<p style="text-align: justify;">Предмет&nbsp;&nbsp; истраживања&nbsp;&nbsp; докторске&nbsp;&nbsp; дисертације&nbsp;&nbsp; представља&nbsp;&nbsp; начин&nbsp;&nbsp; поступања арбитражних&nbsp; судова&nbsp; приликом&nbsp; утврђивања&nbsp; меродавног&nbsp; права&nbsp; за&nbsp; суштину&nbsp; инвестиционог спора. Његово&nbsp; одређење&nbsp; је&nbsp; веома&nbsp; битно&nbsp; јер&nbsp; може&nbsp; пресудно&nbsp; да&nbsp; утиче&nbsp; на&nbsp; сам&nbsp; исход арбитражног поступка. Истраживањем је обухваћена како пракса арбитражних судова који делују под окриљем Међународног центра за решавање инвестиционих спорова (ИКСИД), тако и оних арбитражних судова који поступају ван њега.<br />Након&nbsp; уводних&nbsp; разматрања,&nbsp; у&nbsp; раду&nbsp; су&nbsp; најпре приказани&nbsp; процесни&nbsp; механизми&nbsp; за заштиту имовинских права странаца с обзиром да они представљају претечу инвестиционе арбитраже&nbsp; какву&nbsp; данас&nbsp; познајемо.&nbsp; Потом&nbsp; је&nbsp; указано&nbsp; на&nbsp; комплексност&nbsp; инвестиционих спорова&nbsp; која&nbsp; проистиче&nbsp; из&nbsp; чињенице&nbsp; да&nbsp; се&nbsp; различити&nbsp; извори&nbsp; права&nbsp; на&nbsp; њих&nbsp; примењују-правила&nbsp; међународног&nbsp; права&nbsp; (обичајног&nbsp; и&nbsp; уговорног),&nbsp; национално&nbsp; законодавство&nbsp; државе пријема,&nbsp; као&nbsp; и&nbsp; одредбе&nbsp; уговора&nbsp; о&nbsp; страном&nbsp; улагању&nbsp; између&nbsp; државе&nbsp; пријема&nbsp; и&nbsp; страног улагача. При том се одређивање меродавног права не своди на просто утврђивање извора који би се примењивао на сва спорна питања, већ се за свако појединачно питање одређује који слој правних правила применити.<br />Начело аутономије воље приликом утврђивања меродавног права за суштину спора је било предмет истраживања&nbsp; у трећем делу рада. Оно је најпре разматрано у националном законодавству, арбитражним правилима и конвенцијским текстовима, а потом и у клаузули уговора&nbsp; између&nbsp; државе&nbsp; пријема&nbsp; и&nbsp; страног&nbsp; улагача&nbsp; и&nbsp;&nbsp; у&nbsp; клаузули&nbsp; билатералних&nbsp; и мултилатералних споразума о подстицању и заштити улагања (БИТ). Наведени делови су употпуњени&nbsp; релевантном&nbsp; праксом&nbsp; арбитражних&nbsp; судова,&nbsp; а&nbsp; посебно&nbsp; је&nbsp; разматрано&nbsp; да&nbsp; ли арбитражни судови поштују страначку аутономију воље у сваком случају и како поступају уколико у клаузули БИТ-а о меродавном праву нијеутврђена хијерархија извора који су у њој предвиђени.<br />Затим&nbsp; су&nbsp; анализирана&nbsp; поступања&nbsp; арбитражних&nbsp; судова&nbsp; у&nbsp; случајевима&nbsp; одсуства клаузуле&nbsp; о&nbsp; меродавном&nbsp; праву.&nbsp; Овде&nbsp; се&nbsp; приликом&nbsp; истраживања&nbsp; кренуло&nbsp; од&nbsp; поделе&nbsp; на арбитражне&nbsp; судове&nbsp; који&nbsp; делују&nbsp; под&nbsp; окриљем&nbsp; ИКСИД-а&nbsp; и&nbsp; оне&nbsp; који&nbsp; делују&nbsp; ван&nbsp; ИКСИД система.&nbsp; Посебна&nbsp; пажња&nbsp; је&nbsp; била&nbsp; усмерена&nbsp; на&nbsp; теорије&nbsp; које&nbsp; су&nbsp; се&nbsp; јавиле&nbsp; о&nbsp; поступању арбитражних судова ИКСИД, а које се тичу односа националног и међународног права у случају непостојања споразума страна о меродавном праву за суштину спора.<br />Наредно&nbsp; поглавље&nbsp; се&nbsp; тиче&nbsp; садејства&nbsp; националног&nbsp; и&nbsp; међународног&nbsp; права&nbsp; када&nbsp; се примењују као меродавна на суштину спора. Класификација је направљена тако што су се у оквиру сваког извора инвестиционог права разматрала спорна питања на која се тај извор примењује.<br />Коначно, у последњем делу, су приказана закључна разматрања.</p> / <p style="text-align: justify;">Predmet&nbsp;&nbsp; istraživanja&nbsp;&nbsp; doktorske&nbsp;&nbsp; disertacije&nbsp;&nbsp; predstavlja&nbsp;&nbsp; način&nbsp;&nbsp; postupanja arbitražnih&nbsp; sudova&nbsp; prilikom&nbsp; utvrđivanja&nbsp; merodavnog&nbsp; prava&nbsp; za&nbsp; suštinu&nbsp; investicionog spora. NJegovo&nbsp; određenje&nbsp; je&nbsp; veoma&nbsp; bitno&nbsp; jer&nbsp; može&nbsp; presudno&nbsp; da&nbsp; utiče&nbsp; na&nbsp; sam&nbsp; ishod arbitražnog postupka. Istraživanjem je obuhvaćena kako praksa arbitražnih sudova koji deluju pod okriljem Međunarodnog centra za rešavanje investicionih sporova (IKSID), tako i onih arbitražnih sudova koji postupaju van njega.<br />Nakon&nbsp; uvodnih&nbsp; razmatranja,&nbsp; u&nbsp; radu&nbsp; su&nbsp; najpre prikazani&nbsp; procesni&nbsp; mehanizmi&nbsp; za zaštitu imovinskih prava stranaca s obzirom da oni predstavljaju preteču investicione arbitraže&nbsp; kakvu&nbsp; danas&nbsp; poznajemo.&nbsp; Potom&nbsp; je&nbsp; ukazano&nbsp; na&nbsp; kompleksnost&nbsp; investicionih sporova&nbsp; koja&nbsp; proističe&nbsp; iz&nbsp; činjenice&nbsp; da&nbsp; se&nbsp; različiti&nbsp; izvori&nbsp; prava&nbsp; na&nbsp; njih&nbsp; primenjuju-pravila&nbsp; međunarodnog&nbsp; prava&nbsp; (običajnog&nbsp; i&nbsp; ugovornog),&nbsp; nacionalno&nbsp; zakonodavstvo&nbsp; države prijema,&nbsp; kao&nbsp; i&nbsp; odredbe&nbsp; ugovora&nbsp; o&nbsp; stranom&nbsp; ulaganju&nbsp; između&nbsp; države&nbsp; prijema&nbsp; i&nbsp; stranog ulagača. Pri tom se određivanje merodavnog prava ne svodi na prosto utvrđivanje izvora koji bi se primenjivao na sva sporna pitanja, već se za svako pojedinačno pitanje određuje koji sloj pravnih pravila primeniti.<br />Načelo autonomije volje prilikom utvrđivanja merodavnog prava za suštinu spora je bilo predmet istraživanja&nbsp; u trećem delu rada. Ono je najpre razmatrano u nacionalnom zakonodavstvu, arbitražnim pravilima i konvencijskim tekstovima, a potom i u klauzuli ugovora&nbsp; između&nbsp; države&nbsp; prijema&nbsp; i&nbsp; stranog&nbsp; ulagača&nbsp; i&nbsp;&nbsp; u&nbsp; klauzuli&nbsp; bilateralnih&nbsp; i multilateralnih sporazuma o podsticanju i zaštiti ulaganja (BIT). Navedeni delovi su upotpunjeni&nbsp; relevantnom&nbsp; praksom&nbsp; arbitražnih&nbsp; sudova,&nbsp; a&nbsp; posebno&nbsp; je&nbsp; razmatrano&nbsp; da&nbsp; li arbitražni sudovi poštuju stranačku autonomiju volje u svakom slučaju i kako postupaju ukoliko u klauzuli BIT-a o merodavnom pravu nijeutvrđena hijerarhija izvora koji su u njoj predviđeni.<br />Zatim&nbsp; su&nbsp; analizirana&nbsp; postupanja&nbsp; arbitražnih&nbsp; sudova&nbsp; u&nbsp; slučajevima&nbsp; odsustva klauzule&nbsp; o&nbsp; merodavnom&nbsp; pravu.&nbsp; Ovde&nbsp; se&nbsp; prilikom&nbsp; istraživanja&nbsp; krenulo&nbsp; od&nbsp; podele&nbsp; na arbitražne&nbsp; sudove&nbsp; koji&nbsp; deluju&nbsp; pod&nbsp; okriljem&nbsp; IKSID-a&nbsp; i&nbsp; one&nbsp; koji&nbsp; deluju&nbsp; van&nbsp; IKSID sistema.&nbsp; Posebna&nbsp; pažnja&nbsp; je&nbsp; bila&nbsp; usmerena&nbsp; na&nbsp; teorije&nbsp; koje&nbsp; su&nbsp; se&nbsp; javile&nbsp; o&nbsp; postupanju arbitražnih sudova IKSID, a koje se tiču odnosa nacionalnog i međunarodnog prava u slučaju nepostojanja sporazuma strana o merodavnom pravu za suštinu spora.<br />Naredno&nbsp; poglavlje&nbsp; se&nbsp; tiče&nbsp; sadejstva&nbsp; nacionalnog&nbsp; i&nbsp; međunarodnog&nbsp; prava&nbsp; kada&nbsp; se primenjuju kao merodavna na suštinu spora. Klasifikacija je napravljena tako što su se u okviru svakog izvora investicionog prava razmatrala sporna pitanja na koja se taj izvor primenjuje.<br />Konačno, u poslednjem delu, su prikazana zaključna razmatranja.</p> / <p style="text-align: justify;">The&nbsp; research&nbsp; subject&nbsp; of&nbsp; the&nbsp; doctoral&nbsp; thesis&nbsp; is&nbsp; the&nbsp; manners&nbsp; in&nbsp; which&nbsp; arbitral&nbsp; tribunals&nbsp; deal with&nbsp;&nbsp; determination&nbsp;&nbsp; of&nbsp;&nbsp; applicable&nbsp;&nbsp; law&nbsp;&nbsp; for&nbsp;&nbsp; the substance&nbsp;&nbsp; of&nbsp;&nbsp; investment&nbsp;&nbsp; disputes.&nbsp;&nbsp; This determination is very important because it can decisively affect the very outcome of the arbitral proceedings. The research includes both the practice of arbitral tribunals within the International Centre for Settlement of Investment Disputes (ICSID) and the practice of arbitral tribunal outside ICSID.<br />After introductory remarks, the procedural mechanisms for the protection of property rights of&nbsp; foreigners&nbsp; are&nbsp; shown&nbsp; in&nbsp; the&nbsp; thesis&nbsp; since&nbsp; they&nbsp; represent&nbsp; a&nbsp; forerunner&nbsp; of current&nbsp; investment arbitration.&nbsp; Subsequently&nbsp; the&nbsp; complexity&nbsp; of&nbsp; investment&nbsp; disputes&nbsp; is&nbsp; pointed&nbsp; out&nbsp; arising&nbsp; from&nbsp; the fact&nbsp; that&nbsp; different&nbsp; sources&nbsp; of&nbsp; law&nbsp; apply&nbsp; to&nbsp; them-international&nbsp; law&nbsp; (customary&nbsp; and&nbsp; contractual), national&nbsp; legislation&nbsp; of&nbsp; the&nbsp; host&nbsp; state,&nbsp; as&nbsp; well&nbsp; as&nbsp; the&nbsp; provisions&nbsp; of&nbsp; a&nbsp; foreign&nbsp; investment&nbsp; contract between the host state and foreign investor. In doing so, the determination of the applicable law is not simply the determination of the source that would apply to all the contentious issues, but the determination of a layer of legal rules which applies on each individual question.<br />The principle of party&nbsp; autonomy in determining&nbsp; the applicable law for the substance of the dispute&nbsp; was&nbsp; the&nbsp; subject&nbsp; of&nbsp; the&nbsp; research&nbsp; in&nbsp; the&nbsp; third&nbsp; part&nbsp; of&nbsp; the&nbsp; thesis.&nbsp; It&nbsp; was&nbsp; first&nbsp; considered&nbsp; in arbitration&nbsp; rules&nbsp; and&nbsp; conventions,&nbsp; and&nbsp; thereafter&nbsp; in&nbsp; the&nbsp; clauses&nbsp; of&nbsp; the&nbsp; contract&nbsp; between&nbsp; the&nbsp; host State and the foreign investor and then in the clauses of bilateral and multilateral agreements on promotion and protection of investments (BITs). These sections are completed with the relevant practice&nbsp; of&nbsp; arbitral&nbsp; tribunals.&nbsp; It&nbsp; is&nbsp; especially&nbsp; considered&nbsp; whether&nbsp; arbitral&nbsp; tribunals&nbsp; respect&nbsp; the party&#39;s&nbsp; autonomy&nbsp; in&nbsp; any&nbsp; case&nbsp; and&nbsp; how&nbsp; they&nbsp; act&nbsp; if&nbsp; the&nbsp; choice&nbsp; of&nbsp; law&nbsp; clause&nbsp; in&nbsp; the&nbsp; BIT&nbsp; does&nbsp; not determinethe hierarchy of sources envisaged therein.<br />Afterwards the practice of arbitral tribunals in cases where the choice of law clause is absent was&nbsp; analyzed.&nbsp; In&nbsp; the&nbsp; course&nbsp; of&nbsp; the&nbsp; research,&nbsp; a&nbsp; division&nbsp; was&nbsp; made&nbsp; between&nbsp; arbitral&nbsp; tribunals operating under the auspices of ICSID and those operating outside the ICSID system. Particular emphasis&nbsp; was&nbsp; paid&nbsp; to&nbsp; the&nbsp; theories&nbsp; which&nbsp; occurred&nbsp; in&nbsp; the&nbsp; practice&nbsp; of&nbsp; ICSID&nbsp; arbitral&nbsp; tribunals,<br />concerning&nbsp; the&nbsp; relationship&nbsp; of&nbsp; national&nbsp; and&nbsp; international&nbsp; law&nbsp; in&nbsp; the&nbsp; absence&nbsp; of&nbsp; agreement between the parties on the applicable law.<br />The&nbsp; next&nbsp; chapter&nbsp; deals&nbsp; with&nbsp; the&nbsp; relationship&nbsp; between&nbsp; national&nbsp; and&nbsp; international&nbsp; law&nbsp; when applied&nbsp; as&nbsp; relevant&nbsp; to&nbsp; the&nbsp; substance&nbsp; of&nbsp; the&nbsp; dispute.&nbsp; The&nbsp; classification&nbsp; was&nbsp; made&nbsp; in&nbsp; such&nbsp; a&nbsp; way that&nbsp; within&nbsp; each&nbsp; source&nbsp; of investment&nbsp; law&nbsp; the&nbsp; contentious&nbsp; issues&nbsp; which&nbsp; are&nbsp; applicable&nbsp; within&nbsp; it were considered.<br />Finally, in the last chapter, concluding remarks are presented.</p>

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L’arbitrage international, outre le recours aux tribunaux de l’État hôte, est la méthode la plus utilisée pour régler les différends relatifs aux investissements étrangers. Plusieurs accords internationaux d’investissement incluent des dispositions ayant trait à l’arbitrage sous l’égide du Centre International pour le Règlement des Différends relatifs aux Investissements (CIRDI) mis en place par la Convention de Washington de 1966. Les tribunaux arbitraux constitués sous l’égide du Centre sont ainsi appelés à trancher des différends qui concernent la conduite d’États hôtes vis-à-vis ses investisseurs étrangers ; leurs décisions ayant de fortes conséquences sur l’intérêt public, concrètement lorsqu’il s’agit de la protection de l’environnement. L’évolution croissante du droit environnemental et son empiètement sur la protection des investissements a déclenché une série de différends qui ne se limitent plus à mettre en cause des nationalisations ou des violations de contrats - comme auparavant - mais tournent souvent autour de mesures étatiques de politique publique qui impliquent des questions sensibles telles que, inter alia, la gestion de déchets dangereux, l’accès à l’eau potable, l’étalement urbain, la protection de la biodiversité. Par conséquent, le rôle des tribunaux CIRDI et de leurs décisions devient décisif dans le développement du droit des investissements et dans le débat sur la protection des investissements face aux mesures législatives en matière environnementale. Cette étude a pour objet d’analyser la place des considérations environnementales dans les sentences arbitrales CIRDI. Spécifiquement, il s’agit d’étaler les principaux arguments retenus par les tribunaux internationaux, et de dégager les grandes tendances jurisprudentielles en matière d’arbitrage international d’investissements face aux mesures environnementales. / International arbitration is one of the most frequently used methods to resolve disputes related to foreign investment. Several international investment agreements include provisions relating to arbitration under the International Centre for Settlement of Investment Disputes established by the Washington Convention of 1966. Arbitral tribunals are called to resolve disputes concerning the conduct of host States vis-à-vis foreign investors. Their decisions have major consequences on the public interest, specifically when it comes to protecting the environment. The growing development of environmental law and its encroachment on investment protection has triggered a series of disputes that are no longer confined to questions of nationalization or breach of contracts as before, but often revolve around State public policy measures that involve sensitive issues such as, inter alia, hazardous waste management, access to clean water, urban sprawl, protection of biodiversity. The role of ICSID tribunals and their decisions is therefore critical in the development of investment law and the debate on investment protection and environmental regulation. This study aims to analyze the role of environmental considerations in ICSID arbitral awards. Specifically, it seeks to display the main arguments retained by international tribunals and to identify the major trends in international investment arbitration vis-à-vis environmental measures.

O estudo descreve o resseguro no âmbito do Direito Internacional, partindo da constatação da pulverização dos riscos através do mercado global para abordar temas relevantes, tais como: a diferenciação entre resseguro internacional e contrato internacional de resseguro, os usos e costumes internacionalmente aceitos e a autonomia da vontade das partes como fundamento aos contratos de resseguro. São perquiridas também as fontes do direito ressecuritário no âmbito internacional. As relações jurídicas entre Estado e resseguradores e as relações contratuais entre seguradores e resseguradores devem ser regidos pela máxima boa-fé. Essa abordagem reporta-se a princípios consagrados no Direito Internacional do Investimento como padrão de referência para a regulação da atividade ressecuritária e como limite à intervenção dos Estados Descreve-se ainda o resseguro no Brasil, traçando um histórico evolutivo do monopólio à abertura do mercado e constatando algumas iniciativas nacionais do uso do seguro e do resseguro como ferramenta de atração e proteção de investimentos. / The study describes the reinsurance under international law, starting from the fact of the risks of spraying through the global market to approach relevant issues such as: the difference between international reinsurance and international reinsurance contract, international custom, as evidence of a general practice accepted as law and part autonomy as a base to reinsurance contracts. It is also investigated the sources of international Reinsurance law. The legal relations between the state and reinsurers and contractual relations between insurers and reinsurers should be governed by the utmost good faith. This approach refers to the principles enshrined in International Law Investment as a reference standard for regulating the reinsurance activity and to limit the intervention of the States. It is also described the reinsurance in Brazil, an evolution from monopoly to open market and noting some national initiatives in the use of insurance and reinsurance as a tool for attraction and protection of investments.

O estudo descreve o resseguro no âmbito do Direito Internacional, partindo da constatação da pulverização dos riscos através do mercado global para abordar temas relevantes, tais como: a diferenciação entre resseguro internacional e contrato internacional de resseguro, os usos e costumes internacionalmente aceitos e a autonomia da vontade das partes como fundamento aos contratos de resseguro. São perquiridas também as fontes do direito ressecuritário no âmbito internacional. As relações jurídicas entre Estado e resseguradores e as relações contratuais entre seguradores e resseguradores devem ser regidos pela máxima boa-fé. Essa abordagem reporta-se a princípios consagrados no Direito Internacional do Investimento como padrão de referência para a regulação da atividade ressecuritária e como limite à intervenção dos Estados Descreve-se ainda o resseguro no Brasil, traçando um histórico evolutivo do monopólio à abertura do mercado e constatando algumas iniciativas nacionais do uso do seguro e do resseguro como ferramenta de atração e proteção de investimentos. / The study describes the reinsurance under international law, starting from the fact of the risks of spraying through the global market to approach relevant issues such as: the difference between international reinsurance and international reinsurance contract, international custom, as evidence of a general practice accepted as law and part autonomy as a base to reinsurance contracts. It is also investigated the sources of international Reinsurance law. The legal relations between the state and reinsurers and contractual relations between insurers and reinsurers should be governed by the utmost good faith. This approach refers to the principles enshrined in International Law Investment as a reference standard for regulating the reinsurance activity and to limit the intervention of the States. It is also described the reinsurance in Brazil, an evolution from monopoly to open market and noting some national initiatives in the use of insurance and reinsurance as a tool for attraction and protection of investments.

Les entrepreneurs n’ont pas manqué de soulever l’importance et la nécessité d’une structure européenne flexible pour répondre aux besoins des PME. En effet l'introduction d'une société à conception contractuelle dans le droit européen revêt de multiples intérêts. D'une part, elle intègre les PME dans la continuité du processus de construction du marché intérieur. D’autre part, elle offre une liberté d’action appréciée par les entrepreneurs qui évoluent dans un marché fortement concurrentiel. Enfin, le caractère contractuel permet au législateur européen de revenir sur la définition des libertés d'établissement et de circulation des capitaux.Aussi encourageant que soit ce projet, il n'en demeure pas moins source d'interrogations et d'inquiétudes. La liberté contractuelle comporte des risques si elle n'évolue pas dans un cadre juridique adapté et protecteur. Cette thèse a pour objectif d’analyser les effets de la transposition de la liberté contractuelle dans le droit européen des sociétés. Pour comprendre la portée de l’adoption du texte relatif à la SPE, cette thèse tentera de définir la liberté contractuelle au sens communautaire, de souligner ses avantages et d’analyser ses inconvénients. / Entrepreneurs consider flexible structures are important to meet European SMES needs. Indeed, the transposition of a contractual company in the European law are very valuable. On the one hand, it includes SMES in the process of construction of internal market. On the other hand, it offers to entrepreneurs a freedom to manage their companies in order to be more competitive. Finally the contractual aspect of the company allows the European parliament to reconsider the definition of freedom of establishment and free movement of capital. As encouraging as this project is, it remains a source of questions and concerns. Contractual freedom could involve risks if it doesn’t evolve in a suitable protective legal framework. This thesis aims to analyze the effects of the transposition of contractual freedom in the European company law. To understand the scope of the adoption of the text relating to the SPE, this thesis will try to define the contractual freedom in EU terms, to emphasize its advantages and disadvantages analyzed

Addressing complex global health challenges, including the burden of noncommunicable diseases (NCDs), will require change in sectors outside of traditional public health. Contemporary regional trade and investment agreements (RTAs) like the Trans-Pacific Partnership (TPP) continue to move further ‘behind-the-border’ into domestic policy space introducing new challenges in the regulation of health risk factors. This dissertation aimed to clarify the pathways through which RTAs influence NCDs, and to explore points along those pathways with the intent of improving the existing evidence base and supporting policy development. This work develops a critical theoretical framework exploring the ideas, institutions, and interests behind trade and investment policy; it also develops a conceptual framework specifying how trade and investment treaty provisions influence NCD rates through the effects of trade and investment on tobacco, alcohol, and ultra-processed food and beverage products, as well as access to medicines and the social determinants of health. Using health impact assessment methodology, three analytical components were designed to examine pathways of influence from RTAs to health outcomes as mediated by the interests of transnational corporations (TNCs). The first component explored the influence of industry during the TPP negotiations and how its health-related interests were reflected in the final TPP text. The second component examined the role of trade and investment liberalisation in health-harmful commodity markets, finding a rise in TNC sales after a period of liberalisation. The third component demonstrated how investor rights and investor-state dispute can challenge the state’s right to regulate if it damages the profits of TNCs, which may threaten effective health regulation, and provides opportunities to strengthen the right to regulate. The work in this dissertation provides support for the thesis that trade and investment policies are a fundamental structural determinant of health and well-being, which are highly influenced by TNCs that guide such policies in the interest of maximising their profits and protections, often to the detriment of public policy and population health. This work identifies the need for more robust health impact assessments of RTAs before future agreements are ratified, as well as an imperative to challenge vested interests that entrench neoliberal policy preferences that have hindered sustainable and equitable development.

International investment agreements largely cover today’s transnational investments. These agreements confer certain substantive rights to foreign investors while simultaneously obliging host-states to act in a given manner so as to not interfere with the investments. Most international investment agreements further contain an arbitration clause which provides the investor with the means to enforce the substantive rights of the agreement by directly bringing a claim against the host-state before an arbitral tribunal. Consequently, privately contracted arbitrators have the authority to scrutinize and overrule essentially any sovereign act of the host-state that may affect the investment – judicial and legislative acts included. This practice affects not only the parties of the dispute; when the arbitral award claims superiority to the state’s electoral choices, it further constrains the exercise of sovereignty by the population of the host-state. As a result, the arbitrators who manage the disputes and the investors who initiate them have become central power-holders in the context of both international and domestic law. Meanwhile, the arbitrators and investors alike seem to be unaccountable to the states and individuals who are adversely affected by their power assertions. A commonly accepted feature of democracy is that those who govern and wield power should be accountable to those who are governed and subjected to this power. This thesis relates this notion to a Foucauldian understanding of power, domination and resistance. The primary aim of the thesis is to examine the interplay between the prominent subjects involved in investor-state arbitration and to what degree these subjects hold power in the form of transformative capacity. After this investigation into the relations of power, the thesis scrutinizes the subjugated subjects’ ability to exercise effective resistance through institutionalized accountability mechanisms. The thesis detects an accountability deficit in the regime and concludes that foreign investors and arbitrators hold a dominant position within the context of investor-state arbitration, while states and individuals find themselves in a state of domination. The international investment regime, as it currently stands, is thus found to suffer from a democracy deficit, while it concurrently seems to undermine domestic democratic institutions.

Cette thèse propose une étude globale sur les contrats build-operate-transfer (BOT). Ils sont traités dans leurs aspects financiers, juridiques et contractuels. Les investissements dans les infrastructures publiques telles que les transports, l’eau, l’énergie constituent non seulement un outil de développement économique, mais aussi contribuent à l’amélioration des conditions de vie humaine. Mais, pour réaliser ces projets souvent de taille importante, le financement est un des principaux soucis des décideurs publics. En particulier, le Cambodge figure parmi les États à bas revenus. Les contraintes financières sont telles que l’État recourt de plus en plus au secteur privé, notamment par le biais des contrats BOT. Par cette technique, l’État peut cibler ses besoins spécifiques, tout en évitant le déficit budgétaire. En contrepartie, le secteur privé bénéficie d’un droit d’exploiter une infrastructure en cause pour une durée généralement longue pendant laquelle il rentabilise ses investissements.En se basant sur l’association des intérêts publics et privés, la mise en œuvre des contrats BOT nécessite un cadre juridique adéquate, sans lequel les intérêts publics pourraient être menacés, et cela pourrait être dissuasif pour la décision des investisseurs, notamment étrangers. / This thesis suggests a comprehensive study on the build-operate-transfer contracts (BOT). They are analysed in their financial, legal and contractual aspects.Investment in public infrastructure such as transport, water, energy is not only a tool for economic development, but also contributes to the improvement of human life’s conditions. However, to achieve these major projects, funding is a major concern of policy makers. In particular, Cambodia is among the States with low income. Financial constraints are such that the State resorts increasingly to the private sector, including through BOT contracts. By this technique, the State can target their specific needs, while avoiding the budget deficit. In return, the private sector has a right to operate the infrastructure in question for a period generally long during which it recovers its investments.Based on a combination of public and private interests, the implementation of BOT contracts requires a proper legal framework, without which public interests might be threatened, and that could be a deterrent for the decision of investors, especially foreigners.

Cette ébauche est une contribution au développement économique des États d’Afrique subsaharienne, en particulier ceux membres de l’OHADA. Elle répond à une problématique qui nuit au développement économique de ces États par la voie de l’investissement : celle de la mise en place d’un système juridique africain permettant d’asseoir des règles juridiques pertinentes, fondamentales à l’encadrement du champ des investissements en Afrique. Quoiqu’il existe déjà au niveau national et communautaire africain, des législations applicables en la matière, cette étude démontre l’insuffisance de ces règles, trop promotrices des investissements, et peu protectrices de leurs enjeux, à régir comme il se doit le domaine des investissements. Cette étude est de ce fait révélatrice d’une nécessité, d’une opportunité : celle de la réforme du système juridique africain des investissements par l’instauration d’un Acte uniforme OHADA relatif aux investissements (AUI). Le dispositif normatif de cet Acte uniforme se voudra à la fois préventif et curatif des irrégularités pouvant être commises par les acteurs publics africains et leurs partenaires occidentaux dans les phases de négociation des conventions d’investissement, d’admission de l’investissement, d’exécution et d’extinction de l’activité d’investissement mais aussi protecteur des enjeux sociaux et environnementaux liés à l’exécution des projets d’investissement en Afrique. Cette réforme est également le lieu de veiller aux intérêts économiques des États africains lors des partenariats économiques conclus avec les États occidentaux et entreprises occidentales, au respect par leurs partenaires du droit interne et communautaire africain objet de la réforme mais également de protéger les investisseurs étrangers face aux actes préjudiciables émanant des acteurs publics africains. L’effectivité de telles mesures n’est possible que par l’institution d’un organe communautaire africain (la CARICI : Cour Africaine de Répression des Infractions Commises en matière d’Investissement) qui aura pour mission le suivi de l’exécution des projets d’investissements conformément aux programmes ou plans d’investissements agréés et aux dispositions juridiques qui seront établies par ledit Acte uniforme relatif aux investissements. Telles sont les suggestions émises lors de la rédaction de ce travail de recherche, qui nous l’espérons concourras à une grande avancée du droit des investissements africains et par voie de conséquence à une croissance économique fulgurante de ce continent. / This study is a contribution to the economic development of sub-Saharan African states, in particular those that are members of OHADA. It responds to a problem that is detrimental to the economic development of these States through investment: that of the establishment of an African legal system making it possible to establish relevant legal rules, fundamental to the supervision of the field of investment in Africa. Although legislation already exists at the national and community level in Africa, this study shows the inadequacy of these rules, which are too promotive of investments and offer little protection to those at stake, to govern the field of investments as they should. This study is therefore indicative of a need and an opportunity: that of reforming the African legal system for investments through the introduction of an OHADA Uniform Act on Investments (UAI). The normative mechanism of this Uniform Act is intended to be both preventive and curative of irregularities that may be committed by African public actors and their Western partners in the phases of negotiation of investment agreements, admission of the investment, execution and termination of the investment activity; but also protective of the social and environmental issues related to the execution of investment projects in Africa. This reform is also the place to watch over the economic interests of African States during economic partnerships concluded with Western States and Western companies, the respect by their partners of African domestic and community law which is the subject of the reform, but also to protect foreign investors against prejudicial acts emanating from African public actors. The effectiveness of such measures is only possible through the institution of an African community body (the ACRIO: African Court of Repression of Investment Offences) which will have as its mission the monitoring of the execution of investment projects in accordance with the approved investment programmes or plans and the legal provisions which will be established by the said Uniform Act on Investments. These are the suggestions made during the drafting of this research work, which we hope will contribute to a great advance in African investment law and consequently to a dazzling economic growth of this continent.