Academic literature on the topic 'Treaties with investment provisions'

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Journal articles on the topic "Treaties with investment provisions"

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Hossain, Mohammad Belayet, Asmah Laili Bt Yeon, and Bin Ahmad Shamsul Abd Aziz. "Environmental Protection and the Bilateral Investment Treaties of Malaysia and Netherlands: A Comparison." European Energy and Environmental Law Review 28, Issue 5 (October 1, 2019): 185–96. http://dx.doi.org/10.54648/eelr2019020.

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In absence of any global treaty, the bilateral investment treaties are playing an important role of regulating foreign investments in the host countries. According to the United Nations Conference on Trade and Development, there are 2361 bilateral investment treaties are in force and like other members of the World Trade Organization, Malaysia and Netherlands also signed bilateral investment treaties to facilitate trade. The primary purpose of economic globalization is the economic development of the developing and least-developed countries as well as to facilitate benefits of the home states. Malaysia foreign investment laws and bilateral investment treaties mainly protects foreign investors, however, neither of them has any specific provision of protecting environment. The Environmental Quality Act 1974 standard in Malaysia is not high like many developed countries such as Netherlands and significantly lack any provision to sustainable development. This article addresses two questions: (a) do the bilateral investment treaties of Malaysia and Netherlands has any specific provision to protect the environment? (b) should the environmental protection be considered during the entry of foreign investment in Malaysia and Netherlands? Using doctrinal research method, we critically analysed twenty-one bilateral investment treaties signed by both Malaysia and Netherlands with same countries to explore whether there is any reference of protecting environment. We find that the existing Malaysia and Netherlands bilateral investment treaties have provisions to promote and protect foreign investments but have no reference (except Netherlands-United Arab Emirates BIT) of protecting environment. Therefore, both governments should consider this important factor while signing any future bilateral investment treaties.
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Hossain, Mohammad Belayet, Asmah Laili Bt Yeon, and Ahmad Shamsul Bin Abd Aziz. "Sovereignty, National Interest & Security and the Bilateral Investment Treaties of Bangladesh and the Netherlands: a Comparison." African Journal of Legal Studies 12, no. 2 (December 19, 2019): 183–214. http://dx.doi.org/10.1163/17087384-12340049.

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Abstract In absence of any global treaty, the bilateral investment treaties are playing the important role of regulating foreign investments in the host countries. The primary purpose of economic globalization is the economic development of the developing and least-developed countries as well as to facilitate benefits of the home states. Bangladesh and the Netherlands also signed bilateral investment treaties to facilitate trade. Bangladesh foreign investment laws and bilateral investment treaties mainly protect foreign investors; however, neither include any specific provisions of protecting sovereignty, national interest, and security. The Netherlands generally follows EU foreign investment policies. This paper addresses two questions: (a) do the bilateral investment treaties of Bangladesh and the Netherlands include any specific provisions to protect the sovereignty, national interest, and security, and (b) should the sovereignty, national interest, and security be considered during the entry of foreign direct investment in Bangladesh and the Netherlands? Using doctrinal research method, a total of 25 bilateral investment treaties have been analysed in order to explore whether they protect the sovereignty, national interest, and security of Bangladesh and the Netherlands. Based on the findings, this study will recommend that the government of Bangladesh should consider this important factor as an entry condition, either through amending the existing laws or through the bilateral investment treaties.
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Hossain, Mohammad Belayet, Asmah Laili Bt Yeon, and Ahmad Shamsul Bin Abdul Aziz. "Screening of Foreign Investments and the Bilateral Investment Treaties of Bangladesh." Society & Sustainability 3, no. 2 (December 8, 2021): 37–53. http://dx.doi.org/10.38157/societysustainability.v3i2.310.

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Since 1960, about 2852 bilateral investment treaties (BITs) have been signed. Of them, 2298 BITs are in force at present. In the last 61 years, the WTO members failed to conclude a global treaty to regulate FDI in host countries, consequently, the BITs have played a significant role to regulate FDI. As a member of the WTO, Bangladesh has signed 31 BITs so far with various states to allow and increase the inflow of FDI into the country. Bangladeshi foreign investment laws and BITs mainly protect foreign investors. However, neither of them has any specific provision regarding the screening of foreign investments in Bangladesh. Two questions have been addressed in this paper: (a) Do the BITs of Bangladesh allow the host state for screening of foreign investments at the entry stage? (b) Should the screening of FDI be required during the pre-entry stage in Bangladesh? In this paper, a doctrinal research method has been used to critically analyze 15 BITs to explore whether there is any reference for screening of foreign investments in Bangladesh. We find that the existing Bangladesh BITs have provisions to promote and protect foreign investments but have no reference in relation to the screening of foreign investments. Therefore, the author has recommended that the Government of Bangladesh can consider specific provisions for screening of FDI in future BITs.
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Choudhury, Barnali. "Democratic Implications Arising from the Intersection of Investment Arbitration and Human Rights." Alberta Law Review 46, no. 4 (August 1, 2009): 983. http://dx.doi.org/10.29173/alr213.

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In the last two decades, investors have taken advantage of investment arbitration mechanisms in investment treaties to challenge state regulations, often implicating human rights issues. This article examines the conflict between states’ human rights obligations and their obligations under investment treaties. The first part of the article examines common obligations arising under investment treaties and the investment arbitration process created by the treaties. In the second part, the author examines the way in which investment treaties and arbitrations impact human rights concerns. In particular, the author reviews a number of human rights, including the right to water, the right to health, and rights related to culture. The author also examines common provisions of investment treaties that are particularly problematic in terms of human rights issues: expropriation and fair and equitable treatment. The author analyzes the democratic deficit inherent in the creation of investment treaties and the structure of investment arbitration, concluding that investment treaties generally lack true democratic consent, and that investment arbitration lacks sufficient transparency and protection for minority rights to reflect true democratic principles. The article concludes with suggestions for reform to address the democratic deficit of investment arbitration through both the provisions of investment treaties and the structure and procedure of arbitration.
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Polkinghorne, Michael, and Michael Polkinghorne. "The Legality Requirement in Investment Arbitration." Journal of International Arbitration 34, Issue 2 (April 1, 2017): 149–68. http://dx.doi.org/10.54648/joia2017010.

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Many investment treaties require foreign investments to be made or owned ‘in accordance with’ or ‘in conformity with’ the laws of the host State. Some treaties incorporate this ‘legality requirement’ in the definition of investment, whereas in other treaties it can be found in substantive provisions on investor protection. This article explores three specific issues with respect to the legality requirement in investment arbitration: what is the source of the legality requirement, what is its scope, and is legality a jurisdictional or a merits issue? The article provides an overview of the answers that arbitral tribunals have given based on a selection of awards.
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Nriezedi-Anejionu, Chinenyendo. "Could the Non-domestication of Nigerian Treaties Affect International Energy Investment Attraction into the Country?" African Journal of International and Comparative Law 28, no. 1 (February 2020): 122–44. http://dx.doi.org/10.3366/ajicl.2020.0305.

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In a bid to attract foreign direct investments (FDI) into the energy sector, Nigeria has signed many investment and energy-related treaties. However, many of these treaties have not been ratified and domesticated as required by the 1999 Nigerian Constitution and as such cannot be applied by domestic courts when necessary. This raises serious legal questions on the status of the various energy investment-relevant treaties Nigeria has signed. This is especially relevant to bilateral investment treaties (BITs) where their non-domestication renders their provisions not legally binding on domestic courts. It becomes problematic in situations where certain provisions in BITs such as the exhaustion of local remedies (ELR), fork-in-the-road (FITR), denial of justice and expropriation claims, require disputes to be addressed (at least initially) in domestic courts before international arbitration is accessed. This article provides an analysis of various ways non-domestication of treaties could affect the investment interests of a dualist country such as Nigeria that is actively seeking to attract FDI for the development of its energy sector. Pointing out the implications and various ways both investors' and Nigeria's interests could be undermined, it argues for a reform in the way treaties are implemented in Nigeria to facilitate their domestication.
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SINHA, Amit Kumar. "Non-Precluded Measures Provisions in Bilateral Investment Treaties of South Asian Countries." Asian Journal of International Law 7, no. 2 (April 28, 2016): 227–63. http://dx.doi.org/10.1017/s2044251316000023.

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AbstractThis paper provides a first-ever detailed study of NPM provisions in all stand-alone BITs which are in force in South Asian countries. It studies 147 BITs of South Asian countries in order to map the NPM provisions in them. It makes an in-depth analysis of the NPM provisions found in these BITs, and then makes an analysis of the consequences of not having NPM provisions in BITs. This follows the dissection of the NPM provisions found, so as to study each and every permissible objective and nexus requirement link in these provisions. This is followed by suggestions and conclusions, where the paper holds that NPM provisions are not sufficiently used in the BITs of these countries and these countries should incorporate this provision more frequently in order to ensure some much-needed regulatory latitude to these countries.
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Atanasova, Dafina. "Applicable Law Provisions in Investment Treaties: Forever Midnight Clauses?" Journal of International Dispute Settlement 10, no. 3 (June 14, 2019): 396–422. http://dx.doi.org/10.1093/jnlids/idz011.

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Abstract Building on the growing awareness that applicable law determinations are one of the places where the balance between investor and state interests is struck in investment disputes, the article probes the capacity of applicable law provisions (ALPs) in investment treaties to contribute to its regulation. Based on a large scale survey of treaty texts (1000+ treaties), the article argues that there is a misunderstanding of ALPs by negotiators despite greater engagement with these provisions. The article uncovers a mismatch between the questions of choosing among different potentially applicable laws and their proper interpretation, which are salient in investment arbitration, and the focus of ALP drafting. Even recent ALPs seem primarily used as tools to circumscribe tribunals’ jurisdiction, which leads to their redundancy. To bridge this gap, the article argues for a structural change bringing ALPs in investment treaties closer to choice of law provisions proper.
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Kurochkina, P. D., and V. L. Tolstykh. "Comparative Analysis of Bilateral Investment Treaties of the Russian Federation." Juridical science and practice 17, no. 3 (November 27, 2021): 39–46. http://dx.doi.org/10.25205/2542-0410-2021-17-3-39-46.

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The paper analyzes bilateral investment treaties, one of the parties to which is Russia. The article compares the provisions contained in the 1992 and 2001 model agreements of Russia, as well as the provisions of the 2016 Regulations. The concepts of “foreign investor” and “investment” are considered, discrepancies in the concepts and wording used in treaties with different states are revealed. In a comparative aspect, the authors explore the operation of treaties over time, the use of the standard of fair and equal treatment, and the application of provisions on expropriation. The features of the formulation of the national treatment standard and the most favored nation treatment standard, as well as the umbrella clause are revealed.
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Viktorova, N. N. "EVOLUTION OF THE LEGAL CONCEPT OF "FOREIGN INVESTMENT" IN A NETWORK SOCIETY." Lex Russica, no. 11 (November 22, 2019): 88–95. http://dx.doi.org/10.17803/1729-5920.2019.156.11.088-095.

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The paper deals with the problems of definition of the concept "investment" in multilateral and bilateral investment treaties. The author shows how the approach to the definition of "investment" in international investment agreements has changed over time, how this concept differs in modern agreements from those enshrined in agreements concluded more than ten years ago. It is noted that today we can talk about the trend of a broad definition of the concept of investment in international treaties, that is, investments are understood as any kind of property values; further the author specifies what applies to them.International treaties on the protection and promotion of investment also include the right to engage in business activities. It turns out that investment disputes can arise from ordinary commercial activities, for example from a contract of sale. However, there are documents that do not include monetary claims arising from commercial contracts, such as the 2012 model bilateral investment Treaty of the South African development Community.Generally, investment protection agreements do not distinguish between direct and portfolio investments. Therefore, portfolio investments also enjoy the protection of these investment treaties. However, some of the international investment agreements that are currently being concluded specify that portfolio investments are excluded from their scope, such as the Model bilateral investment Treaty of the South African Development Community.In the literature there are three approaches to the qualification of foreign arbitral awards as a foreign investment. According to one of them, the award is an investment, because it is part of the entire activity of the investor. Some modern international investment agreements contain provisions according to which arbitration, judicial decisions are not investments.
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Dissertations / Theses on the topic "Treaties with investment provisions"

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Lövgren, Frisk Tove. "The Effectiveness of Labour Provisions in Bilateral Investment Treaties and their Future Potential." Thesis, Uppsala universitet, Juridiska institutionen, 2018. http://urn.kb.se/resolve?urn=urn:nbn:se:uu:diva-351963.

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Ke, Jie Jing. "Analysis of Chinese bilateral investment treaties : focusing on provisions of performance requirements and national treatment." Thesis, University of Macau, 2011. http://umaclib3.umac.mo/record=b2287820.

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Koch, Alexander. "The Interaction of Most-Favored-Nation (MFN) Clauses With Dispute Settlement Provisions in Investment Treaties : A New Continent to Discover?" Thesis, Stockholm University, Department of Law, 2007. http://urn.kb.se/resolve?urn=urn:nbn:se:su:diva-7197.

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The master thesis provides a comprehensive and comparative analysis of the scope of most-favoured-nation clauses, focusing on the application of such clauses to dispute resolution mechanisms in bilateral investment treaty’s (BIT).

The ICSID decision in Maffezini was the first in a series to extend the scope of an MFN clause to dispute resolution in such context. Traditionally, such a clause had been relied on regarding substantive rights. The debate evoked by this and subsequent decisions of arbitral tribunals, which often conflict with each other in their outcome and in their analytic methodology, illustrates the controversy of this issue.

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Chochorelou, María. "Multinational corporations as a new subject of international investment law: Rights conferred to investors under the ISDS provisions of intergovernmental and bilateral treaties and ways to balance this new reality." Doctoral thesis, Universitat Internacional de Catalunya, 2018. http://hdl.handle.net/10803/664724.

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The international investment regime has faced several criticisms already since the mid-2000s. Scholars and civil society have called both for refinement of the content of the numerous bilateral investment treaties (BITs) and other international investment agreements (IIAs), as well as for reconsideration of the purpose of the investment regime. Over the past few years, we face a phase of ‘re-orientation’ of international investmen law. The 1990s rush of conclusion of BITs is slowing down and gives way to the negotiations at the regional level. This era of transition from investment bilateralism to regionalism presents us with a paradox, which has revived the question of the legal status of multinational corporations. On the one hand, the mega-regional Free Trade Agreements (FTAs) concluded and being negotiated advance the protection of investors and facilitate their access to Investor-State dispute settlement (ISDS). On the other hand, States attempt to react to investors’ growing power either by opting out from ISDS or by reforming investment standards to better reflect their interests. One of the primary objectives of States during this phase of re-orientation of international investment law is safeguarding their right to regulate for public purpose interests. In order to meet this goal, the past few years States slightly shift towards sustainable development, a concept that has been criticized as threatened by the old IIA regime. The adoption of a sustainable development-oriented approach in investment law also depends largely on the tribunals that are tasked with the interpretation of IIAs. Despite their current reluctance to engage in a sustainable development discussion, this situation may alter with the conclusion of the post-2015 FTAs. These treaties make more references to the principle, both in separate chapters and in their investment chapters. They also place at the arbitrators’ disposal interpretative tools for the integration of sustainable development into their argumentation. This thesis concludes that regionalism has not be suitable to resolve the ‘battle’ of predominance between investors and States. It argues that other options that may be more suitable to strike a delicate balance between the protection of foreign investment and the public interests of States, and reflects on changes that may render the investment regime more compatible with sustainable development. Special focus is given to the drafting of a multilateral investment treaty, which, although could serve as a ‘golden mean’ between States and investors, still raises concerns and seems as as farfetched idea.
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Eichler, Stefan, and Jannik A. Nauerth. "Bilateral investment treaties and sovereign default risk." Technische Universität Dresden, 2021. https://tud.qucosa.de/id/qucosa%3A75267.

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This paper analyzes the impact of bilateral investment treaties (BITs) on sovereign bond returns of 25 emerging markets from 1993 to 2016. Under a BIT, foreign investors can use an international arbitration scheme to enforce compensation claims against the domestic government in case of direct or indirect expropriation. We focus on the so far unexplored effects of legal risk associated with BITs on sovereign creditworthiness. We find small unconditional effects of BITs on sovereign bond returns. Taking the heterogeneity of BITs and political regimes into account, we find robust and strong negative effects. In countries with high political risk of expropriation (measured by low executive constraints), we find that the implementation of investor-friendly BITs is associated with a significantly negative impact on sovereign bond returns, accounting for roughly 15% of bond returns’ standard deviation.
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Al-Louzi, Rawan. "A coherence perspective of bilateral investment treaties." Thesis, University of Manchester, 2013. https://www.research.manchester.ac.uk/portal/en/theses/a-coherence-perspective-of-bilateral-investment-treaties(289a0e95-5cd3-404b-90c3-c6870cc8d487).html.

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Foreign investment is mainly protected through national laws. However the wide-spreading network of bilateral investment treaties aims to ensure a certain standard of protection. These treaties demonstrate far-reaching implications at both treaty level and international level. The implications raise an important question as to whether bilateral investment treaties are coherent or not. Coherence can be viewed as an attempt to prettify the law and minimise the effect of politics which may leave the law incoherent. It is obvious that bilateral investment treaties need to be coherent for a number of reasons. Firstly, incoherent treaties may create problems in relation to the development policy of member countries. Secondly, coherence reassures that negotiators of such treaties would not encounter possible contradictions and inconsistencies amongst the countries’ agreement network as well as between the treaties and domestic laws. Thirdly, coherence is critical to treaty interpretation as it is necessary to avoid further complications which may arise from contradictory awards. The aim of this thesis is mainly to elucidate the meaning of coherence and use it to provide an understanding as to how coherent these treaties are. The coherence of bilateral investment treaties will be evaluated in a number of aspects: coherence between bilateral investment treaties and the fundamental principles of international investment law; coherence between bilateral investment treaties and their objectives of investment promotion and investment liberalisation; coherence within the bilateral investment treaties network; coherence between bilateral investment treaties and customary international law on foreign investment; coherence between bilateral investment treaties and free trade agreements; coherence between bilateral investment treaties’ obligations and non-investment obligations of states.
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Bonnitcha, Jonathan Merrington. "How much substantive protection should investment treaties provide to foreign investment?" Thesis, University of Oxford, 2012. http://ora.ox.ac.uk/objects/uuid:5e74c893-2224-403f-b3d3-06f23ed5c28f.

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This thesis contributes to academic debate about the question: how much substantive protection should investment treaties (IITs) provide to foreign investment? Chapters 5 and 6 argue that arbitral tribunals have interpreted fair and equitable treatment and indirect expropriation provisions of existing IITs in several different ways. Each of these interpretations is sketched as a model level of protection that could be explicitly adopted by states in the future, either through inclusion in new IITs, or through amendment to existing IITs. In this way, the thesis defines a range of prospective options available to states concerning the level of protection to provide to foreign investment through IITs. The thesis evaluates the relative desirability of these different levels of protection. The thesis argues that different levels of protection should be evaluated according to their likely consequences. The thesis develops a framework for inferring and understanding the likely consequences of adopting different levels of protection. The framework proposes that the consequences of a given level of protection can be understood in terms of its likely effect on: economic efficiency; the distribution of economic costs and benefits; flows of foreign direct investment into host states; the realisation of human rights and environmental conservation in host states; and respect for the rule of law in host states. Within this framework, the thesis provides an assessment and synthesis of existing empirical evidence and explanatory theory so far as they relate to the consequences of IIT protections. It also specifies the normative criteria by which these consequences should be evaluated. Through the application of this framework, the thesis concludes that lower levels of protection of foreign investment are, in general, likely to be more desirable than higher levels of protection.
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Siegmann, Till. "The Impact of Bilateral Investment Treaties and Double Taxation Treaties on Foreign Direct Investments." St. Gallen, 2007. http://www.biblio.unisg.ch/org/biblio/edoc.nsf/wwwDisplayIdentifier/02218667001/$FILE/02218667001.pdf.

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Ishikawa, T. "On the 'sustainable' interpretation of investment treaty provisions." Thesis, University College London (University of London), 2011. http://discovery.ucl.ac.uk/1322704/.

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The tension between the law on foreign investment and environmental concerns of host states has been increasingly recognised. There are circumstances where a host state's environmental measures result in the restriction of foreign investors' interests and a dispute between the affected investor and the host state reaches investment treaty arbitration. In such 'environment-investment' conflicts, there has been a tendency among arbitral tribunals to prioritise investors' interests over environmental concerns of host states. This thesis proposes a way to redress the existing Imbalance between the protection of foreign investment and environmental protection in investment treaty arbitration. It proposes 'interpretative linkage', that is. linking certain international environmental norms to investment treaties through the interpretation of investment protection provisions, as a means to seek a balance between them. This thesis focuses on the precautionary principle, the polluter pays principle and the principle of sustainable development as the former, and provisions on expropriation and the fair and equitable standard of treatment as the latter. This thesis first establishes the theoretical bases for interpretative linkage by examining: (i) the openness of the investment treaty arbitration regime towards 'external' international norms; (ii) the legal status of the three environmental principles and ways by which these principles may influence treaty interpretation; and (iii) certain interpretative rules that promote interpretative linkage. It then examines how expropriation provisions and the fair and equitable standard of treatment should be interpreted in the light of the three environmental principles where bona fide environmental measures are concerned. The central argument is that these principles, if used in the proper context in interpretative linkage, can be potent tools for achieving a shift towards greener interpretation and therefore contribute to more environmentally sensitive outcomes.
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Weeramantry, Joseph Romesh Gregory. "The interpretation of treaties by foreign investment arbitral tribunals." Thesis, Queen Mary, University of London, 2010. http://qmro.qmul.ac.uk/xmlui/handle/123456789/28971.

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This thesis explores the rules of treaty interpretation as they are applied by foreign investment arbitral tribunals ("FIATs"). Its primary aims are: a) to determine whether FIAT treaty interpretation practice is generally consistent with other international courts and tribunals; b) to assess whether the treaty interpretation rules contained in the 1969 Vienna Convention on the Law of Treaties ("Vienna Convention") are suitable for application in investor-State treaty disputes; and c) to evaluate the contribution of FIAT treaty interpretation jurisprudence to international law. The body of the thesis provides a background to treaty interpretation rules in international law and then examines in detail the application of the rules of interpretation contained in the Vienna Convention by both international courts and tribunals and FIATs. It also explores modes of interpretation that have been deployed by these two groups which are not explicitly referenced in the Vienna Convention. Investigation is also made of some unique or notable aspects of FIAT jurisprudence that relates to treaty interpretation. The research was carried out primarily through the analysis of international court and tribunal decisions and FIAT awards. The principal findings of the thesis are that: a) a general congruence exists between the interpretative practice of FIATs and that of other international courts and tribunals; b) the application of the Vienna Convention rules on treaty interpretation are suitable for investment treaty arbitration, with some exceptions, e. g., in situations where investors have vastly disproportionate access to the preparatory work of treaties as compared with respondent States; and c) FIATs have made a significant contribution to the international law of treaty interpretation.
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Books on the topic "Treaties with investment provisions"

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Banda, O. G. Dayaratna. Beyond goods and services: Competition policy, investment, mutual recognition, movement of persons, and broader cooperation provisions of recent FTAs involving ASEAN countries. Cambridge, Mass: National Bureau of Economic Research, 2005.

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US GOVERNMENT. Provisions in U.S. international air transport agreements. Washington, D.C. (1709 New York Ave., N.W., Washington 20006): Air Transport Association of America, 1985.

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Kapustin, Anatoliy, Vladislav Avhadeev, G. Aznagulova, Sayana Bal'haeva, Svetlana Gracheva, Nataliya Doronina, E. D'yachenko, et al. Modern concept of interpretation of international treaties. ru: INFRA-M Academic Publishing LLC., 2022. http://dx.doi.org/10.12737/1839409.

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The monograph examines the most important elements of the modern concept of interpretation of international treaties, examines the history of the formation of the concept of interpretation of international treaties in doctrine and international practice, suggests approaches to conceptualizing the nature of interpretation of treaties, taking into account the provisions of the Vienna Convention on the Law of Treaties of 1969. Along with scientific and theoretical aspects, practical aspects of the interpretation of an international treaty are disclosed. The features of the interpretation of an international treaty in the practice of international organizations, including international integration organizations, international judicial bodies (ECHR, international judicial bodies for maritime disputes, the International Criminal Court, the Court of the Eurasian Economic Union) are analyzed, individual doctrines of treaty interpretation (evolutionary interpretation, interpretation of contextual elements) are investigated. The peculiarities of the interpretation of international investment treaties are revealed, the problems of the interpretation of international treaties in the decisions of international commercial arbitration are identified, the place of the interpretation of treaties in the concept of comparative international law is investigated. The concept of interpretation of international treaties by national judicial bodies of states with the involvement of the practice of Russian courts is proposed. For researchers, teachers, students and postgraduates of law schools and faculties, as well as anyone interested in the problems of modern international law.
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Margrete, Stevens, and International Centre for Settlement of Investment Disputes., eds. Bilateral investment treaties. The Hague: M. Nijhoff, 1995.

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United Nations Conference on Trade and Development. Investment promotion provisions in international investment agreements. New York: United Nations, 2008.

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Investment promotion provisions in international investment agreements. New York: United Nations, 2008.

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The law of investment treaties. Oxford: Oxford University Press, 2010.

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Bank, European Investment. Statute and other provisions. Luxembourg: European Investment Bank, 1986.

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Wenhua, Shan, ed. Chinese investment treaties: Policies and practice. Oxford: Oxford University Press, 2009.

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Bilateral investment treaties: History, policy, interpretation. New York: Oxford University Press, 2010.

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Book chapters on the topic "Treaties with investment provisions"

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Gazzini, Tarcisio. "Beyond Protection: The Role of the Home State in Modern Foreign Investment Law." In Public Actors in International Investment Law, 19–36. Cham: Springer International Publishing, 2021. http://dx.doi.org/10.1007/978-3-030-58916-5_2.

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AbstractThe chapter examines the evolution of the role of the home state in foreign investment law. Traditionally, such a role was essentially limited to norm-setting and protecting nationals and national companies abroad. Protection was typically offered through diplomatic protection, which was based on the legal fiction that the state was vindicating its own right. The conclusion of modern investment treaties, the progressive emancipation of foreign investors and the development of investor-state arbitration meant a marginalisation of the home state. Some recent treaties, however, have paved the way for a new role for the home state that goes well beyond protection of its nationals and national companies. Innovative provisions have introduced obligations and responsibilities for the home state, especially with regard to the fight against corruption and the liability of its own investors. It remains to be seen to which extent these provisions will spread across the international community of states.
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Berkman, Paul Arthur, Alexander N. Vylegzhanin, and Oran R. Young. "Treaties (Selected Provisions)." In Baseline of Russian Arctic Laws, 1–107. Cham: Springer International Publishing, 2019. http://dx.doi.org/10.1007/978-3-030-06262-0_1.

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Scharaw, Bajar. "International Investment Treaties." In European Yearbook of International Economic Law, 11–141. Cham: Springer International Publishing, 2017. http://dx.doi.org/10.1007/978-3-319-66089-9_2.

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Chi, Manjiao. "Substantive provisions." In Integrating Sustainable Development in International Investment Law, 41–65. New York, NY : Routledge, 2017. | Series: Routledge global cooperation series: Routledge, 2017. http://dx.doi.org/10.4324/9781315642840-4.

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Chi, Manjiao. "Exceptive provisions." In Integrating Sustainable Development in International Investment Law, 66–87. New York, NY : Routledge, 2017. | Series: Routledge global cooperation series: Routledge, 2017. http://dx.doi.org/10.4324/9781315642840-5.

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Chi, Manjiao. "Procedural provisions." In Integrating Sustainable Development in International Investment Law, 115–46. New York, NY : Routledge, 2017. | Series: Routledge global cooperation series: Routledge, 2017. http://dx.doi.org/10.4324/9781315642840-7.

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Chi, Manjiao. "Public interest provisions." In Integrating Sustainable Development in International Investment Law, 88–114. New York, NY : Routledge, 2017. | Series: Routledge global cooperation series: Routledge, 2017. http://dx.doi.org/10.4324/9781315642840-6.

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Wang, Heng, and Lu Wang. "China’s Bilateral Investment Treaties." In Handbook of International Investment Law and Policy, 1–21. Singapore: Springer Singapore, 2020. http://dx.doi.org/10.1007/978-981-13-5744-2_37-1.

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Wang, Heng, and Lu Wang. "China’s Bilateral Investment Treaties." In Handbook of International Investment Law and Policy, 2375–94. Singapore: Springer Singapore, 2021. http://dx.doi.org/10.1007/978-981-13-3615-7_37.

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Dörr, Oliver, and Kirsten Schmalenbach. "Article 44. Separability of treaty provisions." In Vienna Convention on the Law of Treaties, 753–63. Berlin, Heidelberg: Springer Berlin Heidelberg, 2011. http://dx.doi.org/10.1007/978-3-642-19291-3_47.

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Conference papers on the topic "Treaties with investment provisions"

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Matchekhin, Victor. "Фактическое Право на Доход в Налоговом Праве России: Основные Этапы Развития." In The XX International Scientific Conference "Functioning of Investments Financed from State Resources and from Other Sources in The Countries of Central And Eastern Europe". Temida 2, 2022. http://dx.doi.org/10.15290/ipf.2022.11.

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The concept of the beneficial ownership on income has been contained in Russian international tax treaties for more than 30 years. During this time, the tax authorities of Russia have formed practical approaches to the implementation of this concept, issuing instructions, recommendations and clarifications of the provisions of international tax treaties. The concept has experienced the first serious test in relation to the taxation of interest income paid on commercial Eurobonds of Russian issuers. But the active practice of applying this concept began in 2015, when the Tax Code of the Russian Federation included special provisions on the actual right to income and on the procedure for applying this concept. Judicial practice in Russia has shown numerous significant disagreements between the positions of tax authorities, taxpayers and tax agents. The legislative consolidation of the concept of the actual right to income and numerous legal disputes regarding the application of this concept in specific circumstances stimulated to its serious doctrinal understanding in Russia.
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Tyniewicki, Marcin. "The Eu Economic Policy Coordination in the Context of Mitigating the Effects of Covid-19 Pandemic." In The XX International Scientific Conference "Functioning of Investments Financed from State Resources and from Other Sources in The Countries of Central And Eastern Europe". Temida 2, 2022. http://dx.doi.org/10.15290/ipf.2022.20.

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Economic policy of the European Union demonstrates significant specificity in relation to the classic understanding of economic policy implemented by a state. It results from the fact that in the EU economic policy participate states which at the same time retained competences to implement their own policies, however in specific areas these competences are limited, sometimes significantly. This complex structure means that the EU policy requires coordination. EU economic policy coordination was significant during the fight against COVID-19 pandemic and mitigating its effects. In this scope, the European Commission suggested several solutions (financial instruments).The subject of this paper is, on the one hand, the analysis of a theoretical model of the EU economic policy coordination resulting from the Treaty provisions, and on the other hand, legal evaluation of financial actions proposed by the EU and aimed at combating the effects of COVID-19 pandemic. This assessment is not unequivocally positive, because the Author has made a thesis that a part of the initiatives raises doubt regarding their compliance with the provisions of the Treaties.
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G., Adinda Balqis Tegarmas, and Derry Krisna Susanto. "Implication of Bilateral Investment Treaties on Sustainable Development: Indonesia Mining." In Airlangga Conference on International Relations. SCITEPRESS - Science and Technology Publications, 2018. http://dx.doi.org/10.5220/0010273400790085.

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Dulevski, Stoycho. "SOME ASPECTS REGARDING THE TIME CRITERION IN THE OECD-MC." In THE LAW AND THE BUSINESS IN THE CONTEMPORARY SOCIETY 2020. University publishing house "Science and Economics", University of Economics - Varna, 2020. http://dx.doi.org/10.36997/lbcs2020.241.

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The Double Tax Treaties (DTTs) are an important regulator in international taxation. Their provisions outline the prerequisites, which implementation determines their proper application. It is noteworthy that time criterion is derived in some of them. This necessitates their examination both from theoretical and practical perspective.
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Elfakharani, Ashraf. "Are Bilateral Investment Treaties (BITs) a Safe Haven to Multinational Companies (MNCs)?" In ISSC 2016 International Conference on Soft Science. Cognitive-crcs, 2016. http://dx.doi.org/10.15405/epsbs.2016.08.34.

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Prawira, Ida Farida Adi, Memen Kustiawan, and Jaqolina Anggraeni Vigim. "Never-Ending the Application of Double Tax Treaties to Foreign Direct Investment." In 6th Global Conference on Business, Management, and Entrepreneurship (GCBME 2021). Paris, France: Atlantis Press, 2022. http://dx.doi.org/10.2991/aebmr.k.220701.023.

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Azeez, Sardar. ""Violation of the principle of equality when drafting the punitive text Legislation issued by the Parliament of the Kurdistan Region as a model"." In INTERNATIONAL CONFERENCE OF DEFICIENCIES AND INFLATION ASPECTS IN LEGISLATION. University of Human Development, 2021. http://dx.doi.org/10.21928/uhdicdial.pp85-103.

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Observing the principle of equality when drafting punitive texts is one of the basic components of successful legislative drafting . And that equality before the law is closely related to justice, because justice requires the formulation of the rules of the law in a general and abstract manner in a way that all those who address the law enjoy its protection and are subject to accountability. Since there are international charters and treaties that Iraq has joined or ratified, most of them contain explicit texts about the equality of individuals before the law. Therefore, the legislative drafting of punitive texts in a manner that achieves equality is an implementation of the international obligations resulting from ratification or accession to these international conventions and treaties. In addition, laws that are legislated in contravention of the principle of equality are considered unconstitutional laws because they are in violation of the Constitution, and the provisions of ordinary law may not contradict the principles of the Constitution.
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Nhamo, G. "Institutional and legal provisions for the Clean Development Mechanism in South Africa." In ENVIRONMENTAL ECONOMICS AND INVESTMENT ASSESSMENT 2006. Southampton, UK: WIT Press, 2006. http://dx.doi.org/10.2495/eeia060171.

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Battalova, Sania. "The right to reading: The principles of the Marrakesh Treaty in Russia." In The Book. Culture. Education. Innovations. Russian National Public Library for Science and Technology, 2020. http://dx.doi.org/10.33186/978-5-85638-223-4-2020-38-43.

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The Marrakesh Treaty on facilitating access for blind and visually impaired people and people with print disabilities to published works is one of the first international treaties in copyright aimed at widening the access to printed works under the copyright for up to 300 million people with print disabilities. The member states are to amend their national laws correspondingly. Russia ratified the Treaty in November, 2017 2 [4] and on May 8, 2018, the Treaty will come into effect in this country. By doing this, Russia accepts responsibility to eliminate legislative barriers preventing inequality of blind, visually impaired people and persons with print disabilities in the access to books and other materials and widening this access. The key Treaty provisions are analyzed; amendments to and provisions of the RF copyright law are discussed as they are to enable the libraries and other organizations to provide the rights to equal access to the information and knowledge for the target groups of population.
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Deliana, Evi, Emilda Firdaus, and Nurahim Rasudin. "Harmonization of Investment Provisions in Indonesia within the AEC Framework: Study in Riau Province." In 2nd Social and Humaniora Research Symposium (SoRes 2019). Paris, France: Atlantis Press, 2020. http://dx.doi.org/10.2991/assehr.k.200225.102.

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Reports on the topic "Treaties with investment provisions"

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Blonigen, Bruce, and Ronald Davies. Do Bilateral Tax Treaties Promote Foreign Direct Investment? Cambridge, MA: National Bureau of Economic Research, March 2002. http://dx.doi.org/10.3386/w8834.

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Hicks, Jacqueline. Drivers of Compliance with International Human Rights Treaties. Institute of Development Studies (IDS), August 2021. http://dx.doi.org/10.19088/k4d.2021.130.

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Are international human rights treaties associated with better rights performance? The appetite for a conclusive answer has driven a number of large scale quantitative studies that have broadly shown little or no effect, and sometimes even a backsliding. However, the headline conclusions belie much more complicated findings, and the research methods used are controversial. These issues undermine confidence in the findings. Comparative and individual case studies allow for more detailed information about how domestic human rights activists use international human rights laws in practice. They tend to be more positive about the effect of treaties, but they are not as systematic as the quantitative work. Some indirect measures of treaty effect show that the norms contained within them filter down into domestic constitutions, and that the process of human rights reporting at the UN may be useful if dialogue can be considered an a priori good. It is likely that states are driven to comply with human rights obligations through a combination of dynamic influences. Drivers of compliance with international law is a major, unresolved question in the research that is heavily influenced by the worldview of researchers. The two strongest findings are: Domestic context drives compliance. In particular: (1) The strength of domestic non-governmental organisations (NGOs), and links with international NGOs (INGOs), and (2) in partial and transitioning democracies where locals have a reason to use the treaties as tools to press their claims. External enforcement may help drive compliance when: (1) other states link human rights obligations in the treaties to preferential trade agreements, and (2) INGOs ‘name and shame’ human rights violations, possibly reducing inward investment flows from companies worried about their reputation. Scholars also identify intermediate effects of continued dialogue and norm socialisation from the UN’s human rights reporting processes. Interviews with diplomats involved in UN reporting say that the process is more effective when NGOs and individual governments are involved.
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Banda, O. G. Dayaratna, and John Whalley. Beyond Goods and Services: Competition Policy, Investment, Mutual Recognition, Movement of Persons, and Broader Cooperation Provisions of Recent FTAs involving ASEAN Countries. Cambridge, MA: National Bureau of Economic Research, March 2005. http://dx.doi.org/10.3386/w11232.

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Lederman, Jaimee, Peter Haas, Stephanie Kellogg, Martin Wachs, and Asha Weinstein Agrawal. Do Equity and Accountability Get Lost in LOSTs? An Analysis of Local Return Funding Provisions in California’s Local Option Sales Tax Measures for Transportation. Mineta Transportation Institute, February 2021. http://dx.doi.org/10.31979/mti.2021.1811.

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This study explores how local return provisions of local option sales taxes (LOSTs) for transportation are allocated and spent to meet local and regional transportation needs. Local return refers to the component of county LOST measures that provides funding directly to municipalities in the county to be used to meet local needs. Local return has become a fixture in LOSTs; 58 LOST measures placed on the ballot in California (as of 2019) that have included local return in their expenditure plan have an average of 35% of revenues dedicated to local return. Local return provisions in the ballot measures often contain guidelines on how a portion of the money should be spent. The allocation of local return funds to localities has rarely been discussed in research, and spending decisions have to our knowledge never been analyzed. This paper conducts a mixed-methods analysis of all LOSTs with local return, relying on ordinances and other public documents related to local return expenditures, and supplemented with interviews with officials in six counties. Findings indicate that local return provisions are crafted to balance the needs of the county across different dimensions, including trying to achieve equity between urban and rural residents, investment in different transportation modes, and meeting both local and regional policy needs. Moreover, significant accountability mechanisms provide regulations to ensure that funds are distributed to and spent by jurisdictions as promised by the measures. Overall, this research finds that local return is a vital part of LOST measures in California, allowing cities to meet local needs ranging from maintenance of local streets to funding for special programs, while simultaneously aligning local investment with regional priorities.
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Paul, Kylie, Anna Wearn, Rob Ament, Elizabeth Fairbank, and Zack Wurtzebach. A Toolkit for Developing Effective Projects Under the Federal Wildlife Crossings Pilot Program. Center for Large Landscape Conservation, December 2021. http://dx.doi.org/10.53847/pznn2279.

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In November 2021, Congress passed the Infrastructure Investment and Jobs Act, now referred to as the Bipartisan Infrastructure Law, which includes multiple provisions related to conserving fish and wildlife. One of the most exciting elements of this historic legislation is a dedicated $350 million competitive grant program called the Wildlife Crossings Pilot Program. In order to assist eligible applicants and partners to understand and take advantage of these new funding and policy opportunities, the Center for Large Landscape Conservation’s Corridors & Crossings Program has created “A Toolkit for Developing Effective Projects Under the Federal Wildlife Crossings Pilot Program.” The document provides: An overview of the Wildlife Crossings Pilot Program and other fish and wildlife provisions in the Bipartisan Infrastructure Law, suggestions for how applicants and their partners can engage, best practices, examples, and resources for designing effective wildlife crossing projects in accordance with each of the grant application criterion of the Wildlife Crossings Pilot Program.
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Lewis, Dustin, and Naz Modirzadeh. Taking into Account the Potential Effects of Counterterrorism Measures on Humanitarian and Medical Activities: Elements of an Analytical Framework for States Grounded in Respect for International Law. Harvard Law School Program on International Law and Armed Conflict, May 2021. http://dx.doi.org/10.54813/qbot8406.

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For at least a decade, States, humanitarian bodies, and civil-society actors have raised concerns about how certain counterterrorism measures can prevent or impede humanitarian and medical activities in armed conflicts. In 2019, the issue drew the attention of the world’s preeminent body charged with maintaining or restoring international peace and security: the United Nations Security Council. In two resolutions — Resolution 2462 (2019) and Resolution 2482 (2019) — adopted that year, the Security Council urged States to take into account the potential effects of certain counterterrorism measures on exclusively humanitarian activities, including medical activities, that are carried out by impartial humanitarian actors in a manner consistent with international humanitarian law (IHL). By implicitly recognizing that measures adopted to achieve one policy objective (countering terrorism) can impair or prevent another policy objective (safeguarding humanitarian and medical activities), the Security Council elevated taking into account the potential effects of certain counterterrorism measures on exclusively humanitarian activities to an issue implicating international peace and security. In this legal briefing, we aim to support the development of an analytical framework through which a State may seek to devise and administer a system to take into account the potential effects of counterterrorism measures on humanitarian and medical activities. Our primary intended audience includes the people involved in creating or administering a “take into account” system and in developing relevant laws and policies. Our analysis zooms in on Resolution 2462 (2019) and Resolution 2482 (2019) and focuses on grounding the framework in respect for international law, notably the U.N. Charter and IHL. In section 1, we introduce the impetus, objectives, and structure of the briefing. In our view, a thorough legal analysis of the relevant resolutions in their wider context is a crucial element to laying the conditions conducive to the development and administration of an effective “take into account” system. Further, the stakes and timeliness of the issue, the Security Council’s implicit recognition of a potential tension between measures adopted to achieve different policy objectives, and the relatively scant salient direct practice and scholarship on elements pertinent to “take into account” systems also compelled us to engage in original legal analysis, with a focus on public international law and IHL. In section 2, as a primer for readers unfamiliar with the core issues, we briefly outline humanitarian and medical activities and counterterrorism measures. Then we highlight a range of possible effects of the latter on the former. Concerning armed conflict, humanitarian activities aim primarily to provide relief to and protection for people affected by the conflict whose needs are unmet, whereas medical activities aim primarily to provide care for wounded and sick persons, including the enemy. Meanwhile, for at least several decades, States have sought to prevent and suppress acts of terrorism and punish those who commit, attempt to commit, or otherwise support acts of terrorism. Under the rubric of countering terrorism, States have taken an increasingly broad and diverse array of actions at the global, regional, and national levels. A growing body of qualitative and quantitative evidence documents how certain measures designed and applied to counter terrorism can impede or prevent humanitarian and medical activities in armed conflicts. In a nutshell, counterterrorism measures may lead to diminished or complete lack of access by humanitarian and medical actors to the persons affected by an armed conflict that is also characterized as a counterterrorism context, or those measures may adversely affect the scope, amount, or quality of humanitarian and medical services provided to such persons. The diverse array of detrimental effects of certain counterterrorism measures on humanitarian and medical activities may be grouped into several cross-cutting categories, including operational, financial, security, legal, and reputational effects. In section 3, we explain some of the key legal aspects of humanitarian and medical activities and counterterrorism measures. States have developed IHL as the primary body of international law applicable to acts and omissions connected with an armed conflict. IHL lays down several rights and obligations relating to a broad spectrum of humanitarian and medical activities pertaining to armed conflicts. A violation of an applicable IHL provision related to humanitarian or medical activities may engage the international legal responsibility of a State or an individual. Meanwhile, at the international level, there is no single, comprehensive body of counterterrorism laws. However, States have developed a collection of treaties to pursue specific anti-terrorism objectives. Further, for its part, the Security Council has assumed an increasingly prominent role in countering terrorism, including by adopting decisions that U.N. Member States must accept and carry out under the U.N. Charter. Some counterterrorism measures are designed and applied in a manner that implicitly or expressly “carves out” particular safeguards — typically in the form of limited exceptions or exemptions — for certain humanitarian or medical activities or actors. Yet most counterterrorism measures do not include such safeguards. In section 4, which constitutes the bulk of our original legal analysis, we closely evaluate the two resolutions in which the Security Council urged States to take into account the effects of (certain) counterterrorism measures on humanitarian and medical activities. We set the stage by summarizing some aspects of the legal relations between Security Council acts and IHL provisions pertaining to humanitarian and medical activities. We then analyze the status, consequences, and content of several substantive elements of the resolutions and what they may entail for States seeking to counter terrorism and safeguard humanitarian and medical activities. Among the elements that we evaluate are: the Security Council’s new notion of a prohibited financial “benefit” for terrorists as it may relate to humanitarian and medical activities; the Council’s demand that States comply with IHL obligations while countering terrorism; and the constituent parts of the Council’s notion of a “take into account” system. In section 5, we set out some potential elements of an analytical framework through which a State may seek to develop and administer its “take into account” system in line with Resolution 2462 (2019) and Resolution 2482 (2019). In terms of its object and purpose, a “take into account” system may aim to secure respect for international law, notably the U.N. Charter and IHL pertaining to humanitarian and medical activities. In addition, the system may seek to safeguard humanitarian and medical activities in armed conflicts that also qualify as counterterrorism contexts. We also identify two sets of preconditions arguably necessary for a State to anticipate and address relevant potential effects through the development and execution of its “take into account” system. Finally, we suggest three sets of attributes that a “take into account” system may need to embody to achieve its aims: utilizing a State-wide approach, focusing on potential effects, and including default principles and rules to help guide implementation. In section 6, we briefly conclude. In our view, jointly pursuing the policy objectives of countering terrorism and safeguarding humanitarian and medical activities presents several opportunities, challenges, and complexities. International law does not necessarily provide ready-made answers to all of the difficult questions in this area. Yet devising and executing a “take into account” system provides a State significant opportunities to safeguard humanitarian and medical activities and counter terrorism while securing greater respect for international law.
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Financial Stability Report - Second Semester of 2020. Banco de la República de Colombia, March 2021. http://dx.doi.org/10.32468/rept-estab-fin.sem2.eng-2020.

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The Colombian financial system has not suffered major structural disruptions during these months of deep economic contraction and has continued to carry out its basic functions as usual, thus facilitating the economy's response to extreme conditions. This is the result of the soundness of financial institutions at the beginning of the crisis, which was reflected in high liquidity and capital adequacy indicators as well as in the timely response of various authorities. Banco de la República lowered its policy interest rates 250 points to 1.75%, the lowest level since the creation of the new independent bank in 1991, and provided ample temporary and permanent liquidity in both pesos and foreign currency. The Office of the Financial Superintendent of Colombia, in turn, adopted prudential measures to facilitate changes in the conditions for loans in effect and temporary rules for rating and loan-loss provisions. Finally, the national government expanded the transfers as well as the guaranteed credit programs for the economy. The supply of real credit (i.e. discounting inflation) in the economy is 4% higher today than it was 12 months ago with especially marked growth in the housing (5.6%) and commercial (4.7%) loan portfolios (2.3% in consumer and -0.1% in microloans), but there have been significant changes over time. During the first few months of the quarantine, firms increased their demands for liquidity sharply while consumers reduced theirs. Since then, the growth of credit to firms has tended to slow down, while consumer and housing credit has grown. The financial system has responded satisfactorily to the changes in the respective demands of each group or sector and loans may grow at high rates in 2021 if GDP grows at rates close to 4.6% as the technical staff at the Bank expects; but the forecasts are highly uncertain. After the strict quarantine implemented by authorities in Colombia, the turmoil seen in March and early April, which was evident in the sudden reddening of macroeconomic variables on the risk heatmap in Graph A,[1] and the drop in crude oil and coal prices (note the high volatility registered in market risk for the region on Graph A) the local financial markets stabilized relatively quickly. Banco de la República’s credible and sustained policy response played a decisive role in this stabilization in terms of liquidity provision through a sharp expansion of repo operations (and changes in amounts, terms, counterparties, and eligible instruments), the purchases of public and private debt, and the reduction in bank reserve requirements. In this respect, there is now abundant aggregate liquidity and significant improvements in the liquidity position of investment funds. In this context, the main vulnerability factor for financial stability in the short term is still the high degree of uncertainty surrounding loan quality. First, the future trajectory of the number of people infected and deceased by the virus and the possible need for additional health measures is uncertain. For that reason, there is also uncertainty about the path for economic recovery in the short and medium term. Second, the degree to which the current shock will be reflected in loan quality once the risk materializes in banks’ financial statements is uncertain. For the time being, the credit risk heatmap (Graph B) indicates that non-performing and risky loans have not shown major deterioration, but past experience indicates that periods of sharp economic slowdown eventually tend to coincide with rises in non-performing loans: the calculations included in this report suggest that the impact of the recession on credit quality could be significant in the short term. This is particularly worrying since the profitability of credit establishments has been declining in recent months, and this could affect their ability to provide credit to the real sector of the economy. In order to adopt a forward-looking approach to this vulnerability, this Report presents several stress tests that evaluate the resilience of the liquidity and capital adequacy of credit institutions and investment funds in the event of a hypothetical scenario that seeks to simulate an extreme version of current macroeconomic conditions. The results suggest that even though there could be strong impacts on the credit institutions’ volume of credit and profitability under such scenarios, aggregate indicators of total and core capital adequacy will probably remain at levels that are above the regulatory limits over the horizon of a year. At the same time, the exercises highlight the high capacity of the system's liquidity to face adverse scenarios. In compliance with its constitutional objectives and in coordination with the financial system's security network, Banco de la República will continue to closely monitor the outlook for financial stability at this juncture and will make the decisions that are necessary to ensure the proper functioning of the economy, facilitate the flow of sufficient credit and liquidity resources, and further the smooth operation of the payment systems. Juan José Echavarría Governor
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