Browse by title

You are looking at 1 - 10 of 47 items :

  • Finance and Banking Law x
  • International Economic Law, Trade Law x
Clear All
You do not have access to this content

Sustainable Trade, Investment and Finance

Toward Responsible and Coherent Regulatory Frameworks

Edited by Clair Gammage and Tonia Novitz

Sustainable development remains a high priority in international politics, as governments seek new methods of managing the consumption of resources while maintaining national economic growth. This timely book explores how the contours and facets of sustainability shape international laws and regulations that govern trade, investment and finance.'
You do not have access to this content

Edited by Daniel Kraus, Thierry Obrist and Olivier Hari

The growth of Blockchain technology presents a number of legal questions for lawyers, regulators and industry participants alike. Primarily, regulators must allow Blockchain technology to develop whilst also ensuring it is not being abused. This book addresses the challenges posed by various applications of Blockchain technology, such as cryptocurrencies, smart contracts and initial coin offerings, across different fields of law. Contributors explore whether the problems posed by Blockchain and its applications can be addressed within the present legal system or whether significant rethinking is required.
This content is available to you

Edited by Daniel Kraus, Thierry Obrist and Olivier Hari

This content is available to you

Edited by Daniel Kraus, Thierry Obrist and Olivier Hari

You do not have access to this content

Maurice Mendelson QC and Martins Paparinskis

This chapter considers the legal issues which may arise from bail-ins of depositors of banks from the perspective of international investment treaty law. It addresses the question whether investment protection rules, particularly the right to compensation for expropriation, might be relied on by foreign investors affected by bail-ins, dealing in turn with certain preliminary issues of applicability of investment treaties, then focusing on legal and factual aspects of expropriation and bail-ins, and finally giving a brief overview of the possible relevance of other investment protection obligations. It is not the purpose of this chapter to provide definitive answers, but rather, to identify some of the multifarious thorny legal questions that could arise. Keywords: bail-in, international investment law, international financial law, expropriation, compensation, fair and equitable treatment

You do not have access to this content

Anna De Luca

This chapter highlights the relevance of investment law as a potential limit to State measures for securing financial stability, as well as the features of investment disputes brought in response to bank rescue measures. Contrary to what occurs in a typical investment case, in arbitration proceedings brought against rescue measures it is by no means certain whether the claimants actually suffered losses. The chapter begins by asking whether economic loss is a necessary element of a BIT breach (section II). Having concluded in the affirmative, the analysis turns to questions of causation proper, which is first addressed in general terms (section III), and then with a particular focus on intervening causes potential breaking the causal link between State conduct and economic loss (section IV). The final section (section V) concludes and highlights the possible relevance of newly emerging prudential standards on bank resolution and recovery for investment disputes. Keywords: investment arbitration, financial stability, bank rescue measures, economic losses, causation, newly emerging prudential standards

You do not have access to this content

Marie Sudreau

This chapter assesses the legal regime of sovereign debt restructuring at international level. It proceeds from the assumption that issues of sovereign debt, as well as cross-border lending and borrowing, are insufficiently regulated. Regulation so far has mostly come from the domestic law chosen on a contractual basis; however, more recently, ‘Principles on Responsible Sovereign Lending and Borrowing’ have been elaborated at the international level, viz. by UNCTAD (Principles). The chapter discusses the relationship between these Principles and investment arbitral proceedings. It highlights essential themes of these Principles offers and clarifies how they approach questions of sovereign debt. It then considers ways of integrating the Principles into arbitral decisions, arguing that, despite certain tensions, an integration is possible in principle. Keywords: sovereign debt regulation, responsible sovereign lending and borrowing, bilateral investment treaties, investment treaty arbitration, UNCTAD principles

You do not have access to this content

Phoebus Athanassiou

This chapter addresses questions of bail-ins and international investment law. More specifically, it pursues two aims. It seeks, on the one hand, to determine the conditions subject to which depositors adversely affected by national bail-in measures can rely on international investment law as a source of legal constraints to the exercise of statutory resolution powers. On the other hand, it assesses the relevance and relative weight of the causal link between losses suffered by depositors and the actions of the competent national authority in the run-up to the taking of national bank rescue measures. Keywords: bail-in, bilateral investment treaty, international investment law, no creditor worse off principle, causation

You do not have access to this content

Prabhash Ranjan

The focus of this chapter is on monetary transfer provision (MTPs) in bilateral investment treaties (BITs). MTPs in BITs regulate the transfer of funds related to investment in and out of the host country. This chapter tackles the question whether the imposition of capital-flow management measures (CFM measures) by a host State violates broad and unqualified MTPs in BITs that guarantee transfer of funds in and out of the country without any exceptions. The chapter addresses this question by introducing CFMs and the different ways by which international law regulates the freedom of States to impose them. It then analyses the relationship between the different approaches adopted under the IMF Articles on the one hand, and BITs on the other; this involves an inquiry into questions of norm conflict as well as systemic treaty interpretation. Having discussed rules specifically addressing CFM measures, the chapter moves on to discuss alternative options for host countries to respond on the basis of generally available defences. The chapter finally concludes by observing that the method for resolving the conflict is through the legislative route where countries enter into MTPs that recognise the right of countries to impose CFM measures. Keywords: BITs, capital flow management measures, IMF, monetary transfer provisions.

You do not have access to this content

Anastasios Gourgourinis

The aim of the present chapter is to examine anew the availability of force majeure as a justification for measures taken in systemic financial crises. The focus is on its potential as a defence for EU Member States in investment arbitrations under intra-EU BITs implicating crisis measures. The chapter sheds light on the distinction between ‘material/relative impossibility’ in the context of Article 23 of the ILC Articles on State Responsibility, as opposed to ‘absolute impossibility’ under Article 61 of the Vienna Convention on the Law of Treaties, and comparatively examines the contours of force majeure under both general international law and EU law. The analysis finally identifies the many points of convergence between the two regimes and the possibilities for force majeure invocations, à la européenne, by EU Member States in investment arbitrations under intra-EU BITs regarding measures taken in the midst of severe financial turmoil. Keywords: force majeure, financial crisis, international investment law, EU law, intra-EU BITs, circumstances precluding wrongfulness