The article examines arbitral decisionmaking and puts forward three mainpropositions. First, that the legal concept ofbias needs revisiting. For arbitration lawand practice to effectively respond tocriticism about the integrity of arbitration,the focus of our inquiry should include notonly apparent bias associated withindividual arbitrators, but also implicit andsystemic bias. Second, the article providesa critical assessment of the existingempirical studies on arbitral decisionmaking, which all depart from the samebehavioural assumption that arbitraldecision making is driven almost exclusivelyby extra legal factors, such as the personaltraits, policy preferences or financialincentive of individual arbitrators. Thearticle discusses the theoretical andmethodological limitations of such abehavioural approach, and it, finally, offersan alternative model for the analysis ofarbitral decision making, which takes intoaccount the influence of the broaderinstitutional context within which arbitratorsare embedded. Drawing on institutionaltheories, the article compares theprocedural design of internationalarbitration with that of national andinternational judiciaries, and provides adescription of the institutional structures ofinternational arbitration and how they canaffect the way that arbitrators decide.

Professor Loukas Mistelis has won a globalaward for best Arbitration Lecture of 2013.Professor Mistelis, the Clive M SchmitthoffProfessor of Transnational Commercial Lawand Arbitration and Director of the School ofInternational Arbitration at Queen MaryUniversity of London, received the awardfrom Global Arbitration Review (GAR), aleading resource on international arbitrationnews.

His lecture “Is there a TransnationalArbitration?” was delivered on 23 August2013 at the National University ofSingapore Law School as the 4th Kwa GeokChoo Distinguished Visiting Professor’sLecture. The award is in recognition of thelecture’s quality, academic research andrelevance for practice. The decision wasmade by a combination of public vote andjudging panel. This is an excellent accoladefor Professor Mistelis, due to the highcalibre of the 2013 nominees and theprevious winners. The award ceremony washeld on 12 February 2014 at the George VHotel, Paris.

Did you know?CCLS is to collaborate with the Seven PillarsInstitute for Global Finance and Ethics (SPI)on ethics, law and regulation in finance.The aim of the collaboration is to foster adialogue on important ethical policy issuesaffecting the financial services industry.

SPI is the only independent think-tankfocused on research and education infinancial ethics. The Institute is at theforefront of shaping the emergent field offinancial ethics and increasing awarenessof this practical area of global finance.

The Institute will work closely with DrCostanza Russo, Lecturer in InternationalBanking Law and in Business Ethics atCCLS, and Academic Director for theInternational Banking and Finance LLM inParis.

Within CCLS, Dr Russo designed thepostgraduate module in Ethics in Businessand in Finance which is concerned with thestudy of ethical dilemmas that arise in thedecision making of business people andfinancial players.

The framework of collaboration for SPI andCCLS includes:

• Cross marketing the research, work and activities of each institution.

• Producing a financial ethics training video series.

• Jointly contributing to books and other publications on financial ethics.

• Encouraging the exchange of ideas between CCLS students and SPI interns.

• Publishing by SPI of the suitable work of CCLS students and faculty.

• Providing lectures and presentations, and participating in conferences.

• Welcoming CCLS students and faculty to join SPI as interns, fellows and/or contributors.

The Institute and CCLS are honoured bythis partnership. Both sides look forward toa broad, deep, and fruitful association inthe coming years for the benefit of theglobal financial and legal community.



On the BookshelvesSovereign Debt ManagementEdited by Rosa Lastra and Lee Buchheit Oxford University Press, 2014

Sovereign debt is a complex and highlytopical area of law and this work representsa new main reference book on the subjectbringing together contributions from worldleading practitioners, scholars andregulators.

The Fugitive Identity of Mediation:Negotiations, Shift Changes and Allusionary ActionDe Girolamo, DebbieRoutledge, 2013

This book draws on extensive first-handdirect and comprehensive observations ofcommercial mediations conducted from thebeginning to the end of the process in orderto show how the process of mediation worksin practice and how the process is viewedboth by the parties and the mediator.

The Accession of the European Union to theEuropean Convention on Human RightsGragl, PaulHart Publishing Limited, 2013

As the first comprehensive monograph onthis topic, this book examines the concernsfor the EU's legal system in relation toaccession and the question whether and howaccession and the system of human rightsprotection under the Convention can beeffectively reconciled with the autonomy ofEU law.

The Concept of InjusticeHeinze, Eric Routledge, 2012

The Concept of Injustice challengestraditional Western justice theory. Thinkersfrom Plato and Aristotle through to Kant,Hegel, Marx and Rawls have subordinatedthe idea of injustice to the idea of justice.

The Right to Housing: Law, Concepts,PossibilitiesHohmann, Jessie Cheltenham: Edward Elgar, 2013

Drawing on insights from disciplinesincluding law, anthropology, political theory,philosophy, and geography, this book is botha contribution to the state of knowledge onthe right to housing and an entry into thebroader human rights debate.

Policing Cooperation Across Borders:Comparative Perspectives on LawEnforcement within the EU and AustraliaHufnagel , Saskia Ashgate Publishing Ltd, 2013

This book provides new insights into policecooperation from a comparative socio-legalperspective.

International Law in Financial Regulation andMonetary AffairsCottier, Thomas, H. Jackson, John and Lastra,Rosa M. (Ed)Oxford University Press, 2012

The early twenty-first century has seen aconspicuous absence of formal internationallaw concerning money and finance.

Parliamentary Elections, Representation and the LawMorris, Caroline Hart Publishing Limited, 2012

This book examines each stage of the UK'selectoral process from the perspective of thecandidate seeking to become a Member ofParliament (MP), including eligibility andqualification, the candidate selectionprocess, nominations, disputed elections,and then, finally, disqualification from theHouse of Commons.

European Union Corporate Tax LawPanayi, Christiana HJI Cambridge University Press, 2013

This unique study traces the historicaldevelopment of EU corporate tax law andprovides an in-depth analysis of a numberof issues affecting companies, groups ofcompanies and permanent establishments.

Making Laws for CyberspaceReed, Chris Oxford University Press, 2013

Providing a scholarly analysis of how togovern and make the right kinds of laws forcyberspace. In this work, Professor Reedinvestigates the vast majority of cyberspaceusers who wish to act lawfully and askswhether the current state of law incyberspace makes it possible for them to doso. If not, why not, and what is the cure?

Observing Law Through Systems TheoryNobles, Richard and Schiff, DavidHart Publishing Limited, 2013

This book uses Niklas Luhmann's systemstheory to explore how the legal systemoperates as one of modern society'ssubsystems.

Cloud Computing LawChristopher MillardOxford University Press, 2013

The most comprehensive study of the legalissues surrounding cloud computing. Thebook is written by a team of experts in thefield and compiles, updates and expandson cutting-edge research from the CloudLegal Project at the Centre for CommercialLaw Studies, QMUL. It analyses of the keylegal and regulatory topics including dataprotection, standard form and negotiatedcloud contracts, law enforcement access todata in clouds, competition, consumerprotection and other regulatory andgovernance issues.


Alumni News Summer 2014On 16th April 2014 Ofgem announced themembers of its newly-created body, theEnforcement Decision Panel (EDP). The EDPhas been established to take importantdecisions in contested enforcement cases onbehalf of Ofgem. These decisions can involveimposing a significant financial penalty onenergy companies when they break regulatoryrules. The EDP will help Ofgem to protectconsumers’ interests in dealing withenforcement cases whilst maintaining theseparation between its internal investigationteam and this independent decision makingpanel. One of the Panel’s members is RobinCallender Smith, a media law and informationrights expert, and a PhD student at the CCLS,where he also teaches. Robin has worked asa barrister since 1977 after spending fouryears as a journalist. He is an InformationRights Judge and an Immigration Judge. Heis Chair of the Independent Appeals Board ofPhonepay Plus, the premium rate telephoneregulator, and is the Independent Adjudicatorfor the Qatar Financial Centre RegulatoryAuthority (QFCRA), in respect of its CustomerDispute Resolution Scheme. Robin hasserved on the FCA’s Regulatory DecisionsCommittee since 2006 and has been aDeputy Chairman since 2012. He is a LayMember of the Executive Board of theChartered Insurance Institute (CII). He is aformer elected member of the Bar Counciland Gray's Inn Barristers' Committee and is aVice President of London Youth, London'slargest youth charity.


Alumni Eva Ondrejová has just been awardedthe Talented Young Lawyer of the Year award bythe Czech Bar Association (with a prize of CzKr100,000). Eva, who graduated from the LLM inMedia Law in 2011 won this prestigious awardfor young lawyers, under 33 years of age. Evais a junior lawyer from the law firm JUDr. HelenChaloupková and an external PhD student atthe Law Faculty of Charles University, Prague.Her winning piece was titled "The defendant isrequired to pay the non-pecuniary damage inthe amount of CZK 1, within three days of thefinal judgment." It looked at the possibility ofthe use of symbolic compensation for non-pecuniary damage in the amount of CZK 1 inthe Czech legal order, and the question ofwhether this Institute contributed to thecultivation of morality and finding the man'sresponsibility for his moral behaviour towardsoneself and society. The work presents acomparison of the historical development andapplication of this compensation in foreignjurisdictions and outlines the situationsubstantiated by specific examples where thesymbolic substitution had a place in the Czechlegal order.

The BCC has appointed alumni Ruth Hennessyas Research Assistant for the Independent CodeReview. For the next six months, Ruth will workwith Walter Merricks, CBE, the IndependentCode Reviewer on the Call for Evidence. Ruthhas as LL.M in IP (with distinction) from CCLS,2011 and a BCL from University CollegeDublin. Ruth is currently working in the field ofIP Strategy and has proven research andcommunication skills.

The Call for Evidence launched in January2014 and concluded with the publication of aReport in May 2014.

Anna Ramos is an LLM alumna in PublicInternational Law.

“I work as a dispute settlement lawyer at theWTO Appellate Body. I provide technical andlegal advice and assistance to Appellate BodyMembers by conducting research andpreparing written analysis on issues arisingfrom appellate proceedings and arbitration.

Previous studies/occupation: I obtained myJuris Doctor degree from the University of thePhilippines and I am admitted to the PhilippineBar. I worked in a law firm specialising inlitigation for a little over two years. Thereafter, Iclerked for Supreme Court Associate, now ChiefJustice Maria Lourdes Sereno. In 2012, Ibecame a Chevening Scholar and pursued myLLM in Public International Law at Queen Mary,where I developed my interest in internationaltrade law. I joined Volterra Fietta as an internimmediately after my LLM, and three monthsafter, began working at the WTO.”


Documents

Queen Mary University of London CCLS Alumni Bulletin 2014