Khashina Utamimah Afiff (1606822485)

PASMOD - REGULER

OUTLINE:
RINGKASAN KULIAH UMUM INTERNATIONAL A. Penyelesaian Sengketa Investor-State
INVESTMENT LAW & AGREEMENT B. Obligations and Exception
Oleh: Khashina Utamimah Afiff (1606822485) C. Perkembangan Terbaru (Current
Development)
Hukum Investasi & Pasar Modal - Reguler D. Public International Law &
International Economic Law

A. PENYELESAIAN SENGKETA INVESTOR-STATE (NEGARA HOST)

Perlu diketahui keseimbangan antara perlindungan hak-hak investor asing dan
pengakuan terhadap bidang operasi yang sah dari Negara Host, karena Negara memiliki tanggung
jawab untuk memerintah demi kepentingan semua pihak yang berada dalam yurisdiksi mereka,
dan untuk mempromosikan banyak tujuan publik lainnya serta investasi.
North American Free Trade Agreement 1992 (NAFTA) <bab 11> mengakomodasi
penyelesaian Sengketa Investasi antara Investor-State melalui lembaga arbitrase internasional
dengan menerapkan ketentuan NAFTA, bersama dengan “applicable rules of international law”
dan dari sudut pandang investor memiliki keuntungan bahwa negara yang bersangkutan telah
menyetujui arbitrase dengan menjadi salah satu pihak di NAFTA. Fasilitas untuk arbitrase
campuran yang diberikan oleh NAFTA banyak digunakan dan, meskipun masih terbuka untuk
perbaikan dalam berbagai hal, menyediakan prosedur regional untuk menangani sengketa ekonomi
yang melengkapi sistem Orgnisasi Perdagangan Dunia. Berdasarkan Pasal 1120 (1) NAFTA,
investor dapat mengajukan gugatan ke arbitrase dibawah peraturan:
1. ICSID Convention
• Menyediakan fasilitas arbitrase dan konsiliasi atas sengketa investasi antara
contracting states & nationals of other contracting states (Pasal 25 (1))
• Saat ini terdapat 114 Contracting States, termasuk Australia dan US (tidak
termasuk Mexico dan Kanada)
• Recognition & Enforcement:
 Limited grounds for annulment of award by committee (Ps. 52)
 Parties to convention must otherwise recognize & enforce award (Ps. 53-54)
2. ICSID Additional Facility Rules
• Menyediakan arbitrase untuk sengketa investasi antara pihak-pihak yang salah
satunya bukan merupakan Negara pihak atau warga negara dari Negara pihak
dalam ICSID: Pasal 2
• Persetujuan Sekretaris Jenderal ICSID diperlukan untuk arbitrase: Pasal 4. Di luar
yurisdiksi ICSID;
• tidak tunduk pada Konvensi: Art 3.
3. UNCITRAL Arbitration Rules
• Terdiri atas 60 member states yang diangkat General Assembly (6-years-term)
• Dapat dilaksanakan atas persetujuan Para Pihak dalam kontrak (Art. 1 (1)
• Terdiri atas 3 arbiter dan keputusan bersifat final & binding (Art. 5 jo. 32)
4. New York Convention
• 144 Negara (termasuk Australia, Mexico, Canada, US)
• Keputusan arbitrase dapat ditunda atau ditolak oleh pihak dalam konvensi selain
negara dalam keputusan tersebut dibuat dengan alasan: (1) invalid arbitral
agreement; (2) Failure to accord due process; (3) award beyond scope of arbitration;
(4) Award set aside or suspended by competent authority; (5) Recognition would
be contrary to public policy
 Khashina Utamimah Afiff (1606822485)
PASMOD - REGULER

B. OBLIGATIONS AND EXCEPTION

I - ABSOLUTE PROTECTION (non-contingent obligations)

1. Fair & Equitable Treatment → Perlakuan yang adil secara keseluruhan terhadap
semua investor yang melakukan investasi di Host-State.
2. Full Protection & Security → Harus ada perlindungan terhadap keberlangsungan
investasi milik investor di Host State dari permasalahan eksternal. Contohnya ketika
ada kerusuhan di Australia yang memengaruhi dan memberikan dampak buruk
terhadap jalannya investasi di Malaysia, maka pemerintah Australia harus
bertanggungjawab berdasarkan ada full protection & security.

MINIMUM STANDARD OF TREATMENT under international law adalah standar memperlakukan investor yang
wajib dilaksanakan yang setidak-tidaknya mencakup: (1) Fair & Equitable Treatment; (2) Full Protection &
Security; dan (3) Notes of Interpretation of Certain Chapter 11 Provisions: NAFTA Free Trade Comission, 31 July
2001.
(Ps. 1105 (1) NAFTA).
Art 1105(2) – ‘non-discriminatory treatment with respect to measures it adopts or maintains relating to losses
suffered by investments in its territory owing to armed conflict or civil strife’.

3. Compensation & Expropriation

a. Expropriation
i. Dasar Hukum → Art 1110(1) NAFTA
• No party may directly or indirectly nationalize or expropriate an investment
of an investor of another Party in its territory or take a measure tantamount
to nationalization or expropriation of such an investment (‘expropriation’),
except if four conditions satisfied (below). → harus dianalisis secara case-
to-case basis
• Expropriations are not limited to seizures of property or formal transfers of
title, but also extend to instances where legal title is unaffected but the
owner is deprived of the meaningful use of the investment. (larangan
investor menikmati keuntungan investasi); contoh: Australian-Chile Free
Trade Agreement.

ii. Dasar melakukan Expropriation:

1) For Public Purposes → Essentially to allow the interests of the public
prevail over those of the individual. Significant deference to States here (ie
fairly easy to satisfy) because what is for a public purpose or public interest
generally determined by the laws of the State.
2) On a Non-Discriminatory Basis → Might consider whether ‘like’ investors
are treated alike. Consider whether reasons for differential treatment are
nationality-based on separate and legitimate.
3) In Accordance with Due Process of Law and Art. 1105(1) → Another fairly
minimal standard. Need to comply with domestic laws. If do that, and if
 Khashina Utamimah Afiff (1606822485)
PASMOD - REGULER

non-discriminatory, unlikely to breach the minimum standard of treatment

under international law. [On one view, arbitrariness violates due process.]
4) Compensation

iii. Jenis-jenis Expropriation:

1) Direct Expropriation (Langsung) → nasionalisasi atau pengambialihan aset
investasi secara langsung oleh pemerintah secara fisik
2) Indirect Expropriation (Tidak langsung) → nasionalisasi atau
pengambilalihan aset investasi secara tidak langsung dengan cara-cara
sebagai berikut:
a. Substantial and lasting deprivation of investment:
i. Destruction of value
ii. Effective loss of control
iii. Effective Neutralisation of
b. Consideration of: benefit to investor
i. Extent of harm/damage to investor interest
ii. Legitimate expectations of investors
iii. Proportionality of the measure to the goal
iv. States’ inherent right to regulate in public interest
3) Apabila ada Lampiran Clarify Expropriation Annex, contohnya dalam
Chile-Australian Free Trade Agreement:

The Parties confirm their shared understanding that:…

(a) The determination of whether an action or series of actions by a Party,
in a specific fact situation, constitutes an indirect expropriation, requires a
case-by-case, fact-based inquiry that considers, among other factors:
(i) the economic impact of the government action, although the fact
that an action or series of actions by a Party has an adverse effect on the
economic value of an investment, standing alone, does not establish
that an indirect expropriation has occurred;
(ii) the extent to which the government action interferes with distinct,
reasonable investment-backed expectations; and
(iii) the character of the government action.
(b) Except in rare circumstances, non-discriminatory regulatory actions
by a Party that are designed and applied to protect legitimate public
welfare objectives, such as public health, safety, and the environment, do
not constitute indirect expropriations.

“This Article [Expropriation] does not apply to the issuance of compulsory

licences granted in relation to intellectual property rights in accordance
with the TRIPS Agreement, or to the revocation, limitation, or creation of
intellectual property rights, to the extent that such revocation, limitation, or
creation is consistent with Chapter 17 (Intellectual Property)”.
 Khashina Utamimah Afiff (1606822485)
PASMOD - REGULER

b. Umbrella Clauses → ketentuan bahwa masing-masing pihak perjanjian ‘harus

mematuhi kewajiban apa pun yang mungkin telah dibuat sehubungan dengan
investasi investor 'pihak lain. (contoh: Tobacco Investors v. WTO)
c. Exceptions → pengecualian / pembatasan terhadap ruang gerak public policy
(peraturan domestic) dalam lingkup investasi internasional
1) No Exceptions (contoh: Perancis, Italian Model BITs, China-Switzerland BIT)
2) Limited Exceptions (contoh: US, Indian, German Model BITs)
3) General Exceptions (contoh: Canada Model BITs)

II - RELATIVE PROTECTION (contingent obligations)

1. National Treatment (“NT”)

2. Most Favored Nation Treatment (“MFN”)

NAFTA Art 1103(1): ‘Each Party shall accord to investors of another Party treatment
no less favourable than that it accords, in like circumstances, to investors of any other
Party or of a non-Party with respect to the establishment, acquisition, expansion,
management, conduct, operation, and sale or other disposition of investments’.

C. PERKEMBANGAN TERBARU (CURRENT DEVELOPMENT)

1. Transparancy
• UNCITRAL Rules on Transparency (1 April 2014)
• Mauritius Convention on Transparency (adopted 10 December 2014, entered into
force 18 October 2017)
2. Investment Court
• EU negotiations towards multilateral investment court
• UNCITRAL negotiations on ISDS reform
• Roberts, ‘Incremental, Systemic, and Paradigmatic Reform of Investor-State
Arbitration’ (2018)
3. Arbitrator Diversity
• Kluwer Arbitration Blog
 Khashina Utamimah Afiff (1606822485)
PASMOD - REGULER

• 2018 International Arbitration Survey

4. Reformasi Rezim Investasi
• IISD
• CCSI
• UNCTAD
• OECD
5. Global Economic Law Network

D. PUBLIC INTERNATIONAL LAW & INTERNATIONAL ECONOMIC LAW

1. Statuta Mahkamah International (Statute of ICJ) – Pasal 38
ICJ akan memutuskan perkara hukum internasional berdasarkan:
a. Konvensi Internasional
b. Kebiasaan Internasional (International Custom)
c. Prinsip hukum umum yang diakui masyarakat internasional (general principles of law
recognized by civilized nations)
d. Doktrin (subject to the provisions of Article 59, judicial decisions and the teachings
of the most highly qualified publicists of the various nations, as subsidiary means
for the determination of rules of law).
2. Tiga Tipe Yurisdiksi
a. Subject-matter jurisdiction → the law that a court or tribunal may interpret and apply
b. Applicable law → the law that a court or tribunal may interpret and apply
c. Inherent jurisdiction → the court or tribunal’s intrinsic powers, derived from its
nature as a judicial body
3. Vienna Convention of Law and Treaties (VCLT) – Pasal 31 & 32

a. Suatu Treaty / Perjanjian harus ditafsirkan dengan itikad baik sesuai dengan makna
yang biasa diberikan pada ketentuan-ketentuan traktat dalam konteksnya dan
berdasarkan objek dan tujuannya.
b. Konteks untuk tujuan penafsiran perjanjian harus terdiri, di samping teks, termasuk
pembukaan dan lampirannya:
(a) segala perjanjian yang berkaitan dengan perjanjian yang dibuat antara semua
pihak sehubungan dengan kesimpulan perjanjian;
(b) instrumen apa pun yang dibuat oleh satu atau lebih pihak sehubungan dengan
kesimpulan perjanjian dan diterima oleh pihak lain sebagai instrumen yang terkait
dengan perjanjian.
c. Harus diperhitungkan, bersama dengan konteksnya: (a) setiap perjanjian berikutnya
antara para pihak mengenai penafsiran perjanjian atau penerapan ketentuannya; (b)
setiap praktik berikutnya dalam penerapan perjanjian yang menetapkan kesepakatan
para pihak tentang interpretasinya; (c) segala aturan hukum internasional yang
relevan yang berlaku dalam hubungan antara para pihak.
d. Makna khusus akan diberikan kepada suatu istilah jika ditetapkan bahwa para pihak
dimaksud.