AUTONOMY TO SET THE LEVEL OF REGULATORY PROTECTION IN INTERNATIONAL INVESTMENT LAW

This article argues that State autonomy in setting the level of protection for permissible regulatory aims can be better operationalised in the investment treaty regime. The article draws on comparative insights from WTO law, where it is established that WTO members have the right to determine the level of protection for permissible regulatory aims, although significant disciplines are placed on the means used to achieve those aims. It is then argued that investment treaties are, properly interpreted, consistent with the idea that States retain autonomy to determine the level of protection for permissible regulatory aims. Finally, the article proposes removing from the fair and equitable treatment and indirect expropriation standards proportionality balancing stricto sensu, as this undermines State autonomy in setting the level of protection. Overall, this article argues for a partial reorientation of investment law, in which non-discriminatory measures that pursue a permissible regulatory aim, including at a particular level, should not amount to a breach of a treaty where a State uses the means that involve the least possible restriction of the competing interests protected by relevant investment treaty obligations.

Use of Social Networking Services among Slovenes around the World

The authors conducted a survey of online groups on Facebook (N = 270) and a survey of Slovenian migrants (N = 629) to gain insight into the use of social networking services (SNSs) during different phases of the migration process. SNSs can help migrants establish new relationships with migrants in the destination country, which may help them to cope with periods of loneliness in the post-migrant phase. Online groups are an important source of information on the destination, aiding informed decision-making in the pre-migrant phase. Migrants in the post-migrant phase may have lower privacy concerns and perceive higher regulatory protection of their privacy than in the settled phase.

Implications of Behavioral Economics for the SEC Fiduciary Standard and the Regulatory Protection of Pension Participants

Depending on the “lens” through which they are viewed, public policies can be seen very differently, even to the point of judging them effective versus ineffective. A case in point is the SEC fiduciary standard. In this case, traditional rational economics and behavioral economics have much different implications concerning the adequacy of the level of protection provided to nonprofessional investors. Viewed through the lens of traditional rational economic theory, sophisticated, well-informed investors are well-served by the SEC fiduciary standard’s emphasis on disclosure of conflicts of interest and fees and the prevention of fraud. However, it seems far less effective in preventing problems when viewed through the lens of behavioral finance, particularly financial literacy, where many if not most investors display knowledge shortcomings and exhibit well-known behavioral biases. For example, by not establishing a definition for low or reasonable fees, the SEC fiduciary standard for good advice permits advisers to meet the standard of acting in the best interest of the client, while providing advice that would lead to the client being substantially worse off once fees are taken into account.

Abe takes on farming lobby, paving way for TPP

Subject Reforms to Japan's agricultural sector and their impact on trade policy. Significance The government is about to pass legislation curbing the powers of the JA Group, the sprawling conglomerate that dominates the country's farming sector. JA has lobbied successfully for decades for import barriers and subsidies, particularly for rice, and is the most formidable opponent of the Trans-Pacific Partnership (TPP) free trade agreement that Prime Minister Shinzo Abe hopes to sign with the United States. Impacts Economic and political forces are inexorably chipping away at the traditional farming sector's political power and regulatory protection. As commercial farmers benefit from deregulation, their weight as a constituency will grow, making further liberalisation easier. In boldly confronting the feared farmers' lobby and winning, Abe signals his seriousness about structural reform.