القانون الواجب التطبيق على فرع المصرف الأجنبي ( دراسة مقارنة )

Law applicable to foreign bank branch ( A Comparative study )

Abstract
The goals that were sought by the Iraqi national economy can be summarized by allowing branches of foreign banks, including attracting foreign capital, and raising the level of banking service with foreign banks by creating a field for competition and applying appropriate means to raise the level of this service, in addition to creating a cash and banking market in Iraq to attract Foreign investment and strengthening the relationship between the banking system and global financial markets and providing the necessary banking facilities to finance foreign investments, as the foreign investor is usually reassured in dealing with foreign banks compared to local banks.
While other countries seek to develop the available financial services and create new banking services And gaining more experiences in the various fields of banking work through increasing integration with the international capital markets, and the ways and methods for foreign bank branches to enter the economies of developing countries have varied. Advanced technology and deeper experiences in international financial markets, which in turn creates a competitive environment that local banks must keep pace with so that they can maintain their position and their clients in the market.
Since the companies are subject to the supervision of the local regulatory authorities, the subsidiary company is an independent legal entity that is established in the host country in each partnership, and the foreign bank in the country of domicile has the majority ownership, so that it is difficult for it to adapt to the local conditions of the market and it also needs to make an effort to attract and acquire customers.
As national laws differ in determining the most important element among the elements of attribution, which is relied upon in determining the applicable law, which has become unable to respond to the nature of these disputes, and on the other hand, the failure of the traditional principle to meet banking disputes is no longer the only reason for the emergence of this type of The rules are at the Iraqi national level, but there are legal and practical reasons for major economic transformations in the Iraqi economic sector from a closed economy to an open economy, which in turn led to changes in the Iraqi banking sector by entering the foreign bank, and this is what prompted it to acknowledge the existence of these rules And work to unify solutions for certain types of contracts and actions in order to achieve common goals, in addition to what arbitration embodies as a basic pillar in the emergence of these rules, so model contracts came to crystallize those solutions, as some of them sometimes have countries’ budgets, which have a great impact on reviving the national economy, and operations have become International banking is a feature of the era and one of its prominent signs, as foreign banks play a very important role in economic life and merchants. It is the first source of financing for internal and external trade, and it is the main axis on which commercial credit operations revolve. Each of them has its own characteristics and provisions, despite the importance of these contracts and their popularity in commercial life, and the interest of many legislations in codifying them and regulating their provisions.
There is no doubt that banks or legal persons in general, although they do not undertake some of the national costs that legal persons undertake in defense of the entity of the state, yet they contribute effectively to the strength of the state in economic terms, through the economic activity that they do that are not available to individuals, and in that Justifies the state’s inclusion of legal persons with its nationality.