Research Handbook on Sovereign Wealth Funds and International Investment Law
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Research Handbook on Sovereign Wealth Funds and International Investment Law

Edited by Fabio Bassan

Research on the role of sovereign investments in a time of crisis is still unsatisfactory. This Research Handbook illustrates the state of the art of the legal investigation on sovereign investments, filling necessary gaps in previous research. Current focus is based on investment flows and trends, grounded in economic scenarios and objectives. Conversely, investigations from a legal standpoint are still few, namely disregarding the host states’ concerns about sovereign investments goals and tools. Hence, most of the many relevant drivers that affect current sovereign investments, be they FDI or portfolio investments, remain unexplained. This book investigates the juridical foundation of sovereign investments and extends our frontier of understanding.
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Chapter 10: Sovereign wealth funds and bilateral investment treaties’ new models: Issues, new trends and State practice

Elizabeth Whitsitt and Todd Weiler

Abstract

Sovereign wealth funds (SWFs) are not new players in financial markets. Recently, however, they have come under increased scrutiny because of their increasing number, their collective wealth, and the growth of their investment activities in developed-country economies. This chapter explores the application of the current regime of international investment law to SWFs, focusing on bilateral investment treaties (BITs) concluded by the States that represent the home jurisdiction for the world’s 15 largest SWFs. There are five sections to this chapter. Following the introduction, Section 2 provides a brief overview of the international investment law regime, including its core disciplines. Section 3 considers treaty practice with respect to the entrance provisions of a BIT that may be used by an SWF to gain access to its substantive protections. Section 4 considers treaty practice regarding the relevant exit provisions of a BIT that permit host States to derogate from their treaty obligations and Section 5 provides concluding remarks.

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