USING THE INVESTOR’S EXPECTATIONS TO DETERMINE INDIRECT EXPROPRIATIONS IN INTERNATIONAL INVESTMENT ARBITRATION
Autor(a) principal: | |
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Data de Publicação: | 2023 |
Tipo de documento: | Artigo |
Idioma: | por |
Título da fonte: | Revista Opinião Jurídica (Fortaleza) |
Texto Completo: | https://periodicos.unichristus.edu.br/opiniaojuridica/article/view/4594 |
Resumo: | Objective: This article studies the role of foreign investors' expectations in defining an indirect expropriation in international investment law and arbitration. Indirect expropriation occurs when a State's regulatory measure that aims to implement a particular public policy has an impact which is tantamount to an expropriation. The impact of the measure on foreign investment is likely to neutralize it and make it inoperative. In the practice of International Investment Law, investment protection agreements as well as the arbitral case law refer to the unequivocal and reasonable expectations of investors to analyze the expropriation effects of a State's regulatory measures. However, the contours of these expectations are still not clearly delimited. The article addresses this conundrum.Methodology: A qualitative methodology was applied, based on primary and secondary sources. A sample of investment protection agreements and arbitral jurisprudence was, accordingly, examined. An inductive method was also used whereby the case law was studied to understand and explain the elaboration and reasonableness of investor expectations.Results: The use of legitimate expectations to identify an indirect expropriation must be based on objective, clear and unequivocal representations made by the State to the investor to legitimize their expectations. The delimitation of expectations also necessarily depends on the behavior adopted by the investor during his operations.Contributions: The article presents a reflection to rationalize the use of investor expectations in International Investment Law and, more specifically, in international arbitration between investors and States. It contributes with a methodology to justify in which cases, under which conditions and with what limits expectations can or cannot be used to identify an indirect expropriation. |
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USING THE INVESTOR’S EXPECTATIONS TO DETERMINE INDIRECT EXPROPRIATIONS IN INTERNATIONAL INVESTMENT ARBITRATIONLA INVOCACIÓN DE LAS EXPECTATIVAS DE LOS INVERSIONISTAS PARA DETERMINAR UMA EXPROPRIACIÓN INDIRECTA EM EL ARBITRAJE INTERNACIONAL DE LAS INVERSIONESA INVOCAÇÃO DAS EXPECTATIVAS DO INVESTIDOR PARA DETERMINAR UMA DESAPROPRIAÇÃO INDIRETA NA ARBITRAGEM INTERNACIONAL DOS INVESTIMENTOSexpectationsinvestorarbitrationexpropriation.expectativasinversionistaarbitrajeexpropriación.expectativasinvestidorarbitragemdesapropriação.Objective: This article studies the role of foreign investors' expectations in defining an indirect expropriation in international investment law and arbitration. Indirect expropriation occurs when a State's regulatory measure that aims to implement a particular public policy has an impact which is tantamount to an expropriation. The impact of the measure on foreign investment is likely to neutralize it and make it inoperative. In the practice of International Investment Law, investment protection agreements as well as the arbitral case law refer to the unequivocal and reasonable expectations of investors to analyze the expropriation effects of a State's regulatory measures. However, the contours of these expectations are still not clearly delimited. The article addresses this conundrum.Methodology: A qualitative methodology was applied, based on primary and secondary sources. A sample of investment protection agreements and arbitral jurisprudence was, accordingly, examined. An inductive method was also used whereby the case law was studied to understand and explain the elaboration and reasonableness of investor expectations.Results: The use of legitimate expectations to identify an indirect expropriation must be based on objective, clear and unequivocal representations made by the State to the investor to legitimize their expectations. The delimitation of expectations also necessarily depends on the behavior adopted by the investor during his operations.Contributions: The article presents a reflection to rationalize the use of investor expectations in International Investment Law and, more specifically, in international arbitration between investors and States. It contributes with a methodology to justify in which cases, under which conditions and with what limits expectations can or cannot be used to identify an indirect expropriation.Propósito: Este artículo examina la función de las expectativas de los inversores extranjeros en la determinación de la expropiación indirecta en los arbitrajes internacionales de inversión. La expropiación indirecta se produce cuando una medida normativa del Estado que tiene por objeto regular una determinada política pública proyecta efectos que se equiparan a la expropiación. El impacto de la medida sobre la inversión extranjera es de tal naturaleza que la neutralice y la haga inoperante. En la práctica del Derecho Internacional de Inversiones, los acuerdos de protección de inversiones, así como la jurisprudencia arbitral, se han referido a las expectativas inequívocas y razonables de los inversionistas para analizar los efectos expropiatorios de las medidas regulatorias del Estado. Sin embargo, los contornos de estas expectativas aún no están claramente delimitados, lo que dificulta la búsqueda de legitimidad y razonabilidad de las expectativas de los inversionistas. El artículo aborda esa problemática.Metodología: La investigación se realizó de forma cualitativa a partir de fuentes primarias y secundarias. Por lo tanto, se estudió una muestra de acuerdos de protección de inversiones y la jurisprudencia arbitral. También se utilizó un método inductivo, partiendo de casos concretos para comprender y explicar la legitimidad y razonabilidad de las expectativas de los inversores.Resultados: Se concluye que el uso de expectativas legítimas para identificar una expropiación indirecta debe basarse en representaciones objetivas, claras e inequívocas realizadas por el Estado al inversionista a fin de legitimar sus expectativas. También se demuestra que la delimitación de expectativas depende necesariamente del comportamiento que adopte el inversionista durante sus operaciones.Aportes: El artículo presenta una reflexión para racionalizar el uso de las expectativas del inversionista en el Derecho Internacional de Inversiones y, más específicamente, en el arbitraje internacional entre inversionista y Estado. Aporta una metodología para justificar en qué casos, bajo qué condiciones y con qué límites las expectativas pueden o no ser consideradas para identificar una expropiación indirecta.Objetivo: O presente artigo examina a função das expectativas dos investidores estrangeiros na determinação de uma desapropriação indireta em arbitragens de investimentos internacionais. A desapropriação indireta ocorre quando uma medida regulatória do Estado que tem o objetivo de reger uma determinada política pública projeta efeitos que são equiparados a uma desapropriação. O impacto da medida no investimento estrangeiro é de natureza a neutralizá-lo e a torná-lo inoperante. Na prática do Direito Internacional dos Investimentos, os acordos de proteção dos investimentos bem como a jurisprudência arbitral têm se referido às expectativas inequívocas e razoáveis dos investidores para analisar os efeitos desapropriatórios das medidas regulatórias do Estado. Contudo, os contornos dessas expectativas ainda não estão nitidamente delimitados, de forma a dificultar a busca da legitimidade e da razoabilidade das expectativas dos investidores. O artigo aborda essa problemática.Metodologia: A pesquisa foi realizada de forma qualitativa com base em fontes primárias e secundárias. Uma amostra de acordos de proteção de investimentos e da jurisprudência arbitral foi, para tanto, estudada. Utilizou-se, outrossim, um método indutivo, partindo de casos concretos para compreender e para explicar a legitimidade e a razoabilidade das expectativas do investidor.Resultados: Conclui-se que o uso das expectativas legítimas para identificar uma desapropriação indireta deve ser embasado em representações objetivas, claras e inequívocas feitas pelo Estado ao investidor de formar a legitimar as suas expectativas. Demonstra-se também que a delimitação das expectativas depende obrigatoriamente do comportamento adotado pelo investidor durante as suas operações.Contribuições: O artigo apresenta uma reflexão para racionalizar o uso das expectativas do investidor no Direito Internacional dos Investimentos e, mais especificamente, na arbitragem internacional entre investidor e Estado. Contribui-se com uma metodologia para justificar em quais casos, sob quais condições e com quais limites as expectativas podem ou não ser consideradas para identificar uma desapropriação indireta.Instituto para o Desenvolvimento da Educacao (Centro Universitário Christus - Unichristus)2023-04-27info:eu-repo/semantics/articleinfo:eu-repo/semantics/publishedVersionapplication/pdfapplication/xmlhttps://periodicos.unichristus.edu.br/opiniaojuridica/article/view/459410.12662/2447-6641oj.v21i37.p276-305.2023Revista Opinião Jurídica (Fortaleza); Vol. 21 No. 37 (2023); 276-305Revista Opinião Jurídica (Fortaleza); Vol. 21 Núm. 37 (2023); 276-305Revista Opinião Jurídica (Fortaleza); Vol. 21 No 37 (2023); 276-305Revista Opinião Jurídica (Fortaleza); v. 21 n. 37 (2023); 276-3052447-66411806-042010.12662/2447-6641oj.v21i37.2023reponame:Revista Opinião Jurídica (Fortaleza)instname:Centro Universitário Christus (Unichristus)instacron:UNICHRISTUSporhttps://periodicos.unichristus.edu.br/opiniaojuridica/article/view/4594/1741https://periodicos.unichristus.edu.br/opiniaojuridica/article/view/4594/1770Copyright (c) 2023 Revista Opinião Jurídica (Fortaleza)info:eu-repo/semantics/openAccessMonebhurrun, Nitish2023-08-17T16:23:52Zoai:ojs.emnuvens.com.br:article/4594Revistahttps://periodicos.unichristus.edu.br/opiniaojuridicaPRIhttps://periodicos.unichristus.edu.br/opiniaojuridica/oaiopiniaojuridica01@unichristus.edu.br || secretaria.oj@unichristus.edu.br2447-66411806-0420opendoar:2023-08-17T16:23:52Revista Opinião Jurídica (Fortaleza) - Centro Universitário Christus (Unichristus)false |
dc.title.none.fl_str_mv |
USING THE INVESTOR’S EXPECTATIONS TO DETERMINE INDIRECT EXPROPRIATIONS IN INTERNATIONAL INVESTMENT ARBITRATION LA INVOCACIÓN DE LAS EXPECTATIVAS DE LOS INVERSIONISTAS PARA DETERMINAR UMA EXPROPRIACIÓN INDIRECTA EM EL ARBITRAJE INTERNACIONAL DE LAS INVERSIONES A INVOCAÇÃO DAS EXPECTATIVAS DO INVESTIDOR PARA DETERMINAR UMA DESAPROPRIAÇÃO INDIRETA NA ARBITRAGEM INTERNACIONAL DOS INVESTIMENTOS |
title |
USING THE INVESTOR’S EXPECTATIONS TO DETERMINE INDIRECT EXPROPRIATIONS IN INTERNATIONAL INVESTMENT ARBITRATION |
spellingShingle |
USING THE INVESTOR’S EXPECTATIONS TO DETERMINE INDIRECT EXPROPRIATIONS IN INTERNATIONAL INVESTMENT ARBITRATION Monebhurrun, Nitish expectations investor arbitration expropriation. expectativas inversionista arbitraje expropriación. expectativas investidor arbitragem desapropriação. |
title_short |
USING THE INVESTOR’S EXPECTATIONS TO DETERMINE INDIRECT EXPROPRIATIONS IN INTERNATIONAL INVESTMENT ARBITRATION |
title_full |
USING THE INVESTOR’S EXPECTATIONS TO DETERMINE INDIRECT EXPROPRIATIONS IN INTERNATIONAL INVESTMENT ARBITRATION |
title_fullStr |
USING THE INVESTOR’S EXPECTATIONS TO DETERMINE INDIRECT EXPROPRIATIONS IN INTERNATIONAL INVESTMENT ARBITRATION |
title_full_unstemmed |
USING THE INVESTOR’S EXPECTATIONS TO DETERMINE INDIRECT EXPROPRIATIONS IN INTERNATIONAL INVESTMENT ARBITRATION |
title_sort |
USING THE INVESTOR’S EXPECTATIONS TO DETERMINE INDIRECT EXPROPRIATIONS IN INTERNATIONAL INVESTMENT ARBITRATION |
author |
Monebhurrun, Nitish |
author_facet |
Monebhurrun, Nitish |
author_role |
author |
dc.contributor.author.fl_str_mv |
Monebhurrun, Nitish |
dc.subject.por.fl_str_mv |
expectations investor arbitration expropriation. expectativas inversionista arbitraje expropriación. expectativas investidor arbitragem desapropriação. |
topic |
expectations investor arbitration expropriation. expectativas inversionista arbitraje expropriación. expectativas investidor arbitragem desapropriação. |
description |
Objective: This article studies the role of foreign investors' expectations in defining an indirect expropriation in international investment law and arbitration. Indirect expropriation occurs when a State's regulatory measure that aims to implement a particular public policy has an impact which is tantamount to an expropriation. The impact of the measure on foreign investment is likely to neutralize it and make it inoperative. In the practice of International Investment Law, investment protection agreements as well as the arbitral case law refer to the unequivocal and reasonable expectations of investors to analyze the expropriation effects of a State's regulatory measures. However, the contours of these expectations are still not clearly delimited. The article addresses this conundrum.Methodology: A qualitative methodology was applied, based on primary and secondary sources. A sample of investment protection agreements and arbitral jurisprudence was, accordingly, examined. An inductive method was also used whereby the case law was studied to understand and explain the elaboration and reasonableness of investor expectations.Results: The use of legitimate expectations to identify an indirect expropriation must be based on objective, clear and unequivocal representations made by the State to the investor to legitimize their expectations. The delimitation of expectations also necessarily depends on the behavior adopted by the investor during his operations.Contributions: The article presents a reflection to rationalize the use of investor expectations in International Investment Law and, more specifically, in international arbitration between investors and States. It contributes with a methodology to justify in which cases, under which conditions and with what limits expectations can or cannot be used to identify an indirect expropriation. |
publishDate |
2023 |
dc.date.none.fl_str_mv |
2023-04-27 |
dc.type.driver.fl_str_mv |
info:eu-repo/semantics/article info:eu-repo/semantics/publishedVersion |
format |
article |
status_str |
publishedVersion |
dc.identifier.uri.fl_str_mv |
https://periodicos.unichristus.edu.br/opiniaojuridica/article/view/4594 10.12662/2447-6641oj.v21i37.p276-305.2023 |
url |
https://periodicos.unichristus.edu.br/opiniaojuridica/article/view/4594 |
identifier_str_mv |
10.12662/2447-6641oj.v21i37.p276-305.2023 |
dc.language.iso.fl_str_mv |
por |
language |
por |
dc.relation.none.fl_str_mv |
https://periodicos.unichristus.edu.br/opiniaojuridica/article/view/4594/1741 https://periodicos.unichristus.edu.br/opiniaojuridica/article/view/4594/1770 |
dc.rights.driver.fl_str_mv |
Copyright (c) 2023 Revista Opinião Jurídica (Fortaleza) info:eu-repo/semantics/openAccess |
rights_invalid_str_mv |
Copyright (c) 2023 Revista Opinião Jurídica (Fortaleza) |
eu_rights_str_mv |
openAccess |
dc.format.none.fl_str_mv |
application/pdf application/xml |
dc.publisher.none.fl_str_mv |
Instituto para o Desenvolvimento da Educacao (Centro Universitário Christus - Unichristus) |
publisher.none.fl_str_mv |
Instituto para o Desenvolvimento da Educacao (Centro Universitário Christus - Unichristus) |
dc.source.none.fl_str_mv |
Revista Opinião Jurídica (Fortaleza); Vol. 21 No. 37 (2023); 276-305 Revista Opinião Jurídica (Fortaleza); Vol. 21 Núm. 37 (2023); 276-305 Revista Opinião Jurídica (Fortaleza); Vol. 21 No 37 (2023); 276-305 Revista Opinião Jurídica (Fortaleza); v. 21 n. 37 (2023); 276-305 2447-6641 1806-0420 10.12662/2447-6641oj.v21i37.2023 reponame:Revista Opinião Jurídica (Fortaleza) instname:Centro Universitário Christus (Unichristus) instacron:UNICHRISTUS |
instname_str |
Centro Universitário Christus (Unichristus) |
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UNICHRISTUS |
institution |
UNICHRISTUS |
reponame_str |
Revista Opinião Jurídica (Fortaleza) |
collection |
Revista Opinião Jurídica (Fortaleza) |
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Revista Opinião Jurídica (Fortaleza) - Centro Universitário Christus (Unichristus) |
repository.mail.fl_str_mv |
opiniaojuridica01@unichristus.edu.br || secretaria.oj@unichristus.edu.br |
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1797052896149241856 |