Sovereign wealth funds in international economic law
Title: Sovereign wealth funds in international economic law
Author: DEKASTROS, Michail
Citation: Florence : European University Institute, 2016
Series/Number: EUI PhD theses; Department of Law
Sovereign Wealth Funds have been the new 'rising star' of the global economy for a few years. Host States have reacted to their rise cautiously and have quite frequently cited 'national security' as a justification for maintaining an absolute degree of freedom in regulating their entry into their markets. This thesis is arguing that a substantial proportion of regulatory concerns that surround the operation of SWFs are actually not of a national security nature—at least as perceived by the relevant instruments regulating investment in International Economic Law. As a consequence, the current regulatory framework screening SWFs investments a priori is both legally and normatively problematic and, in fact, it constitutes a form of protectionism. As an alternative, this thesis suggests that SWFs ought to be primarily regulated after their entry into Host States' markets. In that context, a proper conceptualisation of the principle of non-discrimination that takes into account the 'regulatory unlikeness' between SWFs and other market suppliers/investors will allow the Host States to properly regulate them after their entry into their markets. Such a conceptualisation – contrary to usual analyses – draws heavily from International Investment law in order to interpret the relevant provisions of the GATS.
LC Subject Heading: Investments, Foreign -- Law and legislation; Investments, Foreign (International law); Sovereign wealth funds -- Law and legislation
Defence date: 24 June 2016; Examining Board: Professor Petros C Mavroidis, Professor of Global and Regional Economic Law, EUI (Supervisor); Professor Bernard Hoekman, Professor of Global Economics, EUI; Professor Philip Sands QC, Professor of Law, University College London; Dr Gaëtan Verhoosel, Partner, Three Crowns LLP.
Type of Access: embargoedAccess