You are both right that ultimately the MS rule applies. I understand that. But there are 3 columns in the exhibit. I’m talking about the first column before any type of analysis happens.
The first column in that second set, in the middle of the statement, it says
“Member resides in LS country, does business in MS country; LS law applies…”
This seems to imply that before any analysis is done, the applicable law is the law that the member resides in.
But this is not consistent with the other item set that says
“Member resides in LS country, does business in MS country; MS law applies…”