France to set up court to handle English-law contracts post Brexit
NEW YORK, June 29 (Reuters) - France will set up a special court to handle English-law cases for financial contracts after Britain leaves the European Union, French Finance Minister Bruno Le Maire said on Thursday as Paris steps up its charm offensive to attract banks.
Currently, most loan and derivative contracts in Europe are written in English law, but Britain's exit from the European Union raises problems about how they would be enforced outside of Britain. "We will create a special court to handle disputes related to financial contracts governed by English law, once the U.K. leaves the EU," Le Maire said in New York during a visit to woe U.S. banks to move jobs to Paris.
"All proceedings will take place in English. We will hire people with experience in common law regardless of where they come from," he added. (Reporting by Jonathan Spicer; writing by Leigh Thomas; editing by Michel Rose)