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This subcommittee was formed to consider the interpretation of certain formulations commonly used in opinions on finance transactions. Its first opinion report contained the comments of lawyers from 25 countries on a sample opinion.

They analysed the validity of each opinion provision under their respective legal systems and discussed necessary modifications. This opinion report was subsequently published in 1987 and rapidly became the standard publication on legal opinions for lawyers advising on cross-border transactions. Further editions are published from time to time, the latest being Legal Opinions in International Transactions (4th edition, Kluwer Law). These reflect ongoing developments in this area.

The subcommittee undertakes other comparative projects on various aspects of legal opinions, often culminating in sessions at the IBA Annual Conference. The latest was the completion of a questionnaire by lawyers in all the EU Member States on the Impact on Legal Opinions of EU Directives and Regulations on Insolvency, with a related session at the IBA Annual Conference in Prague (2005). The Chair of this subcommittee welcomes suggestions for future projects and volunteers to participate in them.