Mednarodnopravno varstvo državnih obveznic kot investicij v mednarodnem investicijskem pravu : (magistrsko diplomsko delo)

Pollak, Nina (author), Sancin, Vasilka (mentor)

Državne obveznice so dolžniški vrednostni papirji, s katerimi se država zaveže, da bo imetniku tega vrednostnega papirja ob zapadlosti izplačala periodične donose in povrnila glavnico. Obveznice predstavljajo največji vir financiranja držav in s tem prevladujočo obliko javnega dolga. Naraščanje nevzdržnih dolžniških obveznosti držav lahko povzroči težave z odplačevanjem, kar za imetnike obveznic predstavlja tveganje, da država ne bo poravnala svojih obveznosti, in da bo prišlo do prestrukturiranja javnega dolga. Magistrsko diplomsko delo naslovi vprašanje, ali mednarodno investicijsko pravo imetnikom državnih obveznic s položajem investitorja omogoča uveljavljanje zahtevkov proti državi pred mednarodno investicijsko arbitražo. Arbitražna praksa je pokazala, da jedro problematike v tovrstnih primerih predstavlja vprašanje, ali so državne obveznice zajete s pojmom investicije po mednarodnem investicijskem pravu. To je v prvi vrsti odvisno od definicije investicije, ki jo vsebuje mednarodni investicijski sporazum. Praksa tribunalov pa je pokazala, da tudi v primeru široke definicije investicije ni mogoče z zagotovostjo trditi, da so državne obveznice z njo zajete. Neusklajeni pa so tudi pristopi tribunalov k presoji obstoja investicije po ICSID Konvenciji, čemur lahko deloma pripišemo različne odločitve, deloma pa se te razhajajo zaradi nasprotujočih si stališč o enovitosti transakcij primarnega in sekundarnega trga državnih obveznic. Magistrsko diplomsko delo obravnava tudi vprašanje, ali lahko za državne obveznice štejemo, da se nahajajo na ozemlju države gostiteljice in kakšen zahtevek mora investitor uveljavljati, da tribunal o njem lahko odloča. Opredeli tudi možne kršitve investicijskih standardov, do katerih lahko pride v primeru neplačila ali prestrukturiranja javnega dolga.

• Language: Slovenian
• Keywords: državne obveznice, investicije, prestrukturiranje javnega dolga, mednarodno investicijsko pravo, mednarodna investicijska arbitraža
• Work type: Master's thesis/paper
• Typology: 2.09 - Master's Thesis
• Organization: PF - Faculty of Law
• Place of publishing: Ljubljana
• Publisher: [N. Pollak]
• Year: 2022
• Number of pages: VIII, 63 f.
• PID: 20.500.12556/RUL-141141
• UDC: 341(043.2)
• COBISS.SI-ID: 126213379
• Publication date in RUL: 23.09.2022

Secondary language

• Language: English
• Title: International Legal Protection of Sovereign Bonds as Investments in International Investment Law

Abstract

Sovereign bonds are financial instruments which acknowledge the indebtedness and promise a repayment of principal and interest at the maturity to the holder of the security. Bonds are the largest source of financing for governments and thus the predominant category of sovereign debt. The growth of unsustainable debt obligations of States can lead to repayment problems, which pose a risk to bondholders that a State will default on its obligations and that the sovereign debt will be restructured. The thesis addresses the question as to whether international investment law allows holders of sovereign bonds with investor status to pursue claims against the State in international investment arbitration. The arbitral practice has shown that the fundamental question is whether sovereign bonds constitute a protected foreign investment under international investment law. This depends primarily on the definition of investment contained in the international investment treaty. However, it has been established that even in the case of a non-exhaustive list of assets falling within the definition of investment, the tribunals may still conclude that government bonds cannot be considered as a protected investment. Additionally, tribunals have taken different approaches to the consideration of whether sovereign bonds correspond to the inherent meaning of investment as contemplated by the ICSID Convention. Divergent decisions of the tribunals can be attributed to the difference of approaches and conflicting views of the tribunals on the unity of the economic operation at the primary and secondary market. The thesis also addresses the question of localisation of sovereign bonds in host state and the jurisdictional issue of contract and treaty claims. It also identifies possible violations of investment standards that may arise in the event of default or sovereign debt restructuring.

• Keywords: sovereign bonds, investments, sovereign debt restructuring, international investment law, international investment arbitration