CYIL 2015

315

POSTǧLISBON EXERCISE OF EU COMPETENCE IN THE FIELD OF FOREIGN INVESTMENT…

POST-LISBON EXERCISE OF EU COMPETENCE

IN THE FIELD OF FOREIGN INVESTMENT:

COPING WITH THE INTERNATIONAL PROJECTION

OF INTRA-EU COMPLEXITY

Magdalena Ličková

Abstract:

This article assesses the post-Lisbon exercise by the Union of its foreign

investment-related competence. It turns first to intra-EU adaptation of Union-

Member States relations to the newly tailored legal environment before addressing

the corresponding international action undertaken by the Union. The first part

of this article focuses on the regulation adopted in respect of the Member States’

BITs concluded with third countries as well as on the regulation allocating

financial responsibility that will possibly arise under international instruments to

which the Union is or will be party. While both of these instruments are intra-

EU legal acts, they aim at regulating international relations established, or to be

established, by the Member States and/or the Union and are therefore scrutinized from

the international-law perspective too. The latter is then fully embraced by the second

part of this paper which reviews the international-law aspects of the post-Lisbon

implementation of the Union’s foreign investment-related competence. It looks

at currently available drafts of the CETA and EUSFTA to comment on the “right

respondent” mechanism provided thereunder. It notes that while this mechanism

avoids the pitfalls of the unsettled practice in the field of law of international

responsibility, it points to several questions that international arbitrators will have

to answer in order to bridge the gap that may possibly arise between the currently

adopted model of the Union’s and Member States’ international status under these

instruments, on one hand, and the requirements of international law as well as of

the CJEU, on the other.

Resumé:

Článek analyzuje způsob, jakým Evropská unie vykonává svou pravomoc

v oblasti zahraničních investic od vstupu Lisabonské smlouvy v platnost. První část

se zabývá „vnitroevropským“ právním vývojem, který se projevil jednak přijetím

nařízení o přechodné úpravě pro dvoustranné dohody o investicích mezi členskými

státy a třetími zeměmi, jednak přijetím nařízení o finanční odpovědnosti vzniklé,

respektive která vznikne, v důsledku investičních arbitráží dle mezinárodních do-

hod, jichž se účastní či bude účastnit Evropská unie. První z uvedených nařízení

funguje, jak se zdá, bez větších obtíží, nicméně jeho aplikace se může do budouc-

na zkomplikovat v okamžiku, kdy bude nutné, aby členské státy ukončily svoje

I am thankful to Mathias Forteau, Magda Olyšarová and Ana Carolina Simões e Silva for inspiring

comments and discussion. All errors are my own. Text finalized in Aug. 2015.