Chapter 5: IDENTIFYING THE STAKEHOLDERS: THE INVESTOR AND THE STATE
This chapter explores the questions surrounding the identification of the investment and the State. The issues are not the same since the identification of the investment is a matter of jurisdiction: there can be no competent arbitral tribunal if there is no investment. Yet, the notion is not precisely defined and this is one of the major difficulties of international investment law. The main trends in treaty practice and in case-law are therefore described. As regards the State, the questions rather fall within the general issue of liability: identifying the State is meant to determine who can be deemed liable and under what conditions. The issue of attribution is core in that respect.
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