Download Arbitrage

Arbitrage
9 februari 2016
arbitrage in het EU-handelsbeleid
VLEVA
(Rechts)zekerheid
 Rechtszekerheid: belangrijke basis om ondernemersvriendelijk klimaat te creëren die
ten goede komt van de algemene welvaart
 Counterfactural: Venezuela onder Hugo Chavez
 Zwakke rechtszekerheid
 Misbruik van provisie ‘in the public interest’ inzake onteigening
 Meer dan 200 bedrijven (veel buitenlandse) onteigend zonder enige compensaties en op
dubieuze gronden
 2015: BBP -10%, 275% inflation, algemene tekorten van consumentengoederen
 IMF voorspellingen: 2016: -8% bbp & inflatie kan oplopen tot 720%
 Geen zekerheid want geen statistieken
Common Commercial Policy
 Vroeger
 Enkel markttoegang & niet bescherming voor investeringen van EU bedrijven + vice
versa
 Investeringsbeleid: lidstaat bevoegdheid met gevolg grote verschillen
investeringsbescherming tussen de verschillende lidstaten
 Ondermijning van het Europese handelsbeleid
 Nu
 Verdrag van Lissabon: uitbreiding exclusieve competentie EU naar FDI
 EU als één actor in investeringsonderhandelingen met derde landen
 Meer leverage om hoge standaarden op te leggen die rechtszekerheid bevorderen
Arbitrage: algemene visie
 Dynamische wetgeving
 EU voert een recalibratie uit om weer meer macht bij de staten te leggen
 “[…] it is clear that such investment chapters […] can all be categorized under the new
generation of ‘re-calibrated’ IIAs [International Investment Agreements] which attempt to
rectify the perceived pro-investor bias associated with past IIAS and international
investment case law. Melo Araujo – The EU Deep Trade Agenda
 Laatste jaren enorme evolutie
 Kritiek op arbitrage in kader CETA erkent deze evolutie te weinig en is vaak gebaseerd op
achterhaalde feiten
‘Right to Regulate’
 “The Union's trade and investment policy has to fit with the way the EU and its Member
States regulate economic activity within the Union and across our borders. Investment
agreements should be consistent with the other policies of the Union and its Member States,
including policies on the protection of the environment, decent work, health and safety at
work, consumer protection, cultural diversity, development policy and competition
policy. Investment policy will continue to allow the Union, and the Member States to adopt
and enforce measures necessary to pursue public policy objectives.” The EU Investment
Policy Communication (2010)
Legitimate expectations vs. regulatory chill
 ‘regulatory chill’
 “When the threat of litigation represents an inhibiting factor in the policy-makers’ decisions to adopt
regulatory measures in the public interest”
vs.
 A tribunal may take into account whether a party made “a specific representation to an investor to
induce a covered investment, that created a legitimate expectation, and upon which the investor relied in
deciding to make or maintain the covered investment” (article 10 (9)(4) Chapter 10 CETA
 Investors cannot rely on broad & vague representation made by the host state concerning its regulatory
framework
 Change in the legislation of a Member State will not constitute violation of FET(fair & equitable treatment)
standard unless a specific and unambiguous representation was made by that member state that no such
changes would occur.
 Risico op regulatory chill aanzienlijk afgenomen
Onteigening
 “Except in the rare circumstance where the impact of a measure or series of measures is so
severe in light of its purpose that it appears manifestly excessive, non discriminatory
measures by a party that are designed and applied to protect legitimate public policy
objectives such as public health, safety, and the environment do no constitute indirect
expropriation” Article X.11 (3) Chapter 10 CETA
 Heel moeilijk tot quasi onmogelijk voor een bedrijf om onteigening aan te klagen indien dit
gebeurt voor het publiek belang
ISDS
 Transparantie
 Niet ongelimiteerd: “Confidential business information”
 “UNCITRAL Rules on Transparency in Treaty Based Investor-State Arbitration”
 Requests for consultations, pleadings, minutes & transcripts of hearings, orders of
awards must be made available to the public.
 Arbitral tribunal may even decide to make other document available
 Onpartijdigheid
 Arbitrators must have “expertise in public international law, in particular international
investment law
 Arbitrators must also comply with International Bar Association Guidelines on Conflict of
Interest in International Arbitartion
Conclusies
 Rechtszekerheid cruciaal voor ondernemers
 Investeringsbescherming en arbitrage maken hier deel van uit
 Grote evolutie in investeringsbescherming EU afgelopen jaren
 Voka steunt volledig EU in de inspanningen die zij geleverd hebben
Bedankt voor jullie aandacht