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A Thesis Submitted for the Degree of PhD at the University of Warwick Permanent WRAP URL: http://wrap.warwick.ac.uk/126060 Copyright and reuse: This thesis is made available online and is protected by original copyright. Please scroll down to view the document itself. Please refer to the repository record for this item for information to help you to cite it. Our policy information is available from the repository home page. For more information, please contact the WRAP Team at: [email protected] warwick.ac.uk/lib-publications THE ROLE OF SECURITY EXCEPTIONS IN INTERNATIONAL INVESTMENT LAW KYUNGEUN PARK Thesis Submitted to the University of Warwick for Fulfilment of the Degree of Doctor of Philosophy in Law School of Law University of Warwick September, 2018 Table of Contents Acknowledgements ..................................................................................................... v Declaration ................................................................................................................. vi Abstract ..................................................................................................................... vii Abbreviations ............................................................................................................ ix LIST OF TABLES AND FIGURES ....................................................................... xii INTRODUCTION ...................................................................................................... 1 1. Background ....................................................................................................... 1 2. Research Questions and Contribution ............................................................... 2 3. Methodology ..................................................................................................... 4 4. Overview of Chapters ....................................................................................... 7 CHAPTER 1 Which Security Concept Should Investment Law Use?............... 11 1. Definition of Security Studies ......................................................................... 11 2. The Evolution of Security ............................................................................... 17 2.1. The Realist School ....................................................................................... 17 2.2. The Copenhagen School and Securitisation ................................................ 22 2.3. The Paris School .......................................................................................... 26 2.4. The Constructivist School ............................................................................ 32 3. Risk ................................................................................................................. 36 4. My Approach .................................................................................................. 41 5. Conclusion ...................................................................................................... 42 CHAPTER 2 The Notion of Security in International Investment Law and Policy ......................................................................................................................... 46 1. Introduction ..................................................................................................... 46 2. Interpretation of Security in International Investment Agreements ................... 47 2.1. Background of the Argentine Cases ............................................................ 47 2.2. Public Order ................................................................................................. 53 2.3. National Security and Essential Security Interests ...................................... 56 2.4. The Tribunals’ Awards ................................................................................ 59 2.5. Necessity ...................................................................................................... 63 3. Conclusion ......................................................................................................... 68 CHAPTER 3 Security in Foreign Investment Policy and Security Strategy Reports and Government-controlled Investment ................................................. 70 1. Introduction ........................................................................................................ 70 ii 2. Security as an Evolving or Static Concept in National Policies? ....................... 72 2.1. United States ................................................................................................ 74 2.2. European Countries...................................................................................... 80 2.3. The European Union .................................................................................... 84 2. Foreign Investment Owned or Controlled by a Government in Investment Agreements ............................................................................................................. 87 3. National Security in Domestic Investment Law and Critical Infrastructure ...... 91 3.1. European Countries...................................................................................... 91 3.2. North America ........................................................................................... 103 4. Conclusion ........................................................................................................ 112 CHAPTER 4 The Role of the Concept of National Security in Individual Foreign Investment ................................................................................................ 115 1. Introduction ................................................................................................... 115 2. Controversies over Investment Citizenship Schemes ................................... 118 2.1. A Genuine Link and Solidarity .................................................................. 119 2.2. Commodification of Citizenship and Democracy ..................................... 124 2.3. Controversy at EU Level ........................................................................... 128 2.4. Practical Aspects ........................................................................................ 134 3. Immigration Schemes for Individual Foreign Investors and National Security136 3.1. Caribbean Islands ................................................................................... 136 3.2 European Countries................................................................................ 140 3.3 Residence Schemes ................................................................................ 155 4. Potential Repercussions and National Security Concerns ................................ 157 5. Conclusion ........................................................................................................ 162 CHAPTER 5 National Security Derogations and Exceptions ........................... 166 1. Introduction (Background: Is there a Balance between a Foreign Investor and a Host State?) ........................................................................................................ 166 2. Challenges to Regulatory Space ................................................................... 167 2.1. The Rights of Foreign Investors ................................................................ 169 2.2. Regulatory Space Accommodated by the Right to Expropriate and Police Powers ............................................................................................................... 172 2.3. The Tribunals’ Tendency ........................................................................... 182 3. Need for Flexibility and Security Exceptions ............................................... 186 3.1. The Effectiveness of IIAs and Need for Flexibility ................................... 189 3.2. Current Problems in Exceptions in IIAs and Security Exceptions ............ 194 iii 4. Conclusion .................................................................................................... 196 CHAPTER 6 Legal Recommendations and Policy Reforms ............................. 198 1. Introduction ................................................................................................... 198 2. General Recommendations for Host States in relation to Theories: from Securitisation to Demarcation .............................................................................. 202 2.1. Recommendations in relation to Securitisation ......................................... 202 2.2. Recommendations in relation to Investment Risk ................................. 204 2.3. The Peculiarity of Security Matters ........................................................... 208 3. Recommendations for Law and Policy Reforms on Conceptual and Analytical Dimensions ........................................................................................................... 210 4. Institutional Recommendations ..................................................................... 216 4.1. Corporate Foreign Investors ...................................................................... 216 4.2. GCIs ........................................................................................................... 221 4.3. Individual Investor under a CIP ................................................................. 224 4.4. The Comparison among the Types of Investors .......................................

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