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Benedikt Zanker - On the Viability of an International Lender of Last Resort

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Benedikt Zanker

On the Viability of an International Lender of Last Resort

Series: Aktuelle Materialien zur Internationalen Politik

Volume 73 2007

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Interests of International Investors S. 255

„… banks and its political proximity to dominant members. 10.1.2 Interests of International Investors For …” „… . As a result, international investors have been able to lend at high interest rates that incorporated …” „… insurance. Consequently, international investors are strongly in favour of large-scale liquidity assistance …”

Principles for Effective Monitoring and Supervisory Work S. 313-315

„… offering most of its long-term and interest-subsidized facilities while letting development banks fill the …” „… resources suffice and its support be credible for international investors. Box 12.1 Principles for …” „… activities is an important source of information for both the official sector and international investors …”

General Membership S. 315-317

„… and interest-subsidized facilities while letting development banks fill the void. Therefore it should …” „… interest rates counteract the principles an effective lender of last resort should follow and is suited to …” „… are a vital decisionmaking criterion for international investors and the concept of catalytic finance …”

Instruments Mitigating Moral Hazard Problems S. 249-252

„… thus become a significantly less attractive investment strategy for emerging market investors. Both …” „… portfolio investors and lending banks have experienced the dangers of investing in emerging markets without …” „… investor losses as a result of sovereign defaults since 1998 ranged from 13 percent in the case of Uruguay …”

Successful Restructurings S. 287-290

„… for front-loaded interest reduction bonds (FLIRB) which paid a below-market rate for the first 5 to 7 …” „… U.S. Treasuries not only in terms of principal but also in terms of interest payments. The Brady Plan …” „… and market interest, countries in arrears were offered the opportunity to rehabilitate themselves and …”

Third Generation Models S. 58-62

„… as investor’s expectations and behaviour have effects on the real economy. Their behaviour in turn …” „… confronts governments with a new situation where they may be forced to react in a way validating investors …” „… ’ initial expectations. Expectations by investors that the government may depreciate its currency can lead …”

The Asian Financial Crisis S. 131-138

„… default led to a credit crunch. When investors refused to roll-over tesobono debts of nearly USD 30 …” „… , South Korea, Malaysia and the Philippines resulted from investors’ reluctance to continue providing …” „… by international investors originally attracted by high yields and implicit government guarantees31 …”

Second Generation Models S. 56-58

„… investors expect a currency depreciation to be likely, they will demand more interest for lending money to …” „… response, investors withdrew funds because lacking government guarantees the higher yields would have come …” „… abandon exchange rate pegs by increasing interest demands to account for expected devaluation and crises …”

Interests of Borrowing Countries S. 253-255

„… markets: hence debtor countries, creditor countries and international investors alike share an interest in …” „… Interests of International Investors For commercial banks and other private financial institutions investing …” „… important principal-agent problems arise because the interests of the collective IMF membership and …”

Financial Market Theory S. 33-42

„… the principal: Information costs to instruct the agent of the principal’s interests, monitoring costs …” „… that he will refrain from certain actions harmful to the principal’s interests39. The existence of …” „… financial instability as a common agency problem between international investors and emerging market …”

Creditor Country Interests S. 255-259

„… banks and its political proximity to dominant members. 10.1.2 Interests of International Investors For …” „… . As a result, international investors have been able to lend at high interest rates that incorporated …” „… insurance. Consequently, international investors are strongly in favour of large-scale liquidity assistance …”

Evidence on Creditor-side Moral Hazard S. 233-241

„… can be interpreted as excluding the possibility that investors view the existence of IMF programs as …” „… of rational investors. In case of emerging market bonds any event or announcement providing new …” „… emerging economies, facilitate borrowing, reduce interest charges and lengthen maturity for economies …”

Empirical Evidence on Catalytic Finance S. 244-249

„… intervention may have effects on both lending decisions by international investors and economic policies …” „… , its proponents argue that IMF stabilisation programs provide incentives for international investors to …” „… funds can thus be strategic complements30. Since some private investors will be willing to extend their …”

Concerns on the Effectiveness of Collective Action Clauses S. 303-309

„… investors have been clamoring for a sovereign country bankruptcy law and in fact both actually oppose reform …” „… . 1: 91 304 by private sector interest groups. However, both approaches come in various forms as the …” „… collective action clauses and a code of good conduct as drafted by the syndicate of private lender interest …”

Evidence on Debtor-side Moral Hazard S. 241-244

„… moral hazard and price incentives provided by subsidised interest rates24. Regarding the former, the …” „… his IMF quota borrowing limit. Regarding the latter, a rising interest differential between the rates …” „… larger in preelection years than in the period following an election26. The impact of interest rate …”

The Asian Crisis’ Aftermath S. 138-143

„… maturity. The growing issuance of both short-term GKOs and long-term OFZs46 to foreign investors added to …” „… ; 30 to 40 percent were held by foreign investors47. This increase put further pressure on the budget …” „… : Monthly interest payments as part of the budget grew from 23 percent of revenues in January to 51 percent …”

Securitisation of Future Flow Receivables S. 188-199

„… to protect investors from any events which might impair the originator’s ability to meet its debt …” „… proposition for investors and can allow governments to access private capital even during liquidity crunches …” „… are sold to investors (the obligors) in the market and the proceeds then lent on to the originator …”

Improved Transparency and Higher Regulatory Standards S. 68-71

„… , international investors could assess the risks associated with individual loans more accurately and price them …” „… accordingly. While international investors would be likely to reduce the volume of loans to countries saddled …” „… with excessive debt burdens, given higher interest costs the attractiveness for borrowers to take out …”

The Fund’s Record as Crisis Manger S. 113-116

„… advanced at the Fund’s cost of capital and thus at subsidized interest rates. As a consequence, IMF loans …” „… ; in addition, subsidized interest rates mean that countries have no incentive to repay loans as early …” „… behaviour by international investors all had a role. Triggered by a depreciation of the Baht, the crisis …”

Problems due to Renegade Creditors S. 290-293

„… . Under the terms offered by the Republic of Argentina, investors will incur a loss of around 70 percent …” „… 80 billion in principal and USD 20 billion in accrued interest. As a result, the government will …” „… year of default. What the effects of this harsh treatment of investors will be on the ability of …”

The Mexican Peso Crisis S. 129-131

„… both. Although currency depreciations took most public interest, Kazuo Ueda of the Bank of Japan …” „… the Mexican economy was in good shape and investors expected further improvements from the recent …” „… . Investor confidence started crumbling with rising political instability due to the Chiapas uprising in …”

Four Types of Currency Crises S. 47-52

„… indicators—short-term interest rates, asset (stock, real estate, land) prices, commercial insolvencies and failures of …” „… rush of investors to switch out of real or longer-term financial assets into money, based on a change …” „… either private or government debtors face temporary financing gaps and investors fear default. If lenders …”

Introduction S. 15-20

„… . However, vested interests in both industrial and developing countries render a widespread …” „… groups whose interests at times diverge: Advanced industrial countries that make up the group of IMF net …” „… to restore investor confidence. Furthermore, there is a wide consensus that the Fund’s austerity …”

Estimating Short-term External Obligations in the Developing World S. 161-166

„… obligations to international investors in marketable debt. Assuming no more than 25 percent of international …” „… for private placements of debt securities, domestically issued debt held by non-resident investors and …” „… industrial countries; as such they involve highly concessional terms, both regarding maturity and interest …”

Public Choice Theory S. 25-33

„… for emerging markets and developing countries alike16. The point of contention that interests or …” „… , e.g. institutions selling and marketing options or interest and currency swaps. See Heribert Dieter …” „… economies, developing and industrial countries or international investors. Three public choice concepts are …”

Lending Rules Governing ELA Facilities S. 323-327

„… . Terms and conditions applicable to both facilities remain largely unchanged; only interest charges for …” „… funds lent under Stand-By Agreements are to be raised above the market rate of interest. Funds can be …” „… between 12 and 18 months; interest payable would be at a premium of 100 basis points above market rates …”

Collective Action Clauses S. 297-300

„… creation of a forum where creditors come together and identify diverging interests and common positions …” „… interests. 25 It is sometimes pointed out that prior to the …” „… experiences difficulties in servicing its debt obligations. While investors can co-operate voluntarily, they …”

IMF Induced Moral Hazard S. 230-233

„… form of the willingness by international investors to advance larger loans and take on higher risks …” „… , they are subject to interest charges, even if often at subsidised levels. Since loans by the official …” „… . International investors in short-term, foreign-currency denominated, both sovereign and private sector debt …”

Liquidity Gaps in the Past S. 166-170

„… place debt securities with international investors. To improve global financial stability, an …” „… in international liquidity in full. Generally, at least a minority of international investors are …” „… international investors to roll over some of their claims by sending signals suggesting the debtor country’s …”

The Concept of Collateral S. 173-176

„… for international investors to agree on a sustainable restructuring plan. A more innovative approach …” „… private investors at significant discounts. This would allow to prevent contagion and to bail-in the …” „… Monetary Fund.” The National Interest 56: 93 176 assets must be liquid and safe. In Thailand, banks and …”

Changes Inside the IMF S. 341-344

„… in the interests of Southeast Asian economies, but also wanted and practically feasible may well …” „… . Members important to G-7 countries’ strategic interests can justifiably assume that in case of crisis they …” „… international investors decreases while moral hazard problems are heightened since moral hazard plays may again …”

Criteria Ensuring Financial Sector Stability S. 211-222

„… entails conflicts of interest. These problems are exacerbated at rating agencies operating solely in their …” „… earning market interest. Alternatively, a portion of reserve requirements could be secured by standby …” „… financial sector stability28. Allowing international investors to compete in the banking sector fosters …”

The Report by the Independent Task Force S. 80-84

„… from vested interests, particularly in industrial economies, and that the success of implementation …” „… problems caused by short-term strategies pursued by highly speculative investors and hedge funds, the task …” „… countries that follow prudent policies and are perceived as being the victim of contagion and investor …”

Collateralising Equity S. 181-188

„… relevance for national security interests. State-owned enterprises were active in the provision of goods of …” „… public interest like gas, water and electricity, were operating buses, railroads and airlines and offered …” „… built up considerable interests in finance, construction, large-scale manufacturing, agricultural goods …”

Access to Large-scale Liquidity Assistance S. 317-322

„… interest rates counteract the principles an effective lender of last resort should follow and is suited to …” „… are a vital decisionmaking criterion for international investors and the concept of catalytic finance …” „… unlikely to subside and confidence among international investors cannot be restored. While the exact …”

Lending Rules Governing PRGF and SBA Facilities S. 322-323

„… . Terms and conditions applicable to both facilities remain largely unchanged; only interest charges for …” „… funds lent under Stand-By Agreements are to be raised above the market rate of interest. Funds can be …” „… between 12 and 18 months; interest payable would be at a premium of 100 basis points above market rates …”

Current Funding Needs of the IMF S. 146-153

„… for GAB funds to be lent 149 to non-participating countries as well. Interest rates applicable to …” „… needs depend on previous inflows and potential outflows of capital; both are determined by investors …” „… which international investors are willing to roll-over maturing loans and to retain the crisis country’s …”

Enhancing Access to Foreign Currency S. 90-92

„… short-selling currencies involves high costs in terms of interest rate differentials and lending fees. Moreover …” „… and increasing long-term output and consumption. It also comes at the cost of higher interest rates …” „… foster economic growth, this strategy can be costly in terms of interest charges since long-term emerging …”

The Run on Banks and Trust Companies S. 120-121

„… . Augustus Heinze had interests in several New York banks and engaged in a wide range of speculative …” „… extending call loans needed by investors to buy equity10. By October 24, the call loan market at the New …” „… York stock Exchange had all but dried up. Interest rates for call money which had opened at 6 percent …”

Pressure on Money, Stock and Call Loan Markets S. 121-123

„… by investors to buy equity10. By October 24, the call loan market at the New York stock Exchange had …” „… all but dried up. Interest rates for call money which had opened at 6 percent rose up to 60 percent on …” „… the limited funds available for loans, money was provided at market interest rates of nearly 50 …”

The Problem of Contagion S. 52-53

„… economies, e.g. a hike in U.S. interest rates. Another explanation comes in the form of spill-over effects …” „… demands and margin calls by investors redeeming their funds. Portfolio losses may similarly force hedge …”

A Code of Good Conduct S. 294-297

„… . An alternative CGC approach representing private creditors’ interests has been proposed by the …” „… best practice investor relations services, the adherence to responsible fiscal and economic policy …” „… representing both public and private sector interests could further increase adherence to the central …”

A Sovereign Debt Restructuring Mechanism S. 300-303

„… seek a temporary standstill on its interest obligations and principal repayments. During this period …” „… creditor interests will be defended during the negotiating process. This requires measures safeguarding …” „… creditors’ interests during negotiations. Introducing a formal SDRM also requires determining the type of …”

Titelei/Inhaltsverzeichnis S. 2-12

„… 10.1.2 Interests of International Investors …” „… Actors’ Interests .............................................................................. 253 …” „… 10.1.1 Interests of Borrowing Countries ............................................................. 254 …”

The Meltzer Report S. 84-86

„… borrowers. The use of IMF funds to bail-out insolvent financial institutions and protect foreign investors …” „… , emergency loans would be subject to a penalty interest charge above the market rate; the latter is to be …”

Lending-in-last-resort as Input in Monetary Policy S. 153-157

„… , have shown that in an open economy and given uncovered interest parity sterilized foreign exchange …” „… interventions have no impact on the interest rate, the exchange rate or the depositors’ actions14. Given free …” „… inconsistent with uncovered interest parity, an international lender of last resort would have to inject …”

Regime Theory S. 20-25

„… 20 policy instrument to further its major shareholders’ interests; members’ access to large-scale …” „… subject of interest also originate from a body of theoretical work. Often, underlying assumptions and …” „… liquidity assistance and international investors need to roll-over loans or participate in debt …”

Bibliography S. 347-374

„… : Harper Collins Broz, Lawrence and Michael Hawes. 2003. Domestic Interests of International Monetary Fund …” „… Alan Meltzer. 1999. “Fixing the IMF – Reforming the International Monetary Fund.” The National Interest …” „… . 63, No. 1: 166–184 Copelovitch, Mark. 2003. Domestic Interests and the International Lender of Last …”

doi.org/10.5771/9783845201122

Marc Bungenberg, August Reinisch - CETA Investment Law

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Marc Bungenberg (ed.), August Reinisch (ed.)

CETA Investment Law

2022

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Stefanie Schacherer Article 8.9 Investment and regulatory measures S. 236-255

„… Kriebaum, ‘Regulatory Takings: Balancing the Interests of the In-vestor and the State’, (2007) 8 JWIT, 717 …” „… interest constituted by the freedom to conductbusiness, relied on by the investor bringing the claim …” „… that not only the economic interests of investors are taken intoaccount but that such interests need to …”

Ursula Kriebaum Article 8.12 Expropriation S. 297-336

„… & Humblot, Berlin 2008); Ursula Kriebaum, ‘Regulatory Takings:Balancing the Interests of the Investor and …” „… See Kriebaum, ‘Regulatory Takings: Balancing the Interests of the Investor and the State’ (2007), 8 …” „… ’: Balancing the Interests of the Investor and the State’ (2007) 8 JWIT, 717 (719 ff.);Art. 8.12 Expropriation …”

Marc Bungenberg, Andrés E. Alvarado Garzón Article 8.17 Formal requirements S. 417-433

„… technical potential, business or financial interests,strategic positions or ability to compete. The …” „… treatment of information traced back tofive or more years.58Balance of InterestsIn the application of …” „… Whether this provision applies to classified information, ie concerning national security interests,as …”

Marc Bungenberg, August Reinisch An Overview of the CETA – Investment Chapter (Chapter 8) S. 1-42

„… has been how toachieve a balance between investor and State interests and to ensure that tribunalsdo …” „… protectionof investors in as many sectors as possible, while ensuring that national interests insensitive …” „… to prevent a Party from adopting and applying measures necessary to protectpublic interests.The CETA …”

Herman Verbist Article 8.20 Mediation S. 485-519

„… , 55; Debo-rah Masucci, ‘Mediating Collective Interests’; Barton Legum, ‘Investor-State Mediation and …” „… ’, Harvard University; Masucci, ‘MediatingCollective Interests’; Legum, ‘Investor-State Mediation and State …” „… of Investor-State Disputes, National University of Singapore, Centre for International Law, Novem-ber …”

Katia Fach Gómez Article 8.30 Ethics S. 654-703

„… that would create a direct or indirectconflict of interest. They shall comply with the International …” „… Bar AssociationGuidelines on Conflicts of Interest in International Arbitration or any supple-mental …” „… Fach GómezInvestor-State Dispute Settlement, Special Issue (2nd edn, Springer, Switzerland, 2020 …”

Marc Bungenberg, August Reinisch Article 8.29 Establishment of a multilateral investment tribunal and appellate mechanism S. 633-653

„… Multilateral Investment Court:Blueprints for a New Route in Investor-State Dispute Settlement’ (2019) 22(3 …” „… ; DavidGaukrodger and Kathryn Gordon, ‘Investor-State Dispute Settlement: A Scoping Paper for the Invest-ment Policy …” „… Settlement in the 21st Century: Does the Preservation ofthe Public Interest Require an Alternative to the …”

Frank Hoffmeister, Mattijs Kempynck Article 8.28 Appellate Tribunal S. 610-632

„… servant, or a University professor with experience howto balance between private and public interests.By …” „… Proposed Investment Court System: AddressingCriticisms of Investor-State Arbitration While Raising New …” „… Ruleof Law in Investor-State Dispute Settlement under CETA’, in Marc Bungenberg, Markus …”

Céline Lévesque Article 8.16 Denial of benefits S. 395-416

„… protect its essential security interests;(e) denying to any company in the ownership or direction of which …” „… Article 8.16Denial of benefits*A Party may deny the benefits of this Chapter to an investor of the …” „… other Party that isan enterprise of that Party and to investments of that investor if:(a) an investor of …”

Irmgard Marboe Article 8.40 Indemnification or other compensation S. 856-875

„… the interests of investors and their home statesbut also those of the host states.58 Canada and 17 EU …” „… shall not accept a defence, coun-terclaim, right of setoff, or similar assertion, that an investor or …” „… International Property Rights: Can theForeign Investor Rely on Them?’, in Theodore Moran and Gerald West (eds …”

Irmgard Marboe Article 8.39 Final award S. 826-855

„… interest,because they could be sued by foreign investors, or because they could fear to be suedby foreign investors …” „… a national or in any freely convertible currency accepted by the investor.Interest so determined …” „… investor’.70 Only in exceptionalcases, simple interest is awarded.71With respect to post-award interest …”

Lori Di Pierdomenico Article 8.43 Consolidation S. 923-944

„… interests of the disputing investors.20II. Avoiding Inconsistent Decisions and AwardsA second often-cited …” „… public interest in investor-State arbitration are treated consistently, under asingle decision-making …” „… dispute settlement under the same rules:(i) the investors may collectively agree on the rules pursuant to …”

Crina Baltag Article 8.26 Third party funding S. 584-599

„… assessing conflicts of interest.22 In Interocean Oil v. Nigeria, the tribunalgranted the investor’s request …” „… Conflicts of Interest)’, in Sherlin Tung, Fabricio Fortese and CrinaBaltag (eds), Finances in International …” „… Rijn, 2019), 504; Elsa Sardinha, ‘The NewEU-Led Approach to Investor-State Arbitration: The Investment …”

Patricia Nacimiento Article 8.13 Transfers S. 337-359

„… interest of the investor may collide with the general interest of a Stateto control the transfer of funds …” „… tension between the interests of the host Stateand the investors. It is intended to offer a viable …” „… TransfersArticle 8.13 reflects the contrasting interests of host State and investor. In certainsituations, host …”

N. Jansen Calamita Article 8.36 Transparency of proceedings S. 787-807

„… , Article 3.46.Bibliography: Lucas Bastin, ‘The Amicus Curiae in Investor-State Arbitration’ (2012) 1 CJICL …” „… Arbitration(Kluwer Law International 2010), 253; N. Jansen Calamita and Ewa Zelazna, ‘Transparency in Investor …” „… Landscape of Transparency in Investor-State Arbitration: The UNCITRALTransparency Rules and Mauritius …”

Marc Bungenberg, Angshuman Hazarika Article 8.1 Definitions S. 43-113

„… controlled by an investor of the other Party; and(d) existing on the date of entry into force of this …” „… Agreement, or made or acquiredthereafter;disputing party means the investor that initiates proceedings …” „… , an investor does not include a Party;disputing parties means both the investor and the …”

Christina Binder Article 8.5 Performance requirements S. 175-193

„… upholding the macro-economic equilibrium,thus the interest of the investor’s home state not to suffer …” „… ofhome state exporters compared with the interests of home-states’ foreign investors abroad. Indeed …” „… Investor-State Dispute Settlement’ (1993) 27, Int’l.Lawyer, 727; UNCTAD, Foreign Direct Investment and …”

Index S. 979-994

„… resolution (ADR) 8.19 2Alternative methods– settle investor-State disputes 8.20 4Amendment– ICSID Rules …” „… legal order 8.31 34– European legal order 8.25 35, 8.31 34Balance of interests 8.17 39 ff.Balancing …” „… ff.Conflict of interest 8.30 74 ff.– direct 8.30 46– indirect 8.30 46Consent 8.14 43, 8.19 20, 8.25 1, 5 …”

Armand de Mestral, Lukas Vanhonnaeker Article 8.4 Market access S. 159-174

„… throughestablishment by an investor of the other Party, on the basis of its entire territoryor on the basis of the …” „… post-establishment phases of theinvestment process. When the potential investor is making plans to invest in Canadaor …” „… under which the investor is allowedto carry out its business during the period of the investment’ (e.g …”

Marc Bungenberg, Angshuman Hazarika, Afolabi Adekemi Article 8.2 Scope S. 114-146

„… itsterritory relating to:(a) an investor of the other Party;(b) a covered investment; and(c) with respect to …” „… not apply to a measurewith respect to cultural industries.4. Claims may be submitted by an investor …” „… excluded from the scope of Section F.Section D applies only to a covered investment and to investors in …”

Panos Koutrakos Article 8.8 Senior management and boards of directors S. 231-235

„… and boards of directors pertains to two different but overlapping inter-ests.2 On the one hand, States …” „… conditions under which they mayenter.3 They also have an interest to promote the employment of their citizens …” „… objectives of investment treaties. The confidence thatforeign investors may have in their own employees …”

Christoph Schreuer Article 8.11 Compensation for losses S. 277-296

„… investors of the otherParty, whose covered investments suffer losses owing to armed conflict, civil strife,a …” „… accords to its own investors or to the investors of a third country,whichever is more favourable to the …” „… investor concerned, as regards restitution, in-demnification, compensation or other settlement.Reference to …”

Richard Happ Article 8.35 Discontinuance S. 779-786

„… legitimate interests. In short, the purpose is to accomplish judicialeconomy.31 Investor-State cases are …” „… Article 8.35DiscontinuanceIf, following the submission of a claim under this Section, the investor …” „… parties may agree, the investor is deemed to have withdrawn its claimand to have discontinued the …”

Marc Bungenberg, Afolabi Adekemi Article 8.18 CETA (Scope) S. 434-484

„… ChapterTwenty-Nine (Dispute Settlement), an investor of a Party may submit to theTribunal constituted under this …” „… investment,or(b) Section D, where the investor claims to have suffered loss or damage as aresult of the alleged …” „… and the investor has, as a result,incurred loss or damage with respect to the covered investment.3 …”

DECISION No 2/2021 OF THE CETA JOINT COMMITTEE S. 975-978

„… in the public interest to achieve legitimate public policy objec-tives, such as the protection of …” „… established under SectionF (Resolution of investment disputes between investors and states) of ChapterEight …” „… (Resolution of investmentdisputes between investors and states) of Chapter Eight (Investment) of theAgreement …”

Güneş Ünüvar Article 8.38 Non-disputing Party S. 813-825

„… Investor-State Dispute Settlement in theEU ‘New Wave’ Trade Agreements’ (2019) 32 Leiden J. Int’l L., 781 …” „… disputing Parties (i.e., host stateand the claimant investor), particularly in situations where the Tribunal …” „… connection with proceedings under thisSection [F, “Resolution of investment disputes between investors and …”

Colin M. Brown Article 8.27 Constitution of the Tribunal S. 600-609

„… , with appropriate interest.14. Unless the CETA Joint Committee adopts a decision pursuant to paragraph …” „… (Brill, Leiden 2020), 73; David Gaukroder,‘Adjudicator Compensation Systems and Investor-State Dispute …” „… Commentary, the InvestmentCourt System in CETA takes a revolutionary approach to investor state dispute …”

DECISION No 1/2021 OF THE COMMITTEE ON SERVICES AND INVESTMENT S. 965-969

„… past and present interest, relation-ship or matter that is likely to affect, or that could reasonably …” „… beseen as creating a direct or indirect conflict of interest, or that creates or mightreasonably be seen …” „… efforts to become aware of any such inter-ests, relationships or matters. The disclosure of past interests …”

Markus Burgstaller Article 8.22 Procedural and other requirements for the submission of a claim to the Tribunal S. 534-542

„… established enterprise or to an interest in a locally established enterprisethat the investor owns or controls …” „… investor may only submit a claim pursuant to Article 8.23 if the investor:(a) delivers to the respondent …” „… directly or indirectly, the requirements insubparagraphs 1(f) and (g) apply both to the investor and the …”

DECISION No 1/2021 OF THE CETA JOINT COMMITTEE S. 961-964

„… functionsset out under this Decision and under Section F (Resolution of investmentdisputes between investors …” „… elect to pay. Any sucharrears will remain payable, with appropriate interest.12. The fees and expenses …” „… disputesbetween investors and states) of Chapter Eight (Investment) of the Agreementwithin the time frame …”

Johannes Tropper Article 8.6 National treatment S. 194-215

„… Article 8.6National treatment1. Each Party shall accord to an investor of the other Party and to a …” „… investors and to their investments with respect to theestablishment, acquisition, expansion, conduct …” „… accorded, in like situations, bythat government to investors of Canada in its territory and to investments …”

Patrick Dumberry Article 8.10 Treatment of investors and of covered investments S. 256-276

„… Article 8.10Treatment of investors and of covered investments1. Each Party shall accord in its …” „… territory to covered investments of the other Partyand to investors with respect to their covered …” „… , such as gender,race or religious belief;(e) Abusive treatment of investors, such as coercion, duress …”

Stephan Hobe, Julian Scheu Article 8.24 Proceedings under another international agreement S. 553-565

„… , ‘Globalization-Driven Innovation:The Investor as a Partial Subject in Public International Law’ (2014), 15 JWIT, 73 …” „… Multilateral Invest-ment Court - Options Regarding the Institutionalization of Investor-State Dispute …” „… : Canadaand Investor-State Arbitration’, in Armand De Mestral (ed), Second Thoughts: investor …”

Jens Benninghofen Article 8.21 Determination of the respondent for disputes with the European Union or its Member States S. 520-533

„… investor shall deliver tothe European Union a notice requesting a determination of the respondent.2. The …” „… claim.3. The European Union shall, after having made a determination, inform the in-vestor as to whether …” „… the investor has not been informed of the determination within50 days of delivering its notice …”

August Reinisch Article 8.7 Most-favoured-nation treatment S. 216-230

„… Article 8.7Most-favoured-nation treatment1. Each Party shall accord to an investor of the other …” „… likesituations, to investors of a third country and to their investments with respectto the establishment …” „… , by that government to investors in itsterritory, and to investments of such investors, of a third …”

Lukas Stifter Article 8.33 Claims unfounded as a matter of law S. 757-766

„… EU-Singapore IPA.Bibliography: Álvarez Zárate et al., ‘Duration of Investor-State Dispute Settlement …” „… investor-to-state dispute settlementmechanism’ can be found. See Council of the EU, Recommendation from the …” „… , EU-Canada Comprehensive Economic andTrade Agreement, Investor-to-State Dispute Settlement Text, 15. November …”

Richard Happ Article 8.34 Interim measures S. 767-778

„… , Empirical study:Provisional measures in investor-state arbitration (London 2019); Richard Happ, ‘ICSID …” „… considerable practicalimportance, at least for investor-state arbitration proceedings. Article 8.34 is …” „… respective provisions. Where the treatyproviding for investor-state dispute settlement contains such a rule …”

Lukas Stifter Article 8.44 Committee on Services and Investment S. 945-954

„… disputes between investors and states)and Chapter Twenty-Nine (Dispute Settlement); […] (g) change or …” „… , Investor-to-State Dispute Settlement Text, 15 November 2013.10 Article x-26: Committee, EU-Canada Comprehensive …” „… Art. 8.44Lukas Stifter 94745678nent investor-State arbitration provisions.12 Second, the Committee on …”

Lori Di Pierdomenico Article 8.15 Reservations and exceptions S. 374-394

„… require, directly or indirectly an in-vestor of the other Party, by reason of nationality, to sell or …” „… Investor-State Arbitration: From PlainPackaging to Patent Revocation’ (2014) Legal Studies Research Paper, No …” „… disciplines,including Treatment of investors and covered investments (Article 8.10), which sets out the minimumstandard …”

Julian Scheu Article 8.31 Applicable law and interpretation S. 704-737

„… Joubin-Bret (eds), Reshapingthe Investor-State Dispute Settlement System (Brill Nijhoff, Leiden/Boston 2015 …” „… Jean E. Kalicki and Anna Joubin-Bret (eds), Reshaping the Investor-State Dispute Settlement …” „… Joubin-Bret (eds), Reshaping the Investor-State DisputeSettlement System (Brill Nijhoff, Leiden/Boston 2015 …”

doi.org/10.5771/9783748902133

ZEuS Zeitschrift für Europarechtliche Studien

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ZEuS Zeitschrift für Europarechtliche Studien

Browse Volumes: ZEuS Zeitschrift für Europarechtliche Studien

ZEuS Volume 25 (2022) Issue 3 ISSN Online: 2942-3589

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Carolina Dackö, Charlotta Brodin, Alice Arlebo The FDI Screening Mechanisms and the Draft EU Foreign Subsidy Regulation – Potential Conflicts of Interests and in Application S. 505-518

„… overlap which will give rise to questions ofcompetence and priority or even conflicts of interests.The …” „… Interests andin ApplicationCarolina Dackö*, Charlotta Brodin** and Alice Arlebo***Table of …” „… in transac-tions requires that possibly conflicting interests are addressed. It also illustrates …”

doi.org/10.5771/1435-439X-2022-3

Katrin Winninghoff - Notklauseln in US-BITs und anderen internationalen Wirtschaftsverträgen

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Katrin Winninghoff

Notklauseln in US-BITs und anderen internationalen Wirtschaftsverträgen

Series: Nomos Universitätsschriften - Recht

Volume 676 2010

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Inhalt der Klausel S. 80-128

„… IGH-Urteil im Nicaragua-Fall, dass die „essential security interests“-Variante auch beschränkt sein könne …” „… essential security interests”. Als geschützte Rechtsgüter lassen sich damit “public order” und “its own …” „… essential security interests” ausmachen. Wie die Verknüpfung „or“ zeigt, müssen durch die Maßnahme nicht …”

Ausblick S. 262-265

„… Kontrolle zeigt sich gegenüber der vital interests-Klausel, dass das Vertrauen in die Effizienz und …” „… ), S. 164 in Bezug auf US-BITs. 1250 Hahn, Michael J., vital interests, aaO. (Fn. 294), 560; Zum …” „… Verhältnis von Souveränität und wirtschaftlicher Kooperation bzw. von Schutz der Investoren und …”

Bedeutung für die Risikoverteilung im Gewohnheitsrecht S. 60-61

„… Notklauseln bestimmter Verträge analysiert werden, geht es hier abstrakt um vital interests-Klauseln in …” „… interests-Klausel enthielten. Das Konzept der vital interests-Klausel ist zudem Vorläufer entsprechender Klauseln in …” „… angemessenen Risikoverteilung zwischen Staat und Investor führen, soweit auf das Gewohnheitsrecht …”

Executive Summary S. 274-276

„… abolition of all clauses calling for tariff adjustment in U.S. dollars. As a result many foreign investors …” „… essential state interests like existence, environmental interests, or economic security. In contrast to this …” „… certain situations or fields. Former arbitration Treaties generally included a vital-interest …”

Schiedsgerichtliche Überprüfung S. 128-154

„… und einem Investor über einen Verstoß gegen den BIT bzw. Rechte aus dem BIT (Art. VII) oder …” „… Rückgriff auf die ICSID-Schiedsgerichtsbarkeit.608 Der Investor ist weder auf diplomatischen Schutz durch …” „… Investors aus dem BIT betrifft, die Eröffnung eines ICSID-Verfahrens möglich. b. Ausschluss der …”

Notklauseln S. 167-171

„… der Staat dem Investor in gewöhnlichen schwierigen Situationen, in denen er Maßnahmen trifft …” „… Investor die Kosten und folglich das Risiko. Die Notklausel stellt die Risikoverteilung wieder her, die …” „… considers necessary for the protection of its essential security interests: […] (c) taken in time of war or …”

Notstand im Gewohnheitsrecht S. 42-60

„… privaten Investoren, wie es im Zusammenhang mit den BITs relevant wird.151 Für die Geltung auch gegenüber …” „… dem privaten Investor spricht, dass der Staat ursprünglich necessity gegenüber einem anderen Staat für …” „… for the state to safeguard an essential interest against a grave and imminent peril; and (b) does not …”

Sonstige in Notfällen relevante Bestimmungen S. 171-172

„… Schäden vorsieht.839 So lautet etwa Artikel 4 Abs. 3 des deutschen Mustervertrages: „Investoren eines …” „… nicht weniger günstig behandelt als seine eigenen Investoren“. Und Art. 4 Abs. 1 des Vertrages zwischen …” „… security interests; (i) taken in time of war, or armed conflict, or other emergency in that Contracting …”

Verhältnis von Vertrag und Notklausel S. 256-258

„… . 126), § 28. 1215 Hahn, Michael J., vital interests, aaO. (Fn. 294), 560. 1216 Dolzer, Völkerrecht …” „… zwangsläufig durch die Interessen des Vertragspartners oder des einbezogenen Investors beschränkt sein. Die …” „… ., vital interests, aaO. (Fn. 294), 561; Cann, aaO. (Fn. 848), 417; Lindemeyer, aaO. (Fn. 979), S. 501. S …”

Tabelle 2 S. 281-282

„… ) the protection of its essential security interests. AEUV Member States shall consult each other …” „… essential security interests taken in time of war or other emergency in international relations GATS …” „… it considers necessary for the protection of its essential security interests taken in time of war …”

Risikoverteilungsfunktion S. 258-260

„… hat dies für die Risikoverteilung zwischen dem Staat und dessen Vertragspartner bzw. dem Investor …” „… (politischer) Umstände liegt dabei beim Staat. Dieser bleibt an den Vertrag gebunden. Für den Investor …” „… zurückverschoben auf den Vertragspartner oder etwa den ausländischen Investor. Daraus folgt, dass den Klauseln …”

Dogmatische Einordnung S. 69-80

„… , dass der Staat von einer etwaigen Schadensersatzpflicht gegenüber dem Investor befreit ist oder ob die …” „… peace and security, or necessary to protect its essential security interests“. S. ICJ, Case Concerning …” „… to protect essential US interests, they are excluded from the Treaty without regard to their …”

Vertragsklauseln in BITs S. 33-36

„… Risikoverteilung zwischen handelndem Staat und Vertragspartner bzw. Investor untersucht werden. In …” „… Krisensituationen ist ein Konflikt auszumachen zwischen Rechtssicherheit für Vertragspartner und Investoren …” „… essential security interests.“ Für die Analyse sind Vertragsklauseln aus BITs (I.) und sodann, um die …”

Tabelle 3 S. 282

„… vergleichbarem Schweregrad möglich (d.h. nur äußere Notlagen) Its essential security interests: politische u …” „… gewaltsame Bedrohung; Own essential security interests: Existenz des Staates, vergleichbarer Schwere-grad wie …” „… mehr anwendbar Vollumfängliche Überprüfung: kein margin of appreciation (moa) Beim Investor …”

Vergleichende Zusammenfassung S. 243-248

„… , da viele Verträge sowie der Mustervertrag von 2004 sich auf „essential security interests …” „… Klauseln zum Konzept der vital interests (cf. § 5 I) deutlich. 248 II. Erklärung der Unterschiede der …” „… begründen, da der Investor sich oder sein Eigentum dauerhaft in das fremde Staatsgebiet begibt.1183 Dies …”

Zusammenfassung S. 266-273

„… Partikularinteressen der Investoren sind hierbei nicht einbezogen. Sahen alle wissenschaftlich relevanten Meinungen bei …” „… . Frühe Schiedsvereinbarungen enthielten in der Regel eine vital interest-Klausel, dessen Konzept sich auf …” „… Investor am wenigsten einschneidenste sein. Überdies muss die Verhältnismäßigkeit von geschütztem Rechtsgut …”

Inhalt S. 213-220

„… security interests relating to the procurement of arms, ammunition or war materials, or to procurement …” „… this Chapter to investors of the other Parties for reasons of national security”.1052 Die USA …” „… which it considers contrary to its essential security interests; b) to prevent any Party from …”

Überprüfung der Voraussetzungen S. 220-224

„… considers necessary for the protection of its essential security interests: […] ii) taken in time of war or …” „… NAFTA sieht ein Investor-Staat-Verfahren für Investitionsschutzstreitigkeiten vor.1061 Dieses richtet …” „… prohibit or restrict the acquisition of an investment in its territory by an investor of another Party …”

Verhältnis zum gewohnheitsrechtlichen Notstand S. 249-252

„… , denen lediglich dieselbe Idee zugrunde liegt, nämlich die der vital interests (cf. § 5 I). Die …” „… Schutz des Investors jedoch eingeschränkt. Die Notklausel stellt somit letztlich auch eine von den …”

Literaturverzeichnis S. 283-294

„… , soziale Bewegungen und Alternativen, Hamburg 2006 Bottini, Gabriel, Protection of essential interests in …” „… , Investor-State Arbitration, and the law of State Immunity, American University International Law Review, Bd. 20 …” „… Law, Bd. 3 (J-P), 2. Aufl. Amsterdam 1997, S. 790 – 799 Hahn, Michael J., Vital Interests and the …”

doi.org/10.5771/9783845223803

Julian Scheu - Systematische Berücksichtigung von Menschenrechten in Investitionsschiedsverfahren

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Julian Scheu

Systematische Berücksichtigung von Menschenrechten in Investitionsschiedsverfahren

Series: Studien zum Internationalen Investitionsrecht

Volume 23 2017

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Literaturverzeichnis S. 335-362

„… .: Regulatory Takings: Balancing the Interests of the Investor and the State, Journal of World Investment and …” „… Interests and Human Rights by Way of Applying the Proportionality Principle in Investor-State Arbitration …” „… Investor-State Arbitration, in: Lalani et al. (Hrsg.), The State and Investor-State Arbitration (2014), 192-218 …”

Teil 2 – Mandat des Schiedsgerichts als Maßgabe für die Berücksichtigung von Menschenrechten S. 65-152

„… , 410; Kulick, Reflections on Public Interest in International Investment Arbitration, Arbitration …” „… , Drucksache 295/14 8 (11.07.14), Nr. 9. 174 Siehe u.a. Joubin-Bret, Reform of Investor-State Dispute …” „… Research Service, Investor-State Dispute Settlement – State of play and prospects for reform (2014). 175 …”

Teil 3 – Berücksichtigung von Menschenrechtsabkommen im Investitionsschiedsverfahren S. 153-324

„… Investor-Staat-Schiedsverfahren hinaus523 ergibt sich die besondere Notwendigkeit einer vertrauensstiftenden Streitbeilegung aus …” „… dadurch aus, dass sich der Investor auf den Gastgeberstaat langfristig einlässt, indem er beispielsweise …” „… Rechtsstaatlichkeit des Gastgeberstaats. Die Aufnahme einer Investor-Staat-Schiedsklausel in ein …”

Teil 1 – Akteure und Interessenlagen im Umfeld von Investitions- und Menschenrechtsschutz S. 25-64

„… , 115–150; Kriebaum, Regulatory Takings: Balancing the Interests of the Investor and the State, Journal of …” „… )/07/1; Glamis Gold v. USA, UNCITRAL. 21 Vgl. Cotula, Human Rights and Investor Obligations in …” „… Investor-State Arbitration, Journal of World Investment and Trade 2016, 157; Booth, Is there a Place for Human …”

Titelei/Inhaltsverzeichnis S. 1-18

„… Investoren2) 30 Eigeninteresse des Investors am Menschenrechtsschutza) 30 Investor als Gefahr für die …” „… Menschenrechtssituation im Gastgeberstaat b) 32 Investor als zwiespältiger Akteurc) 33 Zivilgesellschaft3) 34 …” „… Gastgeberstaat und ausländischem Investor 5) 57 7 Zwischenergebnis6) 61 Mandat des Schiedsgerichts als Maßgabe …”

doi.org/10.5771/9783845282763

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