Research On The United States’ Foreign Sovereign Debt Litigation Laws Issues

The United States’ foreign sovereign debt litigation procedure is relatively completed than other countries, this is mainly because dollar is the world currency, the formation of New York’s financial center, and the emergence of the world financial crisis, led to United States courts facing more and more foreign sovereign debt disputes. The United States also lacks a complete set of relevant legislation before, but now foreign sovereign debt lawsuits were enacted. In this paper, the study of the United States’ foreign sovereign debt litigation laws issues, mainly focuses jurisdiction, choice of law, judgment execution.Not only the United States Code have made general jurisdiction rules, the United States congress have amended the United States Code, passed the 1976 Foreign Sovereign Immunity Act in order to explicit under what circumstances the courts have jurisdiction,can foreign states be immunity from prosecution or execution property. The new rules of chapter 5 of 1984 New York General Obligation Law expand the New York state courts’ jurisdiction over the cases involving foreign elements, and enact rules of choice of law. In addition, the choice of law rules of New York federal common law and Federal law choice of law rules also constituted to the foreign sovereign debt litigation lawsuits issues.Therefore, all the above laws and regulations are the mainly research object.Due to the particularity of foreign sovereign debt litigation parties and complexity of the United States legal system, which to a certain extent, led to difficulty in clarifying the United States’ foreign sovereign debt litigation laws issue. In this paper, through analyzing the judicial practice and regulations, trying to study the United States’ foreign sovereign debt litigation main laws issues,and make some suggestions for Chinese private investors.