Part II Substantive Issues, Ch.16 Regulatory Transparency

Subject(s):

Fair and equitable treatment standard — Transparency

This chapter presents an overview of transparency issues. It begins with a discussion of the significance of the concept in the investment field, asking why transparency is being increasingly characterized as a fundamental principle and considering why it was neglected for a long time, bearing in mind early investment treaty practice. It then reviews the development of specialized transparency obligations in more recent international investment agreements (IIAs), highlighting their principal features. Thirdly, the chapter analyses the interrelationship between the transparency obligations of the state and the principle of fair and equitable treatment, taking into account developments in international investment arbitrations in this regard. Finally, the chapter considers the role that transparency has to play in investment protection more generally.