Investment Protection in the European Union

1 - Cover [Seite 1]
2 - Introduction [Seite 23]
3 - Part I: Investment protection in the European Union: the rise of potentially conflicting legal frameworks in the European Union [Seite 33]
3.1 - Chapter 1: The necessity of investment protection [Seite 33]
3.2 - Chapter 2: The ascent of investment protection through IIA / BITs [Seite 37]
3.2.1 - A. The historical development of investment protection mechanisms [Seite 37]
3.2.1.1 - I. From the Middle Ages until the Colonial Era: the use of force and other individual measures [Seite 37]
3.2.1.2 - II. The Post-Colonial Era: the gradual rise of public international law as protection mechanism [Seite 39]
3.2.1.2.1 - 1. Customary international law: minimum standard of treatment [Seite 40]
3.2.1.2.2 - 2. Conventional obligations: Treaties of Friendship, Commerce and Navigation [Seite 42]
3.2.1.3 - III. Remaining inefficiencies of the protection mechanisms leading to more specific instruments [Seite 44]
3.2.1.3.1 - 1. Procedural enforcement: dependence on either the home state or the host state [Seite 44]
3.2.1.3.2 - 2. Unspecific provisions and a general trend to the conclusion of more specific treaties [Seite 46]
3.2.2 - B. International Investment Agreements: investment protection through bilateral or multilateral international treaties [Seite 47]
3.2.2.1 - I. Conventional protection of investments through IIAs [Seite 49]
3.2.2.2 - II. Higher degree of clarity as to the protection standards [Seite 50]
3.2.2.3 - III. Direct enforcement by investors [Seite 51]
3.2.2.4 - IV. Enlargement of the scope of rights through the terms investment and investor [Seite 54]
3.2.3 - C. State-contracts [Seite 57]
3.3 - Chapter 3: The reception of modern investment protection through IIAs / BITs in the EU: doubling the protection? [Seite 58]
3.3.1 - A. Rise of the EU and the internal market: Investment protection through EU law [Seite 58]
3.3.2 - B. Rise of IIAs concluded by EU member states: EU-Investment protection through IIAs [Seite 63]
3.3.2.1 - I. Extra-EU IIAs [Seite 66]
3.3.2.2 - II. Intra-EU IIAs [Seite 67]
3.3.2.3 - III. Mixed agreements including the EU as contracting party [Seite 68]
3.4 - Chapter 4: The separate legal frameworks of investment protection in the EU [Seite 70]
3.4.1 - A. The IIA framework: investment-protection through IIAs [Seite 70]
3.4.1.1 - I. Guiding principles of investment protection through IIAs [Seite 70]
3.4.1.2 - II. Substantive protection: overview and scope of protection standards in IIAs [Seite 71]
3.4.1.2.1 - 1. Fair and equitable treatment [Seite 72]
3.4.1.2.2 - 2. Protection against Expropriation [Seite 77]
3.4.1.2.3 - 3. Full protection and security [Seite 80]
3.4.1.2.4 - 4. Non-discrimination clauses [Seite 83]
3.4.1.2.4.1 - (1) National treatment [Seite 83]
3.4.1.2.4.2 - (2) Most favoured nation treatment [Seite 86]
3.4.1.2.4.3 - (3) Other non-discrimination clauses [Seite 87]
3.4.1.2.5 - 5. Umbrella clauses [Seite 89]
3.4.1.2.6 - 6. Free transfer of funds [Seite 90]
3.4.1.2.7 - 7. Admission clauses and right to establish [Seite 92]
3.4.1.3 - III. Legal remedies: the dispute settlement mechanism in IIAs [Seite 93]
3.4.1.3.1 - 1. Investor-state arbitration governed by the ICSIDConvention [Seite 95]
3.4.1.3.1.1 - (1) Jurisdiction of the Centre [Seite 95]
3.4.1.3.1.2 - (2) Procedural rules and applicable law [Seite 97]
3.4.1.3.1.3 - (3) Recourse and enforcement [Seite 99]
3.4.1.3.2 - 2. Investor-state arbitration in private forums: ICC / SCC, etc. [Seite 101]
3.4.1.3.2.1 - (1) Jurisdiction of the arbitral tribunal [Seite 101]
3.4.1.3.2.2 - (2) Applicable law and procedural rules [Seite 102]
3.4.1.3.2.3 - (3) Recourse and enforcement of arbitral awards issued in private forums [Seite 104]
3.4.1.3.3 - 3. Other remedies such as inter-state and local remedies [Seite 107]
3.4.2 - B. The EU-Law framework: "investment"-protection in EU law [Seite 108]
3.4.2.1 - I. Guiding principles of EU law [Seite 109]
3.4.2.2 - II. Substantive protection and its limits under EU law [Seite 110]
3.4.2.2.1 - 1. Investment protection through the fundamental freedoms [Seite 110]
3.4.2.2.1.1 - (1) Freedom of establishment [Seite 111]
3.4.2.2.1.2 - (2) Free movement of capital [Seite 118]
3.4.2.2.1.3 - (3) Free transfer of funds [Seite 122]
3.4.2.2.1.4 - (4) Free movement of goods and freedom to provide services [Seite 122]
3.4.2.2.2 - 2. Charter of Fundamental Rights of the EU [Seite 123]
3.4.2.2.2.1 - (1) Scope of application of the Charter (Art. 51 of the Charter) [Seite 124]
3.4.2.2.2.2 - (2) Freedom to conduct business (Art. 16 of the Charter) [Seite 127]
3.4.2.2.2.3 - (3) Right to property (Art. 17 of the Charter) [Seite 129]
3.4.2.2.3 - 3. Other principles, including the general principles of EU law and principles of access to justice and due process / relief [Seite 136]
3.4.2.3 - III. Dual provisions offering protection but also enabling interventionist measures [Seite 139]
3.4.2.3.1 - 1. Competition law: Art. 101, 102 TFEU [Seite 140]
3.4.2.3.2 - 2. State aid provisions: Art. 107 ff TFEU [Seite 140]
3.4.2.3.3 - 3. Secondary legislation [Seite 141]
3.4.2.4 - IV. Legal remedies: judicial review as conceived under EU law [Seite 142]
3.4.2.4.1 - 1. Proceedings before national courts and preliminary ruling procedure (Art. 267 TFEU) [Seite 142]
3.4.2.4.2 - 2. Immediate proceedings before the CJEU: legal actions enumerated in the European Treaties [Seite 145]
3.4.2.4.2.1 - (1) Action for annulment (Art. 263, 264 TFEU) [Seite 145]
3.4.2.4.2.2 - (2) Infringement proceedings as inter-state remedies for violation of EU law (Art. 258 ff TFEU) [Seite 147]
3.4.2.4.3 - 3. Action for damages [Seite 148]
3.4.2.4.3.1 - (1) Extra-contractual action for damages against the EU [Seite 149]
3.4.2.4.3.2 - (2) Extra-contractual action for damages against the member states [Seite 150]
3.5 - Chapter 5: Potential conflicts of EU law and international investment law [Seite 151]
3.5.1 - A. Preliminary remarks as to the notion of conflict regarding different legal frameworks [Seite 153]
3.5.2 - B. Potential conflicts between EU law and IIAs [Seite 156]
3.5.2.1 - I. Conflicting provisions between EU law and IIAs regarding substantive guarantees [Seite 156]
3.5.2.1.1 - 1. State aid rules (Art. 107 ff TFEU) [Seite 158]
3.5.2.1.2 - 2. European public procurement and competition law [Seite 161]
3.5.2.1.3 - 3. Fundamental freedoms and their limitations in general [Seite 165]
3.5.2.1.4 - 4. Non-discrimination (Art. 18 TFEU or the fundamental freedoms) [Seite 168]
3.5.2.1.5 - 5. Free movement of capital [Seite 169]
3.5.2.1.6 - 6. Changing legal framework [Seite 170]
3.5.2.2 - II. Conflicting provisions between EU law and IIAs regarding jurisdiction [Seite 170]
3.5.2.2.1 - 1. Conflict between arbitration clauses and Art. 344 TFEU [Seite 171]
3.5.2.2.2 - 2. Conflict between arbitration clauses and the dispatch of competencies in the EU [Seite 172]
3.5.2.2.3 - 3. Conflict between arbitration clauses and the principle of non-discrimination (Art. 18 TFEU) [Seite 173]
3.5.3 - C. Potential implications of the conflict [Seite 175]
3.5.3.1 - I. Arbitration proceedings [Seite 176]
3.5.3.2 - II. 'Setting-aside' or 'vacatur' proceedings and annulment proceedings [Seite 176]
3.5.3.2.1 - 1. Setting-aside an award rendered in private forums (ICC, SCC, etc.) [Seite 177]
3.5.3.2.1.1 - (1) Invalidity of the arbitration clause (Art. 34 (2) lit. a UNCITRAL Model Law (Lack of jurisdiction)) [Seite 177]
3.5.3.2.1.2 - (2) Award contrary to public policy [Seite 179]
3.5.3.2.2 - 2. ICSID-Annulment proceedings [Seite 181]
3.5.3.3 - III. Enforcement proceedings [Seite 183]
3.5.3.3.1 - 1. Enforcement in private forums (ICC, SCC, etc.) [Seite 183]
3.5.3.3.2 - 2. Enforcement of ICSID-Awards [Seite 184]
3.5.3.4 - IV. The impact of further potential EU proceedings on the enforcement of an award [Seite 186]
3.5.3.5 - V. Conclusion on potential conflicts in the arbitration proceedings [Seite 187]
3.5.4 - D. Handling EU law in international investment arbitration proceedings: different scenarios but similar interests [Seite 187]
3.5.4.1 - I. Distinguishing different types of situations raising the conflict: intra-EU vs. extra-EU IIAs [Seite 187]
3.5.4.2 - II. Enjeux en question - Guiding principles which should be respected by any solution to this conflict of laws [Seite 189]
4 - Part II: Conflicts between EU Law and IIAs in the intra-EU setting [Seite 191]
4.1 - Chapter 6: Intra-EU IIAs in arbitration proceedings: how to address the interaction of EU law and intra-EU IIAs [Seite 193]
4.1.1 - A. Structure of the analysis [Seite 198]
4.1.2 - B. The perspective of an arbitral tribunal in an intra-EU investment dispute [Seite 200]
4.2 - Chapter 7: EU law as international law applicable to the dispute [Seite 204]
4.2.1 - A. The relevance of any other rule of law than the IIA in the proceedings [Seite 204]
4.2.2 - B. The qualification of EU law as international law [Seite 206]
4.2.2.1 - I. EU law is sourced in international law [Seite 213]
4.2.2.1.1 - 1. Transferal of competencies and rights to legislate [Seite 214]
4.2.2.1.2 - 2. Irrelevance of principles set forth in the European Treaties for its qualification [Seite 218]
4.2.2.2 - II. EU law primarily creates rights and obligations towards member states and as an auxiliary individual rights [Seite 222]
4.2.2.3 - III. EU law regulates rights between subjects of international law [Seite 223]
4.3 - Chapter 8: The relevant rule of conflict of laws regarding EU law and IIAs [Seite 225]
4.3.1 - A. Preliminary remarks how to resolve conflicts between several rules of laws [Seite 226]
4.3.1.1 - I. Absence of explicit provisions dealing with the conflict in IIAs and the European Treaties [Seite 228]
4.3.1.2 - II. Absence of conflict rule leading to the termination of an entire treaty [Seite 230]
4.3.2 - B. Art. 59 of the Vienna Convention on the Law of Treaties [Seite 231]
4.3.2.1 - I. Same subject matter in terms of Art. 59 VCLT [Seite 232]
4.3.2.1.1 - 1. The notion of sameness in Art. 59 VLCT as interpreted by the arbitral tribunals dealing with intra-EU disputes [Seite 233]
4.3.2.1.2 - 2. The misuse of the notion of "same subject matter" to eliminate conflicts ab initio [Seite 235]
4.3.2.2 - II. Tacit intention to terminate the IIA subsequent to a member state's accession to the European Union (Art. 59 (1) lit. a VCLT) [Seite 240]
4.3.2.3 - III. Incompatibility of EU law and IIAs (Art. 59 (1) lit. b VCLT) [Seite 243]
4.3.2.4 - IV. Conclusions on the effect of Art. 59 VCLT on intra-EU IIAs [Seite 245]
4.3.3 - C. Conflict rules of the TFEU (Art. 350, 351 TFEU and the principle of primacy) [Seite 245]
4.3.3.1 - I. Ordinary meaning and scope of Art. 351 TFEU [Seite 246]
4.3.3.2 - II. Ordinary meaning and scope of Art. 350 TFEU [Seite 247]
4.3.3.3 - III. Art. 350, 351 TFEU as opposition to the (inherent) general principle of primacy [Seite 247]
4.3.4 - D. Applicable conflict rule under the principles of the Vienna Convention on the Law of Treaties [Seite 252]
4.3.5 - E. Conclusion and summary concerning the rule of conflict in the intra-EU hypothesis [Seite 254]
4.3.5.1 - I. First sub-hypothesis: IIA concluded before accession [Seite 254]
4.3.5.2 - II. Second sub-hypothesis: IIA concluded after accession [Seite 255]
4.3.5.3 - III. Necessity of a conflict and the legal consequences [Seite 255]
4.4 - Chapter 9: Jurisdiction of the arbitral tribunal: Incompatibility of the intra-EU IIA's arbitration clause [Seite 256]
4.4.1 - A. Incompatibility of arbitration clauses with the specific characteristics and the autonomy of EU law (the exclusive jurisdiction of the CJEU) [Seite 257]
4.4.1.1 - I. Why the arbitral tribunal should consider the interpretation of the CJEU in its arbitration proceedings [Seite 257]
4.4.1.2 - II. The erroneous view on the criteria to be observed by a dispute settlement mechanism within the European Union [Seite 259]
4.4.1.2.1 - 1. The irrelevance of the EU's competencies to regulate arbitration for the question of compatibility [Seite 263]
4.4.1.2.2 - 2. The scope of application of Art. 344 TFEU [Seite 264]
4.4.1.2.3 - 3. The existence of a duty to respect the fundamental elements of the European Union's legal order and judicial system [Seite 268]
4.4.1.2.4 - 4. The criteria to determine the incompatibility with the general principles of the European Union's legal and judicial order [Seite 272]
4.4.1.3 - III. Violation of the principles deducted by the CJEU by arbitral tribunals in investment proceedings [Seite 280]
4.4.1.3.1 - 1. Quantity of cases and quality of provisions concerned (criteria n° 1 and n° 2) [Seite 280]
4.4.1.3.2 - 2. Interpretative monopoly - (de facto) binding interpretation (criterion n° 3) [Seite 283]
4.4.1.3.3 - 3. Circumvention of preliminary ruling procedure - disrupting the interaction of the courts (criterion n° 4) [Seite 286]
4.4.1.3.4 - 4. Further safeguards to ensure the uniform application of EU law (criterion n° 5) [Seite 290]
4.4.1.3.5 - 5. Contravention of the principle of mutual trust (criterion n° 6) [Seite 292]
4.4.1.3.6 - 6. Overall assessment of the criteria n° 1 to n° 6 [Seite 295]
4.4.1.4 - IV. Interim conclusions on the arbitration clause's incompatibility with the autonomy of the EU's legal order and its specific characteristics [Seite 295]
4.4.1.5 - V. Excursus for mixed agreements [Seite 296]
4.4.2 - B. Incompatibility of the arbitration clause with EU law due to the violation of competencies exclusively attributed to the EU? [Seite 297]
4.4.2.1 - I. The type of provisions to be affected to trigger the application of the ERTA-jurisprudence [Seite 301]
4.4.2.2 - II. Scope of comparison under the ERTA-Doctrine / Pringle-Case [Seite 303]
4.4.2.3 - III. Interim conclusion on the arbitration clause's incompatibility due to violation of the EU's exclusive competences [Seite 305]
4.4.3 - C. Incompatibility of the arbitration clause with the principle of non-discrimination [Seite 305]
4.4.3.1 - I. Violation of the principle of non-discrimination by the arbitration clause [Seite 307]
4.4.3.1.1 - 1. Inbound perspective (host state discriminating non-IIA protected investors) [Seite 307]
4.4.3.1.1.1 - (1) Difference in treatment between investors from different nationalities [Seite 308]
4.4.3.1.1.2 - (2) Comparable circumstances between such investors [Seite 309]
4.4.3.1.1.3 - (3) Justification for the differential treatment in comparable circumstances [Seite 316]
4.4.3.1.2 - 2. Outbound perspective (home state favoring its national investors towards non-national investors) [Seite 316]
4.4.3.2 - II. Legal consequences of the violation of the principle of nondiscrimination [Seite 319]
4.4.4 - D. Interim conclusions on conflicts between EU law and arbitration clauses contained in IIAs [Seite 321]
4.5 - Chapter 10: Primacy of EU law on the merits [Seite 322]
4.5.1 - A. Inconsistency with substantive guarantees provided in the IIA [Seite 322]
4.5.2 - B. How to implement EU law's primacy on the merits [Seite 323]
4.6 - Chapter 11: Challenges to the results due to the particular interests and rights in question [Seite 326]
4.6.1 - A. Impact of sunset clauses on the results [Seite 326]
4.6.2 - B. Conformity of the solution with the interests in question [Seite 332]
5 - Part III: Conflicts between IIAs and EU Law in the extra-EU setting [Seite 335]
5.1 - Chapter 12: The current status of extra-EU IIAs under public international law and EU law [Seite 338]
5.1.1 - A. External perspective: continuous validity of extra-EU IIAs under public international law [Seite 338]
5.1.1.1 - I. Principle of pacta sunt servanda [Seite 339]
5.1.1.2 - II. No fundamental change of circumstances upon accession to the EU (Art. 62 VCLT) [Seite 340]
5.1.1.3 - III. Consequences for obligations arising from IIAs under public international law [Seite 342]
5.1.2 - B. Unionist perspective: primacy of EU law despite contradicting obligations under public international law [Seite 343]
5.1.2.1 - I. The effects of Art. 351 TFEU: grandfathering of conflicting obligations [Seite 344]
5.1.2.2 - II. Limits to Art. 351 (1) TFEU and its consequences for the unionist perspective on extra-EU IIAs [Seite 346]
5.1.2.2.1 - 1. Limits to Art. 351 (1) TFEU regarding prior treaties [Seite 347]
5.1.2.2.2 - 2. Non-application of Art. 351 (1) TFEU to substantial conflicts in posterior treaties [Seite 352]
5.1.2.2.2.1 - (1) Arguments against the application of Art. 351 (1) TFEU by analogy [Seite 353]
5.1.2.2.2.2 - (2) Limitations to the grandfathering effect of Art. 351 (1) TFEU if applied by analogy [Seite 354]
5.1.2.3 - III. Summary regarding the unionist perspective and the status of extra-EU IIAs [Seite 356]
5.1.3 - C. Excursus for mixed agreements and future comprehensive trade agreements [Seite 357]
5.2 - Chapter 13: Current perception of EU law in extra-EU arbitration proceedings [Seite 358]
5.2.1 - A. The dual nature of EU law in extra-EU arbitration proceedings: international law but also domestic law of the member state [Seite 359]
5.2.2 - B. Potential interferences of EU law with extra-EU investment proceedings [Seite 361]
5.2.2.1 - I. Interferences of EU law with extra-EU investment proceedings through the IIA itself [Seite 362]
5.2.2.1.1 - 1. The legality requirement: investments made in accordance with the law of the host state [Seite 363]
5.2.2.1.1.1 - (1) The prerequisite of the investment's legality under the law of the host state [Seite 363]
5.2.2.1.1.2 - (2) Consequences for interferences of investments with EU law [Seite 369]
5.2.2.1.2 - 2. Interpretation of the Fair and Equitable Treatment standard [Seite 372]
5.2.2.2 - II. Interferences of EU law with extra-EU investment proceedings through domestic law being applicable law to the arbitration proceedings [Seite 376]
5.2.2.2.1 - 1. EU law being the applicable law to the jurisdictional stage as lex loci arbitri. [Seite 376]
5.2.2.2.2 - 2. EU law at the merits stage [Seite 379]
5.2.3 - C. The role of EU law in the subsequent proceedings [Seite 382]
5.2.3.1 - I. Setting-aside or enforcement proceedings [Seite 383]
5.2.3.2 - II. Potential decisions by the European Commission [Seite 384]
5.2.4 - D. Interim conclusion on the disruptive potential of ignoring EU law in extra-EU investment proceedings [Seite 387]
5.3 - Chapter 14: Cooperative approach: transposing Solange and Bosphorus to extra-EU investment proceedings [Seite 388]
5.3.1 - A. The reception of "similar conflicts" by other courts: Solange and Bosphorus [Seite 389]
5.3.1.1 - I. German Constitutional Court: Solange II [Seite 389]
5.3.1.2 - II. ECtHR: Bosphorus vs. Ireland [Seite 390]
5.3.2 - B. Transposing Solange and Bosphorus to extra-EU IIA investment arbitration [Seite 395]
5.3.2.1 - I. EU law as a mean of interpretation for obligations under an IIA [Seite 396]
5.3.2.1.1 - 1. EU law as domestic law being applicable law to the investment dispute [Seite 397]
5.3.2.1.2 - 2. Considering EU law by virtue of Art. 31 (3) lit. c VCLT [Seite 397]
5.3.2.1.2.1 - (1) Mixed agreements (e.g. Energy Charter Treaty) [Seite 398]
5.3.2.1.2.2 - (2) Transposing the underlying idea of the Bosphorus-Approach to extra-EU-IIAs [Seite 405]
5.3.2.2 - II. Interim results on the possibility to transpose the Bosphorus Approach to IIAs [Seite 406]
5.4 - Chapter 15: Conditions to reduce the margin of control according to the Bosphorus-Approach [Seite 407]
5.4.1 - A. Equivalence of substantive protection under EU law [Seite 408]
5.4.1.1 - I. Protection against (direct and indirect) expropriations [Seite 408]
5.4.1.1.1 - 1. Equivalence of measures being qualified as expropriations [Seite 412]
5.4.1.1.2 - 2. Equivalence of conditions for a lawful expropriation [Seite 417]
5.4.1.1.2.1 - (1) Public purpose / public interest [Seite 418]
5.4.1.1.2.2 - (2) Due process of law [Seite 418]
5.4.1.1.2.3 - (3) Prohibition of discrimination [Seite 419]
5.4.1.1.2.4 - (4) Due compensation [Seite 420]
5.4.1.1.3 - 3. Equivalence of protected assets and holders of these rights [Seite 422]
5.4.1.1.3.1 - (1) Protected assets and difficulties arising thereof [Seite 422]
5.4.1.1.3.2 - (2) Implications of the chain of control: indirectly owned investments [Seite 427]
5.4.1.2 - II. National treatment and non-discrimination clauses [Seite 428]
5.4.1.2.1 - 1. Equivalence of prohibition of national treatment under the free movement of capital [Seite 429]
5.4.1.2.1.1 - (1) Protected assets: "investment" and "free movement of capital" [Seite 430]
5.4.1.2.1.2 - (2) Exceptions and justifications to guarantees under the IIA and under EU law [Seite 432]
5.4.1.2.1.3 - (3) Scope of application of the free movement of capital: erga omnes protection? [Seite 440]
5.4.1.2.2 - 2. Compensation of protection through application of Art. 20 of the Charter [Seite 443]
5.4.1.3 - III. Fair and equitable treatment [Seite 445]
5.4.1.3.1 - 1. Administrative and judicial due process (element no°1) [Seite 447]
5.4.1.3.1.1 - (1) Due process in judicial proceedings [Seite 447]
5.4.1.3.1.2 - (2) Due process in administrative proceedings [Seite 450]
5.4.1.3.2 - 2. Prohibition of arbitrary and discriminatory measures and measures causing intentional harm (element no°2) [Seite 452]
5.4.1.3.3 - 3. Obligation to provide legality, stability and transparency in exercising legislative or regulatory powers (element no°3) [Seite 453]
5.4.1.3.4 - 4. Honouring of legitimate expectations and stability of legislation (element no°4) [Seite 457]
5.4.1.3.5 - 5. Principle of proportionality (element no°5) [Seite 462]
5.4.1.3.6 - 6. Overall comparative assessment regarding the FET standard [Seite 462]
5.4.1.4 - IV. Further principles: Prohibition of arbitrary measures and umbrella clauses [Seite 463]
5.4.1.4.1 - 1. Protection against arbitrary measures [Seite 463]
5.4.1.4.2 - 2. Umbrella clauses [Seite 463]
5.4.1.5 - V. Additional protection for investors established within the EU and operating in other EU member states [Seite 465]
5.4.1.6 - VI. Overall assessment of substantive protection under EU law and IIAs [Seite 465]
5.4.2 - B. Equivalence of procedural guarantees under EU law [Seite 467]
5.4.2.1 - I. How to address the equivalence of procedural protection [Seite 468]
5.4.2.2 - II. The implementation of procedural investment protection by mixed arbitration [Seite 469]
5.4.2.3 - III. Equivalence of procedural investment protection under EU law compared to IIAs [Seite 470]
5.4.2.3.1 - 1. Procedural protection through a non-national court system [Seite 471]
5.4.2.3.1.1 - (1) Direct actions before the CJEU [Seite 471]
5.4.2.3.1.2 - (2) Supplementary function of national courts under EU law [Seite 478]
5.4.2.3.1.3 - (3) The assisting function of secondary relief: compensation for violation of EU law [Seite 482]
5.4.2.3.2 - 2. Specific performance instead of deterrence: how to ensure observance of substantive guarantees [Seite 484]
5.4.2.3.3 - 3. Complementary means offered by EU law to enforce compliance with substantive guarantees [Seite 485]
5.4.2.4 - IV. Overall assessment of the equivalence of procedural protection under IIAs and EU law [Seite 487]
5.5 - Chapter 16: Implementing the Bosphorus-Approach in extra-EU investment arbitration proceedings [Seite 488]
5.5.1 - A. The presumption of lawfulness: how to determine if an act is 'mandatory' under EU law [Seite 488]
5.5.1.1 - I. Mandatory actions by the host states under EU law [Seite 489]
5.5.1.2 - II. The burden of proof relating to an act being "mandatory" [Seite 490]
5.5.2 - B. Rebutting the presumption: when to consider the protection to be manifestly deficient [Seite 491]
5.5.2.1 - I. Consequence of prior proceedings [Seite 491]
5.5.2.2 - II. Downgrade in the level of protection [Seite 492]
5.5.2.3 - III. Considerable lack of protection in the particular case depriving the investor of any protection [Seite 492]
5.5.2.4 - IV. Denial of justice: forcing the EU member states to grant sufficient procedural protection [Seite 493]
5.5.3 - C. The required dialogue of the judges [Seite 495]
5.5.4 - D. Conformity of the solution with the interests in question [Seite 496]
6 - Part IV: Outlook regarding the EU's future investment policy [Seite 499]
7 - Conclusion [Seite 503]
8 - Literature [Seite 513]