Unit information: International Investment Law in 2019/20

Unit name	International Investment Law
Unit code	LAWDM0152
Credit points	30
Level of study	M/7
Teaching block(s)	Teaching Block 4 (weeks 1-24)
Unit director	Dr. Burton
Open unit status	Not open
Pre-requisites	None
Co-requisites	None
School/department	University of Bristol Law School
Faculty	Faculty of Social Sciences and Law

Description including Unit Aims

This unit aims to examine the international legal regime that governs activities of investors operating overseas. As a sub-field of public international law, international investment law provides protection to foreign investors and their investments against State excesses. The applicable law finds expression in investment treaties and customary international law, and disputes are commonly settled by way of investor-State arbitration.

This unit will offer a comprehensive and critical introduction to international investment law. It will examine the nature of the investment protection regime by engaging with the theoretical underpinnings and the economic and political rationales informing the creation and development of the regime. It will expose students to the scope and content of substantive standards of investment protection, such as non-discrimination, fair and equitable treatment and expropriation. The procedure of investor-State dispute settlement will also be explored. This part of the course will focus on the framework of international arbitration, and will examine questions of jurisdiction and admissibility, arbitral process, and post-award remedies such as challenges to and enforcement of arbitral awards. Particular attention will be paid to the role of States and the apparent conflicts between investment protection and a State’s sovereign right to regulate in the public interest. Students will be expected to engage with the critical voices challenging the legitimacy of the investment regime, and recent attempts to reshape the investment law regime will be analysed. Alongside examining the scope of the existing legal regime, this unit will also deal with the interaction between investment law and issues of environmental and human rights protection.

The list of examinable topics will include: history and political economy of investment law, sources of investment law, definition of investors and investments, substantive obligations of non-discrimination (MFN and national treatment), expropriation, fair and equitable treatment, defences and exceptions, dispute settlement institutions and process, jurisdiction and admissibility, challenges and enforcement of awards, and backlash and legitimacy challenges.

Intended Learning Outcomes

The main learning outcome of this unit is to equip students with a clear understanding of the international regime governing the protection and regulation of foreign investment. Students will also learn about the shifts that the investment regime is currently undergoing. Moreover, students will be to engage with investment law from a critical perspective, particularly the role it plays in regulating the behaviour of developing States. By the end of the unit, students should be able to:

1. Demonstrate a detailed understanding of the substantive protections available to foreign investors under international law, and the procedural principles underpinning investor-State dispute settlement.
2. Appreciate the similarities and differences between different types of arbitration (such as ICSID and UNCITRAL).
3. Engage critically with the normative foundations of international investment law.
4. Develop a critical understanding of the current debates that are leading to a reshaping of international investment law.
5. Critically appraise the law on investment protection from the perspective of different groups of States, and other stakeholders.

Teaching Information

This unit will be taught by way of 8 lectures, 10 two-hour seminars and 2 assessment preparation and feedback sessions.

Assessment Information

Summative: A 2000 word essay (33%), which assessed the candidate's ability to research a topic within the scope of this unit, and one 3 hour written examination (67%). Both assessments will assess all of the Intended Learning Outcomes for this unit in the context of topics selected by the examiners (ILOs 1-5)

Formative: students should do one formative assessment (this will usually be 1 x 1500 word essay). This will be accompanied by exercises and activities built into the teaching and learning programme. These will include student research presentations and advocacy exercises (ILOs 1-5)

Reading and References

• Campbell McLachlan, Laurence Shore, and Matthew Weiniger, International Investment Arbitration: Substantive Principles (2nd edn, OUP 2017)
• M Sornarajah, The International Law on Foreign Investment (4th edn, CUP 2017)
• Jonathan Bonnitcha, Lauge Poulsen and Michael Waibel, The Political Economy of the Investment Treaty Regime (OUP 2017)

As a case-book, students may refer to

• CL Lim, J Ho, and M Paparinskis, International Investment Law and Arbitration: Commentary, Awards and other Materials (CUP 2018)