Protection of Trading Interests Act 1980
Encyclopedia
The Protection of Trading Interests Act 1980 was a piece of legislation passed by the British Parliament
to counter American
assertions of extraterritorial jurisdiction.
The Act gives the Secretary of State for Trade and Industry
the authority to "give to any person in the United Kingdom who carries on business there such directions for prohibiting compliance" with laws of a foreign state which control or regulate international trade in a way which damages British trading interests.
The Act also prohibited British corporations from giving documentation to a potentially hostile foreign interest and empowered British courts to seize the asset
s of any overseas power which impounded assets of British corporations.
The Act restricts the enforceability of judgments for multiple damages
. Section 5 provides that British courts will not enforce a judgment for "an amount arrived at by doubling, trebling or otherwise multiplying a sum assessed as compensation".
Parliament of the United Kingdom
The Parliament of the United Kingdom of Great Britain and Northern Ireland is the supreme legislative body in the United Kingdom, British Crown dependencies and British overseas territories, located in London...
to counter American
United States
The United States of America is a federal constitutional republic comprising fifty states and a federal district...
assertions of extraterritorial jurisdiction.
The Act gives the Secretary of State for Trade and Industry
Secretary of State for Trade and Industry
The Secretary of State for Business, Innovation and Skills is a cabinet position in the United Kingdom government. Its secondary title is the President of the Board of Trade...
the authority to "give to any person in the United Kingdom who carries on business there such directions for prohibiting compliance" with laws of a foreign state which control or regulate international trade in a way which damages British trading interests.
The Act also prohibited British corporations from giving documentation to a potentially hostile foreign interest and empowered British courts to seize the asset
Asset
In financial accounting, assets are economic resources. Anything tangible or intangible that is capable of being owned or controlled to produce value and that is held to have positive economic value is considered an asset...
s of any overseas power which impounded assets of British corporations.
The Act restricts the enforceability of judgments for multiple damages
Damages
In law, damages is an award, typically of money, to be paid to a person as compensation for loss or injury; grammatically, it is a singular noun, not plural.- Compensatory damages :...
. Section 5 provides that British courts will not enforce a judgment for "an amount arrived at by doubling, trebling or otherwise multiplying a sum assessed as compensation".