The Legal Stability in International Investment Law, PhD Thesis

November 14, 2012 | , ,
La stabilité juridique dans le droit international des investissements

Supervisor Professor Charles Leben, University of Paris II Panthéon-Assas

Available in French at Cujas Library and the IHEI Library, Paris

Discussions of legal stability involve the notions of change and permanence; therefore, legal stability cannot oppose legal change. If nothing changed, there would be no need to talk of stability, and one would simply speak of intangibility, immutability or even of the eternity of the law. Through stability we seek to ensure two important legal values: the development of law and the principle of legal security. Stability is a central aspiration of every law. In the field of objective law, stability is protected in order to prevent a surfeit of laws, disorder in the legislative process and to facilitate the application of laws over time. In the field of subjective rights, it often exists in order to maintain certain specific legal situations and rights in spite of the passage of time. These aspects are reflected in international investment law through the legitimate expectation of legal stability. This being the case, so that such an expectation of legal stability be considered legitimate, there must be an explicit or implicit commitment by the State in this direction and investors must act diligently and in good faith. On the substantive side, it is also necessary that the investor does not expect the law not to change given that law evolves with time. Nevertheless, the investor can legitimately expect that regulatory changes be introduced in a predictable and non-arbitrary manner. Violation of legal stability by the State incurs international liability. Beyond these considerations, today legal stability faces a lot of challenges; the most important of which seems to be its emergence as a customary principle of international law.

ICC

ICC is – and has been throughout its long existence – a steadfast rallying point for those who believe, that strengthening commercial ties among nations is not only good for business but good for global living standards and good for peace.

ICSID

ICSID is one of the five organizations of the World Bank Group, along with the International Bank for Reconstruction and Development (IBRD), the International Development Association (IDA), the International Finance Corporation (IFC), and the Multilateral Investment Guarantee Agency (MIGA). The goal of the ICSID is to provide facilities for conciliation and arbitration of international investment disputes.

ICJ

The International Court of Justice is the principal judicial organ of the United Nations (UN). It was established in June 1945 by the Charter of the United Nations and began work in April 1946. The seat of the Court is at the Peace Palace in The Hague (Netherlands). Of the six principal organs of the United Nations, it is the only one not located in New York (United States of America). The Court’s role is to settle, in accordance with international law, legal disputes submitted to it by States and to give advisory opinions on legal questions referred to it by authorized United Nations organs and specialized agencies. The Court is composed of 15 judges, who are elected for terms of office of nine years by the United Nations General Assembly and the Security Council. It is assisted by a Registry, its administrative organ. Its official languages are English and French.

CIArb

The Chartered Institute of Arbitrators is a leading professional membership organisation representing the interests of alternative dispute practitioners worldwide. In addition to providing education and training for arbitrators, mediators and adjudicators, we act as an international centre for practitioners, policy makers, academics and those in business concerned with the cost-effective and early settlement of disputes. This gives users confidence that the very best people are helping to resolve their dispute.

ICDR

Established in 1996 as the global component of the American Arbitration Association, the International Centre for Dispute Resolution provides conflict-management services in more than 80 countries with a staff fluent in 14 languages. Through a worldwide panel of hundreds of independent arbitrators and mediators and global cooperative agreements for hearing-room access, the ICDR provides a flexible, party-centered process over a broad range of industries and geopolitical issues.

LCIA

The London Court of International Arbitration is one of the world’s leading international institutions for commercial dispute resolution. The LCIA provides efficient, flexible and impartial administration of arbitration and other ADR proceedings, regardless of location, and under any system of law. The international nature of the LCIA’s services is reflected in the fact that, typically, over 80% of parties in pending LCIA cases are not of English nationality.

OHADA

Le système juridique et judiciaire de l’Organisation pour l’Harmonisation en Afrique du Droit des Affaires est l’une des expériences d’intégration juridique les plus réussies de la fin du 20ème siècle. Créée par le Traité de Port-Louis du 17 octobre 1993 (révisé le 17 octobre 2008 à Québec – Canada), l’OHADA est une organisation internationale de plein exercice, dotée d’une personnalité juridique internationale, qui poursuit une œuvre d’intégration juridique entre les pays qui en sont membres. L’adhésion, prévue par l’article 53 du Traité, est ouverte à tout État membre de l’Union africaine non signataire et à tout État non-membre de l’Union africaine et invité à y adhérer d’un commun accord de tous les États parties. L’OHADA regroupe aujourd’hui 17 États (Bénin, Burkina Faso, Cameroun, Comores, Congo, Côte d’Ivoire, Gabon, Guinée Bissau, Guinée, Guinée Equatoriale, Mali, Niger, République Centrafricaine, République démocratique du Congo, Sénégal, Tchad, Togo). Les langues de travail sont le français, l’anglais, l’espagnol et le portugais. Son objectif est la facilitation des échanges et des investissements, la garantie de la sécurité juridique et judiciaire des activités des entreprises. Le droit de l’OHADA est ainsi utilisé pour propulser le développement économique et créer un vaste marché intégré afin de faire de l’Afrique un « pôle de développement ».