Rome I Regulations on applicable Contract Law

The UK has been a signatory to the 1980 Rome Convention on international contract law. For several years a proposed EU Regulation, Rome I, has been going through the EU law-making process. Some of the proposed Regulation's wording had material differences from the Convention and introduced more uncertainty as to which law applied to some contracts, for example bonds sold to retail investors in different juridictions. Urged by the ACT and CBI, the UK government has renegotiated the drafting of the regulation. We are pleased that now acceptable wording has been agreed, the ACT recommends that the UK opt into the new Regulation.