Economic crises, capital transfer restrictions and investor protection under modern investment treaties

The first 150 words of the full text of this article appear below. Key points

• Capital liberalization was the norm of internationaleconomic relations until the Economic Depression of the 1930swhen exchange restrictions became an important instrument ofeconomic policy of many countries.
• The IMF Articles of Agreementwere the outcome of efforts by several countries to providean acceptable international legal framework that would minimizethe negative impact of exchange restrictions while at the sametime preserving the right of Member States to impose exchangerestrictions when faced with balance-of-payment problems.
• Thatposition is to a large extent maintained by most modern investmenttreaties although subject to heightened scrutiny by internationalarbitral tribunals under the disciplines of expropriation, nationaltreatment and fair and equitable treatment standards among othersin order to protect investors’ interests whilst safeguardinghost states, regulatory autonomy.

 

How to compare regulatory regimes

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It is the policy of this Journal to only publish material thathas not been published previously. However, an exception hasbeen made with this article as the work from which it has beendrawn has only recently published. This article is taken fromPhilip Wood's Regulation of International Finance, one of aseries of nine works by Philip Wood on the law of practice ofInternational Finance, published by Sweet & Maxwell in 2007.Philip Wood is a member of the Editorial Board of Capital MarketsLaw Journal. Many readers of Capital Markets Law Journal aroundthe world will not have had the chance to read this very topicalarticle which is of exceptional quality and Capital MarketsLaw Journal is very pleased to make it available to the widercapital markets community.                 TheEditors

Key points

• This article examines the criteria which might usefullybe . . . [Full Text of this Article]

 

Three IP blogs

Lessig Blog By Lawrence Lessig United States of America Archivedback to August 2002 http://www.lessig.org/blog/ Techno Llama ByAndres Guadamuz Scotland Archived back to October 2004 http://technollama.blogspot.com/ Patently-O:Patent Law Blog By Dennis Crouch United States of America Archivedback to April 2005 http://patentlaw.typepad.com/  

Retail cascading in Germany a model for a revision of the PD?

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• The EU Prospectus Directive (the ‘PD’),as implemented in several EEA member states, including the UnitedKingdom, and the Regulation accompanying the PD (the ‘Regulation’)render difficult or even inhibit public offers of debt securitiesto retail investors.
• Market participants and their advisors,trade associations such as the International Capital MarketAssociation (‘ICMA’), as well as the United KingdomListing Authority (‘UKLA’) and the Committee ofEuropean Securities Regulators (‘CESR’) have beendealing with the issues. UKLA and ICMA have come forward byproposing a solution regarding the information requirementsof Annex V.5 of the Regulation. The proposal is to utilize Article23.4 of the Regulation allowing information required by theRegulation to be omitted if the information is not pertinentto the offer. CESR may take a wider approach. It has indicatedits willingness to assess whether further Level 2 work is appropriateand legislative action will . . . [Full Text of this Article]

 

Emissions trading in the European Union

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• The EU ETS will undergo a number of changes consequentupon the commencement of the first Kyoto Commitment Period on1 January 2008.
• This article considers the existing EU ETSframework and also the key developments that are anticipatedin the European emissions market for 2008–2012.
• A secondarymarket for trading EUAs has already developed and this market,together with the standard-form documentation used, is discussed.
• Inconclusion, the article questions the future of emissions tradingin Europe—particularly after the current Kyoto targetsexpire in 2012.

  European businesses entered a carbon-constrained economic environmenton 1 January 2005. For some, the impacts were immediate anddirect in the form of caps on their emissions. The majorityfelt it indirectly and more slowly through increased energycosts as the perceived cost of compliance was passed on by generators.The full impacts are not yet clear, but a quiet revolution is. . . [Full Text of this Article]

Indirect holdings of securities and exercise of shareholder rights (a Spanish perspective)

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• Shareholder rights have been the centre of the debatein Corporate Governance since recently. At the same time, modernsecurities markets have evolved and changed profoundly in recentdecades, both in the way in which the securities are representedand transferred—through electronic book entries held byintermediaries—and in the geographical reach of such transfers:every corner of the world.
• Recent research has thoroughly analysedthe effects of the indirect holding system in those countriesthat have chosen to give legal status to indirect holding systems(where the paradigm is the USA), leading to the conclusion thatin these countries the issuer–investor relationship encountersfar more difficulties than in those that facilitate direct holding.Some scholars have even proposed that countries such as theUSA should move into a direct holding similar to the Spanishone.
• This article analyses whether direct holdings facilitatethe said issuer–investor relationship by reviewing . . . [Full Text of this Article]