A.-S. Georgiadou, The regulation of Foreign Direct Investments under International, European and Greek Law, 2005
Στον 21ο αιώνα και υπό τους όρους ενός παγκοσμιοποιημένου οικονομικού περιβάλλοντος, οι Άμεσες Διεθνείς Επενδύσεις έχουν καταστεί η κυρίαρχη πηγή εσόδων για τις αναπτυγμένες και αναπτυσσόμενες χώρες. Οι καινοτομίες στον τομέα των ηλεκτρονικών επικοινωνιών ενισχύουν τις επενδύσεις, και ιδιαίτερα τις επενδύσεις στον τομέα των χρηματοοικονομικών υπηρεσιών, και παρέχουν το κεφάλαιο και την τεχνολογία που απαιτούνται για την αποτελεσματικότερη παροχή τους, βελτιώνοντας με τον τρόπο αυτό την ανταγωνιστικότητα των αναπτυσσόμενων χωρών και βοηθώντας την επίτευξη κατάλληλης ισορροπίας μεταξύ των μικρο- και μακρο- οικονομικών αναπτυξιακών τους στόχων. Επιπλέον, οι διακρατικές επενδυτικές δραστηριότητες των Πολυεθνικών Εταιρειών διευκολύνουν την περαιτέρω ενσωμάτωση των αναπτυσσόμενων χωρών στις διεθνείς οικονομικές αγορές, και εξηγούν τη συχνή εμφάνιση της ανάγκης ρύθμισης των επενδύσεων και των υπηρεσιών ως θέμα στις διεθνείς πολιτικές αναβολές.
Επομένως, η συνολική αποτίμηση των ως άνω παραμέτρων συνιστά μια πρόκληση για τους διαπλεκόμενους πρωταγωνιστές, δηλαδή τους Διεθνείς Οργανισμούς, τα Κράτη και τις Πολυεθνικές Εταιρείες, προκειμένου να δημιουργήσουν το κατάλληλο διεθνές οικονομικό περιβάλλον, ώστε όλες οι αναπτυσσόμενες χώρες να επιτύχουν την επιδιωκόμενη οικονομική ανάπτυξη και να απολαύσουν τα οφέλη μιας παγκοσμιοποιημένης οικονομίας. Υπό το διεθνές αυτό πλαίσιο, όπου αναγνωρίζεται η σημασία των χρηματοοικονομικών υπηρεσιών και ο αντίκτυπός τους στην κινητικότητα των Άμεσων Διεθνών Επενδύσεων, το παρόν βιβλίο εξετάζει τη ρύθμιση των Άμεσων Διεθνών Επενδύσεων στο Διεθνές, Ευρωπαϊκό και Ελληνικό Δίκαιο, με ιδιαίτερη έμφαση στη ρύθμιση των επενδύσεων χρηματοοικονομικών υπηρεσιών. Το βιβλίο εισάγει τις έννοιες που άπτονται των διεθνών οικονομικών σχέσεων, δηλαδή των Άμεσων Διεθνών Επενδύσεων, των επενδύσεων χρηματοοικονομικών υπηρεσιών και των Πολυεθνικών Εταιρειών, και εξοικειώνει τον αναγνώστη με τους σχετικούς διεθνείς, ευρωπαϊκούς και ελληνικούς οργανισμούς και ρυθμίσεις.
In the 21st century and under conditions of a globalized economic environment, Foreign Direct Investments have become the key source of financing for both developed and developing countries. New electronic communication technologies enhance Investments, and in particular Investments in services, and provide the capital and technology required to make the provision of financial services more efficient, improving thus the competitiveness of host countries by helping them reach the right equilibrium between their micro- and macro- economic development objectives. Moreover, the offshoring that results from the Multinational Enterprises’ investment activities further facilitates the integration of developing countries into the global financial markets, and explains why the regulation of both investments and services is increasingly reflected in the international policy agenda – ranging from liberalisation to regulation on both national and international level.
Consequently, the overriding challenge for all the actors involved, International Organisations, States and Multinational Enterprises, is to create an international economic environment that will help developing countries strike such a balance, so as to reap the benefits of globalisation. Within this international context, where the importance of financial services and their impact on the international flow and volume of Foreign Direct Investments are acknowledged, comes the present book to examine the regulation of Foreign Direct Investments under International, European and Greek law, making a special reference to the regulation of financial services’ investments. The book introduces the notions inherent in international economic relations, namely Foreign Direct Investments, financial services’ investments and Multinational Enterprises, and familiarizes the reader with the relative international, European and Greek institutions and provisions.
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Table of Contents
Abbreviations
Introductory Note
CHAPTER 1: Introduction - International Economic Relations and
Foreign Direct Investments
I Introduction
II International Economic Relations
A. Public International Law
B. International Economic Law
C. Globalisation
III The Actors in International Economic Relations
A. The States
B. The International Organisations
1. Introduction
2. The Legal Personality of International Organisations
3. The Structure of International Organisations
C. The Multinational Enterprises
IV Foreign Direct Investments
A. Definition of FDI
B. Types of FDI
C. The FDI Legal Regime
D. The Applicable Law
V General Conclusions of Chapter
CHAPTER 2: The Regulation of Foreign Direct Investments by the
International Economic Organisations
I Introduction
II The Draft United Nations Code of Conduct for Transnational Corpora-
tions
III The Organisation for Economic Cooperation and Development
A. Introduction
B. The Code of Liberalisation of Capital Movements
C. The Code of Liberalisation of Current Invisible Operations
D. The OECD Declaration and Decisions on International Investment
and Multinational Enterprises
1. The Guidelines for Multinational Enterprises
2. The Instrument on Conflicting Requirements
3. The National Treatment Instrument
4. The Instrument on International Investment Incentives and
Disincentives
5. Conclusions
E. The Proposed Multilateral Agreement on Investment
IV The Bretton Woods Institutions
A. The International Monetary Fund
1. Introduction
2. Objectives and Functions
3. General Obligations of the Member States
4. Conclusions
B. The World Bank Group
1. The World Bank Guidelines on the Treatment of Foreign Direct
Investment
2. The International Bank for Reconstruction and Development
3. The International Finance Corporation
4. The International Development Association
5. The Multilateral Investment Guarantee Agency
6. Conclusions
V The World Trade Organisation
A. The World Trade Organisation
B. The General Agreement on Tariffs and Trade
C. The Trade Policy Review Mechanism
D. Conclusions
VI Bilateral Investment Treaties
VII The Dispute Settlement System
A. Introduction
B. Judicial Dispute Settlement
C. Non-Judicial Dispute Settlement - Arbitration in General
1. The Arbitration Agreement
2. The Applicable Law
3. The Enforcement of Arbitral Awards - The New York Conven tion
4. Conclusions
D. Institutional Arbitration
1. The International Centre for Settlement of Investment Disputes
a. Introduction
b. The ICSID Convention
c. Conclusions
2. The International Chamber of Commerce
E. Ad Hoc Arbitration - The UNCITRAL Arbitration Rules
1. Introduction
2. The Model Law on International Commercial Arbitration
3. The UNCITRAL Arbitration and Conciliation Rules
F. OECD - MAI DSS
G. WTO DSS
H. BITs DSS
I. Conclusions
VIII General Conclusions of Chapter
CHAPTER 3: The Regulation of Foreign Direct Investments in the
European Community
I Introduction
II The Community System
A. The Fundamental Treaties
B. The Community Institutions
C. The Sources of Community Law
D. The Principles of Community Law
E. Conclusions
III The Fundamental Freedoms
A. The Free Movement of Goods
B. The Freedom of Establishment
1. The Regulation on the Statute for a SE
C. The Free Movement of Services
D. The Free Movement of Capital
E. Conclusions
IV The Economic and Monetary Union
A. Introduction
B. The European System of Central Banks and the European Central
Bank
1. The European Central Bank Payment Mechanism
2. The TARGET System
C. The Euro
1. The Euro Conversion Rates
2. The Cross-Border Payments in Euro Regulation
D. Conclusions
V General Conclusions of Chapter
CHAPTER 4: The Regulation of Financial Services’ Investments
I Introduction
II The Regulation of Financial Services in International Law
A. The General Agreement on Trade in Services
1. The General Agreement on Trade in Services and the GATS
Annex on Financial Services
2. GATS DSS
3. Conclusions
B. The Bank for International Settlements
C. The Basle Committee on Banking Supervision
D. Conclusions
III The Regulation of Financial Services in the European Community
A. Introduction
B. The Financial Services Directives
1. The First and Second Banking Directives
2. The Directive on the Taking Up and Pursuit of the Business of
Credit Institutions
3. The Investment Services Directive
4. The Directive on Markets in Financial Instruments
5. The Directive on the Distance Marketing of Consumer Financial
Services
6. The Payment and Securities Settlement Systems Directive
C. The Trade Barriers Regulation
D. Conclusions
IV The Regulation of International Fund Transfers
A. Introduction
B. The UNCITRAL Model Law on International Credit Transfers
C. SWIFT
V Electronic Data Security
A. Introduction
B. Cryptography Mechanisms
1. The OECD Guidelines for Cryptography Policy
C. Electronic Signatures
1. The UNCITRAL Model Law on Electronic Signatures
2. The Electronic Signatures Directive
D. The Safe Harbour Principles
VI General Conclusions of Chapter
CHAPTER 5: The Regulation of Foreign Direct Investments in the
Greek Legal Order
I Introduction
II The Greek Legal Order
III The Regulation of Foreign Direct Investments in the Greek Legal Order
IV The Regulation of Financial Services’ Investments in the Greek Legal
Order
V General Conclusions of Chapter
CHAPTER 6: General Conclusions
Bibliography
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