In the first column of Exhibit1("applicable law"),
(first row)
Member resides in LS country, does business in NS country;
LS law applies, but it states that law of locality where business is conducted governs.
* LS: country with less strict securities laws and regulations than the Code and Standards
* NS: country with no securities laws and regulations
I can't understand this explanation..
If the local law governs, there is no applicable law isn't it?
Please correct my understanding..
Thanks in advance.作者: Windjam 时间: 2011-7-13 14:45
LS = Less than Standards
NS = No Standards
So in this case the Code and Standards would apply.
Even though it states that when in the NS country - the locality where business is conducted governs, and this case, it would mean NO STANDARDS apply, the Code and standards are the applicable requirement.
