EXPROPRIATING INTERVENTION OF THE STATE IN THE RIGHTS OF A FOREIGN INVESTOR (TAKING OF THE FOREIGN INVESTOR'S PROPERTY) The aim of the thesis is to provide a commentary on the topic of taking of foreign investor's property in such a manner, that a person, with only a fair knowledge of the term "expropriation" and no knowledge of the international investment law, would by reading the paper alone acquire a broad insight into this branch of international law and into its specific concept of taking. For this reason, there is a great attention paid to the evolution of the term in the different sources of international investment law rules, as well as to the theoretical aspects of property in the international law. The focus of the thesis is on the indirect expropriation, which is understood therein as one of the categories of the wider term: "taking". In order to explain the intricacies of the notion of indirect expropriation the author is using the terminology of criminal law. The inspiration for that was one of the articles cited in the text. The study shows that judicial decisions, although being only a subsidiary source of legal rules, are in fact principal means of determination of rules of law in this area. International agreements are slow to react to the needs of the changing relationships of...

This thesis contributes to academic debate about the question: how much substantive protection should investment treaties (IITs) provide to foreign investment? Chapters 5 and 6 argue that arbitral tribunals have interpreted fair and equitable treatment and indirect expropriation provisions of existing IITs in several different ways. Each of these interpretations is sketched as a model level of protection that could be explicitly adopted by states in the future, either through inclusion in new IITs, or through amendment to existing IITs. In this way, the thesis defines a range of prospective options available to states concerning the level of protection to provide to foreign investment through IITs. The thesis evaluates the relative desirability of these different levels of protection. The thesis argues that different levels of protection should be evaluated according to their likely consequences. The thesis develops a framework for inferring and understanding the likely consequences of adopting different levels of protection. The framework proposes that the consequences of a given level of protection can be understood in terms of its likely effect on: economic efficiency; the distribution of economic costs and benefits; flows of foreign direct investment into host states; the realisation of human rights and environmental conservation in host states; and respect for the rule of law in host states. Within this framework, the thesis provides an assessment and synthesis of existing empirical evidence and explanatory theory so far as they relate to the consequences of IIT protections. It also specifies the normative criteria by which these consequences should be evaluated. Through the application of this framework, the thesis concludes that lower levels of protection of foreign investment are, in general, likely to be more desirable than higher levels of protection.

VI Abstract International investment activity plays in the capitalistic globalized world, which is aimed at sustainable economic growth, an important role. Effort of the states to ensure the most favourable investment conditions for foreign investors strikes in some spheres on legitimate regulatory state measures, which are adopted with reference to the international law principle of state sovereignty. Expropriation or nationalisation together with the seizure represented in the past the most compelling taking of foreign investor property rights and their identification didn't make pronounced troubles. It's clear that confiscatory or nationalizing states measure doesn't increase its investment attractivity and so states are nowadays in the sphere of takings into foreign investor property interests much more careful and more inventive. The task of submitted work is among other things to characterize these takings referred to by notion indirect expropriation and to differentiate them from legitimate state measures regarding the general social aims and social interests, which don't require any compensation in contrast to indirect expropriation. By reason that the right to expropriate is seen to be part of customary international law, there was especially a developed states effort to regulate the conditions of...

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331 The indirect expropriation of foreign investors Abstract International trade has been booming among various types of states for several millennia. The development of international trade is influenced not only by these types of states, but also by the significant contribution of foreigners and the various entities they establish. The vision of expansion and opportunities related to new markets encourages them to abandon the explored and well-known domestic waters and plunge into foreign investment activities. The investment in the jurisdiction of a foreign host country entails several additional risks for the foreign investor in addition to the expected investment potential. These risks are related to different political, economic, legal, cultural and overall social backgrounds. Nevertheless, at the beginning of the 21st century, foreign investment is reaching staggering parameters. On a global level the total foreign direct investments amounted to USD 1.43 trillion in 2017. Of course, such an important social area is subject to regulation. Since about the middle of the 20th century, said regulation has included the standard of protection of foreign investors against indirect expropriation, which is the subject of the submitted thesis. This kind of expropriation is currently one of the most fundamental...

This dissertation analyses the implications of international investment law on host states’ legal ability to protect the environment, regulate sustainable use of natural resources, and develop new approaches to manage environmental risks and uncertainties. ‘Environmental policy space’ is found to be a useful term when exploring the regulatory autonomy in this context. On one hand, investment law aims to ensure stability of the investment environment. On the other hand, environmental law needs flexibility to react to the degradation of the environment. It is found that those different aims do not have to be in conflict. There are useful mechanisms in national environmental law which provide for accessible, transparent and predictable decisions for the private actor. These mechanisms can fulfill the aim of stability in investment law. It is, however, concluded that core provisions of international investment treaties risk to put constraints to environmental law in a variety of ways. To diminish these risks, states, when concluding investment treaties, should make clear that constraining environmental regulation is not compatible with the overarching aim of sustainable development. Furthermore, the interpretation of provisions of investment protection must respect principles and instruments of environmental law not to continue being unbalanced towards investor interests. It is also concluded that allowing for investor – state arbitration, without the investor exhausting local remedies, will ignore the important national administrative review system of public environmental measures.

One of the most notorious dilemmas of international rules on the protection of foreign investment is how to decrease the tension between a state’s regulatory freedom and private property rights in addressing indirect expropriation. Bilateral investment treaties need to achieve a crucial balance: to protect the interests of foreign investors and support rights of states to regulate in pursuit of sustainable development. In dealing with indirect expropriation past tribunals relied on different approaches and adopted mutually inconsistent positions. By demonstrating this incoherence, this thesis reviews the most recent BITs and identifies an archetype of investment treaty provisions and language that may result in the interpretation of indirect expropriation most compatible with states being free to act to achieve sustainable development.

El presente trabajo es un arbitraje del CIADI y tiene mucho material enriquecido. El arbitraje que también es referido como un medio alternativo de solución de controversias, toma el caso de Bear Creek v. Republic of Perú y brinda soluciones eficientes, a la controversia que se generó debido a que el Estado Peruano le otorgo derecho sobre concesiones mineras a 50 kilómetros de la frontera peruana a Bear Creek, sin embargo, después de unos años le termina retirando esos derechos adquiridos sobres las concesiones mineras. Debido a que la presente controversia no podía resolverse en jurisdicción peruana y tampoco se pudo llegar a un acuerdo entre las partes. Se recurrió a lo acordado mediante TLC Perú – Canadá y al estar las dos partes afiliadas al CIADI, se procedió a buscar solución a su controversia en dicho centro. Así mismo, mediante el presente trabajo se busca reconocer al ARBITRAJE no solo como un medio alternativo de solución de controversias, sino como una de las varias formas iniciales que el sistema jurídico ha ofrecido como solución pacífica frente al conflicto de sus ciudadanos. El presente arbitraje caso versa sobre medidas de expropiación indirecta, tiene figuras como contratos de opción, emisión de Decretos Supremo emitido por Necesidad Pública, Acuerdos de Transferencia. / Trabajo de suficiencia profesional

「雙邊投資協定」是「發展中國家」為積極引進外國資本，與「已開發國家」為有效保護本國投資者間之互惠保障機制。於1990年代以來，因跨國企業數擴大而增加投資活動，因此也擴大投資的規模，故而對投資規範之需求必要性愈來愈增加。「雙邊投資協定」作爲目前最通用的國際投資規範，最近全世界所簽訂之雙邊投資協定的數量為約2,700多個(約180個國家)，惟由於世界上就雙邊投資協定内容還沒統一的形態，而且協定規定上缺乏具體性基準，針對協定内容，已開發國家與發展中國家之間見解往往相左。 其中「徵收條款」是理論解釋上最引起爭論的領域之一。不過迄今與徵收有關協定之實踐過程中，資本輸出國（已開發國家）和資本輸入國（發展中國家）間之理解有很大的差異，即在於絕對多數的雙邊投資協定中，對於徵收條款沒有判斷標準（如間接徵收）、補償標準（如赫爾規則）、補償額價格估價方式（如公平市場價格）之具體基準。 本論文基於雙邊投資協定之現行趨勢，想要研究雙邊投資協定的一般概念與徵收的相關具體内容，尤其為準備臺灣與韓國間簽訂雙邊投資協定的可能性，先觀察最近韓國、臺灣與各國所簽訂的雙邊投資協定之現況，其次則想要比較該協定的徵收條款，進一步嘗試關於未來臺、韓兩國之雙邊投資協定徵收條款之制定方向提出若干意見。

The purpose of this paper is to explore the impact of international investment law rules in the Economic Constitutional Law, especially those included in investment chapters of Peruvian’s Free Trade Treaties. In particular, it is expected to demonstrate the following (i) International Investment Law is part of Peruvian Legal System; (ii) provisions of these laws are mandatory and should be applied domestically; and (iii) interpretation and implementation of this legal right should be executed consistently with domestic legal system and Peruvian international obligations. This agreed Interpretation between Investment Law and Economic Constitution will have a positive effect in rationalization of public entities actions avoiding abuses and maltreatment to investors, in order to improve investment climate as a key element forachieving country’s sustainable development. / Este trabajo tiene como objeto explorar el impacto que tienen las normas del derecho internacional de las inversiones, en específico aquellas de los capítulos de inversiones de los Tratados de Libre Comercio celebrados por el Perú, en el derecho constitucional económico. En concreto, se pretende demostrar lo siguiente: (i) el derecho internacional de las inversiones es parte del Ordenamiento Jurídico del Perú; (ii) las disposiciones de este derecho son obligatorias y deben aplicarse a nivel interno, y (iii) este derecho debe interpretarse e implementarse de manera coherente con el resto del ordenamiento interno y con las obligaciones internacionales del Perú. Esta interpretación concordada del derecho de inversiones y la Constitución económica tendrá un impacto positivo en la racionalización de la actuaciónde los órganos estatales, evitando arbitrariedades cuando sus medidas puedan afectar a un inversionista. De esta manera mejorará el clima de inversiones, el cual es un elemento necesario para lograr el desarrollo sostenible del país.