Revisiting the FET Standard and the Right to Regulate in Times of Crisis: The Notion of Stability in an Assessment of Legitimate Expectations

Yulia Levashova

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Chapter 8 Revisiting the FET Standard and the Right to Regulate in Times of Crisis: The Notion of Stability in an Assessment of Legitimate Expectations

In: International Investment Law and the Pandemic

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Yulia Levashova

Yulia Levashova
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Type:: Chapter

Pages:: 139–158

DOI:: https://doi.org/10.1163/9789004711204_010

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Abstract

The crises, such as pandemic, demonstrate the need to further elucidate the delicate balance between the state’s power to regulate and the protection afforded by a fair and equitable treatment (FET) standard to investors in international investment law. In the evolving landscape of FET decisions, arbitral tribunals are increasingly facing the task of assessing the extent of the notion of stability of a regulatory framework and complex economic issues brought by foreign investors. Arbitral tribunals are continuously defining and re-defining the FET standard’s content, such as through the assessment of legitimate expectations of an investor. Recent tribunals’ evolutionary clarifications on the FET standard and the right to regulate, however, have not resolved the systematic problem of inconsistent analysis. This chapter seeks to capture current developments in the framework of the FET standard and the right to regulate, as well as identify and analyse developing factors addressed by tribunals in balancing an investor’s financial interests with a state’s interests during times of crisis or emergency.

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International Investment Law and the Pandemic

Series: Nijhoff International Investment Law Series, Volume: 26

E-Book ISBN:: 9789004711204

Publisher:: Brill | Nijhoff

Print Publication Date:: 01 Nov 2024

Subjects
- International Law
  - International Dispute Resolution & Arbitration
  - International Commercial, Trade & Investment Law

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Chapter 8 Revisiting the FET Standard and the Right to Regulate in Times of Crisis: The Notion of Stability in an Assessment of Legitimate Expectations

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International Investment Law and the Pandemic

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