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International investment arbitrations and subnational entities

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International investment arbitrations and subnational entities


the-International-Centre-for-Settlement-of-Investment-Disputes-ICSID

The role of subnational entities, such as states and municipalities, has been exerting an increasing influence in the field of foreign investment. This action is even more relevant in countries such as Brazil, which constitution grants a myriad of competences to federal entities. Thus, the subnational entities, when issuing rules and taking steps to regulate or in any way impacting foreign investment, can generate conflicts that require the application of international law and give rise to the operation of an international arbitral institution. Despite this context, there isn’t regulation in international law about the possibility of international responsabilization of subnational entities, which creates legal uncertainty for investors. Bruno Fernandes wrote an article analyzing this situation and proposing solutions, which was published in the Revista de Direito da Associação dos Procuradores do Estado do Rio de Janeiro.

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FERNANDES DIAS, Bruno. Entes Subnacionais nas Arbitragens de Investimento: contribuições para a segurança jurídica no Brasil. Revista de Direito da Associação dos Procuradores do Estado do Rio de Janeiro, v. XXVI, 2016, pp. 253-294.

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