The Right of States to Regulate in International Investment Law

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2017 (EL)
The Right of States to Regulate in International Investment Law (EN)

Louizaki, Christina (EN)

School of Economics, Business Administration and Legal Studies, LLM in Transnational and European Commercial Law, Mediation, Arbitration and Energy Law (EN)
Kaissis, Athanassios (EN)
Rosenfeld, Friedrich Jakob (EN)
Komnios, Komninos (EN)

This dissertation, written as part of the “LLM in Transnational and European Commercial Law, Mediation, Arbitration and Energy Law” at International Hellenic University, addresses the right of states to regulate in the international investment law regime. The thesis focuses on the foreign investors' and host states' conflicting interests. Foreign investors have a strong interest in the stability of the favorable legal and political framework of the host state where they chose to invest. On the other hand, host states want to reserve a degree of flexibility in order to protect their vital domestic interests and adapt their policies to changing circumstances. Achieving an appropriate balance between these two conflicting interests constitutes the principal challenge for modern international investment law. Until recently IIAs, particularly BITs, were characterized by a strong asymmetry focusing almost entirely on foreign investment promotion and protection while remaining silent with regard to states' public interests. In this context, a notable trend has emerged over the last few years towards safeguarding the right of states to regulate with the aim to remedy this imbalance. This thesis examines how this trend is reflected in more recent IIAs and the innovations introduced by them for this purpose. Moreover, with the support of the case law of ICSID, the leading arbitration institution for the settlement of investment disputes, this work attempts to establish clear rules for the distinction between indirect expropriations of foreign investments requiring compensation and non-compensable governmental measures adopted for the pursuance of states' legitimate public welfare objectives. To this end, special attention is paid on the so called “police powers doctrine”, inserting an exception to the general rule that compensation must be paid for expropriation. The thesis ends with some recommendations for the reform of the IIA regime in light of UNCTAD's recent initiatives in this regard, so as to enhance the right of states to regulate in the public interest while maintaining favorable investment conditions, ultimately reflecting the interests of all stakeholders. (EN)


Right to regulate (EN)
IIA reform (EN)
Investors' risks (EN)
Police powers (EN)
Indirect expropriation (EN)

Διεθνές Πανεπιστήμιο της Ελλάδος (EL)
International Hellenic University (EN)



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