Treaty Shopping in International Investment Law : Setting Limits on Corporate Restructuring to Gain Access to Investment Protection

This study systematically examines the practice of treaty shopping in international investment law and related arbitral awards. In this context the term "treaty shopping" connotes a strategic change of the investor's nationality for the purpose of accessing more favourable investment treaty provisions and dispute settlement mechanisms. The focus is solely on corporate investors, as the overwhelming majority of international investments are made by legal entities. In addition, the nationality of legal entities is generally much easier to manipulate as they can be relatively freely established, modified and dissolved. In recent years, international investment law has witnessed a rapidly growing number of treaty shopping cases, which has also raised certain concerns regarding the practice. At present, these concerns are strikingly unsettled as investment tribunals have adopted diverging attitudes towards treaty shopping, thus rendering decisions inconsistent with regard to the permissibility of it. Corporate nationality planning or treaty shopping is not illegal or unethical in principle, although many states perceive it as undesirable and have increasingly taken measures against such practices. What separates legitimate nationality planning from treaty abuse? The uncertainty about the limits of treaty shopping is unsatisfactory for both states and investors, not to mention the functionality of the investment protection system in general. This is the principal problem this study attempts to resolve. The study approaches the topic through three separate research questions. The first question seeks to place investment treaty shopping in the wider context. In this regard, the study will endeavour to establish a working definition of treaty shopping. In addition, the study will analyse the reasons for the occurrence of treaty shopping and introduce the most common ways to carry it out. Most importantly, the study explores in detail the benefits of treaty shopping and the main objections against it. Following the examination, the study concludes that despite extensive criticism, treaty shopping may actually enhance the underlying objectives of the investment regime: fair treatment of investors regardless their origin and helping states attract foreign capital to further stimulate financial growth. The second research question encompasses the legal limits to treaty shopping via corporate restructuring. The main purpose is to clarify the dividing line between legitimate nationality planning and abusive treaty shopping. To answer this question, the study analyses the most influential case law related to treaty shopping and discusses the different ways investment tribunals have reviewed the distinction between objectionable and acceptable treaty shopping. Further, the study attempts to systematise the main elements of the arbitral decisions with the goal of formulating general rules for assessing the permissibility of treaty shopping. These rules are useful guidelines for maintaining stability and predictability in investment treaty arbitration, which benefits both investors and states wishing to attract foreign capital. In this respect, the study suggests that the decisive factor is the timing of the investment vis-à-vis the timing of the dispute. The timing element, however, raises its own questions, each of which are further explained in the study. The third and final research question addresses the practical aspects of treaty shopping. While the previous research questions relate to defining the boundaries of treaty shopping, this part of the study focuses solely on the pragmatic and political implications. To this end, the study will introduce certain state reactions to treaty shopping. Further, the study will explore solutions and make recommendations de lege ferenda on how states can safeguard themselves against abusive treaty shopping. It also highlights that the power to curb the practice lies mostly with states who conclude investment treaties. The study suggests that the most effective methods are including narrower definitions and denial of benefits clauses to the treaties. From the foreign investor's perspective, the study will propose a "shopping list" that contains points to consider before undertaking any restructuring measures. This study is not meant as a comprehensive empirical review of treaty shopping, nor does it claim to supply any definitive answers to the questions it raises. Rather, the goal is to elaborate the legal issues arising from the ambiguous boundaries of treaty shopping and to make proposals as to how to assess these issues. For the time being, treaty shopping will remain not only possible, but also a highly attractive option for a prudent investor wishing to improve investment protection

Selvitys osakeyhtiölain muutostarpeista kilpailukykytekijänä

Valtioneuvoston kanslia nimitti keväällä 2019 Roschier Asianajotoimisto Oy:n osakeyhtiölain ajantasaisuutta tarkastelevan VN TEAS -hankkeen toteuttajaksi. Hankkeen tarkoituksena oli kartoittaa yhtiöoikeudellisen sääntelyn muutostarpeet kilpailukykynäkökulmasta sekä toimivuus suhteessa yhtiöiden muuttuneeseen toimintaympäristöön. Selvityksen kohteena olivat lisäksi sääntelyn tekniset virheet, mahdolliset puutteet lain tarjoamassa oikeussuojassa sekä eri vaihtoehdot yhtiöoikeudellisten menettelyjen virtaviivaistamiseksi. Hanketta on edeltänyt virkamiesvalmistelu oikeusministeriössä. Selvityksen toteuttajat ovat arvioineet yhdessä oikeusministeriön kanssa, ettei lain kokonaisuudistukselle ole välitöntä tarvetta. Tutkimukselle osoitettiin yhdessä oikeusministeriön kanssa viisi painopistealuetta: osakeyhtiöiden digitalisointi, yhtiön toiminnan tarkoituksen täsmentäminen, muuttuvan työnteon huomioiminen sääntelyn rakenteissa, osakeyhtiölain tarjoama oikeussuoja sekä sääntelyn yleinen sujuvoittaminen. Työryhmä suosittelee lain toiminnallisuuden parantamista lukuisilla säännöstarkistuksilla sekä osoittaa lisäksi lukuisia jatkoselvitysten kohteita. Raporttia varten on kerätty sidosryhmäpalautetta. Työryhmän loppuraportti koostuu yleisen osan lisäksi edellä mainittuja viittä painopistealuetta käsittelevistä muistioista, hanketta varten kerätyn kyselytutkimuksen palautteesta sekä työryhmän kehittämästä muutosehdotusten arviointityökalusta. Tutkimustuloksia voidaan käyttää pohjana yhtiöoikeuden tulevassa lainvalmistelutyössä.Tämä julkaisu on toteutettu osana valtioneuvoston selvitys- ja tutkimussuunnitelman toimeenpanoa. (tietokayttoon.fi) Julkaisun sisällöstä vastaavat tiedon tuottajat, eikä tekstisisältö välttämättä edusta valtioneuvoston näkemystä

Relationship between sufficiency and usefulness of patient education: A cross‐sectional study of patients with chronic kidney disease

The aim of this descriptive study was to analyze the relationship between the sufficiency and usefulness of patient education from the perspective of people with chronic kidney disease. The goal was to discover whether both sufficiency and usefulness need to be analyzed in the quality evaluation of patient education. Patients undergoing predialysis or home dialysis care in Finland (N = 162) evaluated both the sufficiency and usefulness of patient education provided by nephrology nurses by using parallel structured questionnaires. A strong relationship was found between the sufficiency and usefulness of patient education. The relationship was significant across all dimensions of empowering knowledge, but no systematic association was found between the sufficiency-usefulness relationship and background variables. Depending on the purpose of evaluating patient education, either aspect, that is, sufficiency or usefulness, can be used, but it is not necessary to use both due to their strong inter-correlation. In terms of implications for practice, consideration of both sufficiency and usefulness is important when providing empowering patient education for people undergoing pre- or home dialysis, but only one aspect needs to be evaluated.</p

Normo- and hyperandrogenic women with polycystic ovary syndrome exhibit an adverse metabolic profile through life

Objective: To compare the metabolic profiles of normo- and hyperandrogenic women with polycystic ovary syndrome (PCOS) with those of control women at different ages during reproductive life. Design: Case-control study. Setting: Not applicable. Patient(s): In all, 1,550 women with normoandrogenic (n = 686) or hyperandrogenic (n = 842) PCOS and 447 control women were divided into three age groups: 39 years). Interventions(s): None. Main Outcome Measure(s): Body mass index (BMI), waist circumference, blood pressure, glucose, insulin, cholesterol, lipoproteins, triglycerides and high-sensitivity C-reactive protein. Result(s): Both normo- and hyperandrogenic women with PCOS were more obese, especially abdominally. They had increased serum levels of insulin (fasting and in oral glucose tolerance tests), triglycerides, low-density lipoprotein, and total cholesterol, higher blood pressure, and lower high-density lipoprotein levels independently from BMI compared with the control population as early as from young adulthood until menopause. The prevalence of metabolic syndrome was two-to fivefold higher in women with PCOS compared with control women, depending on age and phenotype, and the highest prevalence was observed in hyperandrogenic women with PCOS at late reproductive age. Conclusion(s): When evaluating metabolic risks in women with PCOS, androgenic status, especially abdominal obesity and age, should be taken into account, which would allow tailored management of the syndrome from early adulthood on. (C) 2016 by American Society for Reproductive Medicine.Peer reviewe

Early-onset climacterium is not associated with impaired vitamin D status:a population-based study

Abstract Objective: To investigate vitamin D status in women with the onset of the climacteric phase by age 46 as both early menopause and inadequate vitamin D status may increase the risk of adverse health outcomes. Methods: A cross-sectional study included 2,544, 46-year-old women from a birth cohort. Women were divided into the following two groups according to their menstrual history and follicle-stimulating hormone (FSH) concentration: 1) climacteric (FSH ≥25 IU/L and amenorrhea ≥4 mo,n = 351) and 2) preclimacteric women (FSH &lt;25 IU/L and having regular/irregular menstrual cycles, n = 2,193). Serum 25-hydroxyvitamin D (25(OH)D) concentrations were compared between the groups. A linear regression model was performed to investigate which factors are associated with 25(OH)D status. Results: Mean serum 25(OH)D concentrations were higher in climacteric compared with preclimacteric women (68.1 ± 19.8 nmol/L vs 65.2 ± 19.3 nmol/L, P = 0.01). However, in the linear regression model, climacteric status was not associated with 25(OH)D status (multivariable adjusted mean difference 4.5 nmol/L, 95% confidence interval −1.4 to 10.4, P = 0.137). A total of 76 of the climacteric women were using systemic estrogen hormone therapy (HT). In a subanalysis, including only climacteric women, the use of HT was associated with higher 25(OH)D status (multivariable adjusted mean difference 5.9 nmol/L, 95% confidence interval 1.3–10.5, P = 0.013). Conclusions: The onset of the climacteric phase by age 46 was not associated with inadequate 25(OH)D concentrations, whereas HT use was associated with higher 25(OH)D status in women with early-onset climacterium