File #2390: "2018_Book_IntegrationAndInternationalDis.pdf"
Text
1|Foreword|6
1|Preface|8
1|Contents|10
1|About the Editors and Authors|12
1|Part I: Introduction|18
2|Chapter 1: Small States and Integration: An Introduction|19
3|1.1 Introduction|19
3|1.2 Small States|20
4|1.2.1 Challenges Due to Size|21
5|1.2.1.1 Vulnerability to Economic Shocks and Income Volatility|21
5|1.2.1.2 Limited Capacity|21
5|1.2.1.3 Difficulty Accessing External Capital|21
4|1.2.2 Challenges Due to Geography|22
5|1.2.2.1 Limited Competitiveness|22
5|1.2.2.2 Susceptibility to Natural Disasters and Climate Change|22
3|1.3 Integration in Small States|22
4|1.3.1 Definition|22
4|1.3.2 Examples|23
4|1.3.3 Impact|23
4|1.3.4 Integration Issues Faced by Small Island States|24
5|1.3.4.1 Regional Agreements|25
5|1.3.4.2 Dichotomy Between Ambition and Reality|26
4|1.3.5 Approaches to Regulation of Trade and Finance in Small States|27
5|1.3.5.1 Opportunities Based on Innovative Regulations for Trade and Finance in Small States|27
5|1.3.5.2 Renewable Energy|28
5|1.3.5.3 Traditional Knowledge|28
4|1.3.6 Small States as Financial Centres|29
3|1.4 Dispute Resolution and Small States|30
4|1.4.1 Dispute Resolution Involving Small States|30
5|1.4.1.1 State-to-State Disputes Involving Small States|30
5|1.4.1.2 Investor-State Dispute Settlement Involving Small States|32
4|1.4.2 International Business-to-Business Dispute Resolution in Small States|33
5|1.4.2.1 Cross-Border Litigation in Small States|33
5|1.4.2.2 International Commercial Arbitration in Small States|34
5|1.4.2.3 International Tax Dispute and Small States|36
5|1.4.2.4 International Mediation in Small States|38
3|1.5 Conclusions|39
3|References|39
1|Part II: Integration|41
2|Chapter 2: Small States and Regional Dispute Resolution Mechanisms: The Caribbean and Pacific Experiences|42
3|2.1 Introduction|42
4|2.1.1 Rationale|44
4|2.1.2 Critique|44
4|2.1.3 Chapter Outline|45
3|2.2 Analytical Framework|46
4|2.2.1 The Relevance of State-Size|47
4|2.2.2 Small States as a Contested Concept|47
4|2.2.3 Small States and Regional Dispute Resolution|49
4|2.2.4 Conclusions|51
3|2.3 Regional Dispute Resolution and Small States: The Caribbean and the Pacific|52
4|2.3.1 Caribbean Integration: The CARICOM Experience|53
5|2.3.1.1 General Characteristics of the CARICOM Member States|54
5|2.3.1.2 CARICOM and Its Dispute Settlement Mechanisms|55
4|2.3.2 Pacific Island Countries Integration|59
5|2.3.2.1 General Characteristics of Pacific Islands Countries|59
5|2.3.2.2 The MSG, PICTA, PACER, PACER Plus and Their Dispute Settlement Mechanisms|62
3|2.4 Concluding Remarks|68
3|References|70
2|Chapter 3: Enforcement of Regional Economic Integration in the Caribbean: Treaty Enforcement by the Caribbean Court of Justice...|75
3|3.1 Introduction|75
3|3.2 The Caribbean Community|77
3|3.3 Nature of CARICOM Single Market and Economy (CSME)|79
3|3.4 Nature of the Court|80
3|3.5 Domestic Enforcement of Community Law: The Role of the CCJ|81
4|3.5.1 Shanique Myrie v Barbados|82
4|3.5.2 Maurice Tomlinson v Trinidad and Tobago and Belize|84
3|3.6 Closer Co-operation by a Sub-Unit within the CARICOM Context|90
4|3.6.1 Focal Topic: Free Movement|91
4|3.6.2 Enhanced Co-operation Under EU Law|92
4|3.6.3 Subsequent Regime: Balanced Substantive Rights|96
3|3.7 Conclusions|98
3|References|99
1|Part III: Business Relations with and within Small States|101
2|Chapter 4: Achieving Sustainable Development Goal 8 in Small Island Developing States by Capital Raising Law Reform: Case Stud...|102
3|4.1 Introduction|102
3|4.2 Financing Constraints in Small Island Developing States|104
4|4.2.1 Differences Between Small Island States and Pacific Small Island States|106
4|4.2.2 The Case of Fiji: Fiji´s Progress Towards the Millennium Development Goals (MDGs)|107
4|4.2.3 The 2030 Agenda: How Can Fiji Realign Its Development Path to Meet the New Sustainable Development Goals?|109
3|4.3 Capital Raising Regime in Fiji Before January 2016|111
4|4.3.1 Unit Trusts Act 1978 (Cap 228)|111
4|4.3.2 Companies Act (Cap 247)|111
4|4.3.3 Capital Markets Decree 2009 (CMD)|111
3|4.4 Problems with the Prior Regime|112
3|4.5 The Companies Act 2015|113
3|4.6 Capital Raisings Under Part 26 of the Companies Act 2015|114
4|4.6.1 Obligation to Publish a Prospectus|114
4|4.6.2 Exemptions from the Obligation to Publish a Prospectus|115
4|4.6.3 Exceptions for Certain Issuances|116
4|4.6.4 Prospectus Content Requirements|117
4|4.6.5 Validity of a Prospectus and Liability for Defective Information|117
4|4.6.6 Limited Nature of Exemptions from the Obligation to Publish a Prospectus and the High Costs of Compliance|117
3|4.7 Reform Options|118
4|4.7.1 Reforming the Secured Transactions Regime: Secured Transactions as a Domestic Resource Mobilisation Tool|118
4|4.7.2 Introduction of ``Community Companies´´: Community Companies as a DRM Tool|120
4|4.7.3 Legislative Requirements Applying to Community Companies|121
4|4.7.4 A ``Small Business Access to Capital Bill´´|122
4|4.7.5 Amendments to the Companies Act 2015|123
3|4.8 Conclusions|123
3|References|124
2|Chapter 5: Getting the Definition of ``Consumer´´ Right: Worrying About the Smaller Ones in Fiji|127
3|5.1 Introduction|127
3|5.2 The Framework of Consumer Protection Legislation in Fiji|128
4|5.2.1 The Current Statutory Definitions of a `Consumer´ in Fiji and their Defects|129
5|5.2.1.1 Fijian Competition and Consumer Commission Act 2010|129
5|5.2.1.2 Consumer Council of Fiji Act 1976|130
5|5.2.1.3 Consumer Credit Act 1999|131
3|5.3 Background of Micro and Small Enterprises in Fiji|131
4|5.3.1 Fiji Bureau of Statistics Economic Survey 2004|132
4|5.3.2 The Reserve Bank of Fiji Comments|133
4|5.3.3 The National Centre for Small and Micro Enterprises Development Survey 2009|133
4|5.3.4 Case Studies|135
3|5.4 Rationale for Consumer Protection|136
3|5.5 A Critical Analysis of the Proposal to Broaden the Definition of `Consumer´|138
4|5.5.1 Arguments for Broadening the Definition of `Consumer´|138
5|5.5.1.1 Rationale for Consumer Protection|138
5|5.5.1.2 Importance of MSEs to the Economy|139
4|5.5.2 Arguments Against Broadening the Definition of `Consumer´|139
3|5.6 Issues in Broadening the Definition(s) of Consumer in Fiji|141
4|5.6.1 Consumer Credit Laws|141
4|5.6.2 Unfair Contract Terms|142
4|5.6.3 Expansion of the Definition to Businesses or ``Business-Consumers´´?|144
3|5.7 Proposed Definition of `Consumer´|146
4|5.7.1 The New Definition|147
4|5.7.2 Explanation|147
5|5.7.2.1 Scope of the Proposed Definition|147
5|5.7.2.2 Reference to the Definitions of Micro and Small Enterprise in Small and Micro Enterprises Development Act 2002|148
5|5.7.2.3 The Idea of the New Definition of `Consumer´|149
3|5.8 Conclusion|150
3|References|150
2|Chapter 6: Intellectual Property Consequences of Commercial Relations with Small States: A View from the Pacific|152
3|6.1 Introduction|152
3|6.2 Trade Agreements|155
3|6.3 Intellectual Property and Trade Agreements|159
4|6.3.1 The WTO in the Pacific|160
4|6.3.2 A Regional Response|162
3|6.4 Why Relying on Intellectual Property Protection in the Pacific May Be Challenging|164
3|6.5 Realising the Alternatives|167
3|6.6 Conclusion|168
3|References|170
1|Part IV: Small States as Financial Centres|175
2|Chapter 7: How Small Jurisdictions Compete in International Financial Services|176
3|7.1 Introduction|176
3|7.2 Small Jurisdictions in Cross-Border Finance|178
4|7.2.1 Bermuda|178
4|7.2.2 Dubai|178
4|7.2.3 Singapore|179
4|7.2.4 Hong Kong|180
4|7.2.5 Switzerland|181
4|7.2.6 Delaware|181
3|7.3 Why Certain Small Jurisdictions Succeed|182
4|7.3.1 ``MDSJs Are Small and Poorly Endowed with Natural Resources, Limiting Their Economic Development Options´´|184
4|7.3.2 ``MDSJs Possess Legislative Autonomy´´|184
4|7.3.3 ``MDSJs Are Culturally Proximate to Multiple Economic Powers, and Favorably Situated Geographically vis-à-vis Those Powe...|185
4|7.3.4 ``MDSJs Heavily Invest in Human Capital, Professional Networks, and Related Institutional Structures´´|186
4|7.3.5 ``MDSJs Consciously Balance Close Collaboration with and Robust Oversight of the Financial Professional Community, Seeki...|186
3|7.4 Conclusions|190
3|References|192
2|Chapter 8: The Value of IFCS and Focusing on Facts Rather than Fiction|195
3|8.1 Introduction|195
3|8.2 Exaggerated and Unsubstantiated Claims|197
3|8.3 An Emotive Argument|198
3|8.4 Offshore Does Not Equal Illicit|200
3|8.5 Research to Balance the Debate|204
3|8.6 A Booming Continent?|205
3|8.7 Engagement Is Key|207
3|8.8 Abandon Stereotypes|208
3|References|208
2|Chapter 9: Small State International Financial Centres: A Chance to Reclaim the High Ground on Human Rights?|211
3|9.1 Introduction|211
3|9.2 The Problem|212
3|9.3 Human Rights and Small Communities|216
3|9.4 Human Rights and International Finance: Finding a New Narrative|219
3|9.5 What Issues Matter to Communities in Small States?|220
4|9.5.1 Climate Change|220
4|9.5.2 Women´s Rights|222
3|9.6 Conclusion|223
3|References|224
1|Part V: Litigation and Arbitration|227
2|Chapter 10: Integration and Dispute Resolution in Small States|228
3|10.1 Introduction|228
3|10.2 Advantages of International Commercial Arbitration for Small States|229
3|10.3 Adoption of International Instruments for Arbitration|230
4|10.3.1 The New York Convention|231
4|10.3.2 The Model Law|233
4|10.3.3 How the Convention and Model Law Come Together|235
3|10.4 Adoption of a Bilateral Arbitration Treaty|235
4|10.4.1 What Are BATs?|236
4|10.4.2 BATs and Small States|238
3|10.5 Conclusion|240
3|References|240
2|Chapter 11: International Arbitration and Domestic Laws: A Symbiotic Interaction?|242
3|11.1 Introduction|242
3|11.2 Arbitration as a ``Go To´´ Option in Cross-Border Transactions|243
4|11.2.1 Empirical Efforts|243
4|11.2.2 The Application of the Law on an ``As Is´´ Basis|249
3|11.3 International Arbitration and Domestic Laws: Intersections, Cross-Fertilisation, Side Effects?|252
3|11.4 Conclusion|255
3|References|256
2|Chapter 12: International Tax Arbitration: A New Avenue for Small State International Financial Centres?|258
3|12.1 Introduction|258
3|12.2 Should Small State International Financial Centres Specialise in Tax Arbitrations?|259
4|12.2.1 What Is a SS IFC?|259
4|12.2.2 Why Should SS IFCs Make an Additional Offering of ``Tax Arbitration´´|261
3|12.3 How to or How Not to Offer Tax Arbitration|263
3|12.4 Investor-State Investment Treaty Tax Arbitration|267
4|12.4.1 Scope of Investment|267
4|12.4.2 Existence of a Treaty|268
4|12.4.3 Arbitrability of Tax Disputes|270
5|12.4.3.1 Different Clauses in BITs|270
5|12.4.3.2 Protections and Guarantees Under Tax-Related Claims|274
6|Expropriation|275
6|Fair and Equitable Treatment|277
6|Non-Discrimination|278
3|12.5 Modified Versions of BITs to Make the Offering|280
4|12.5.1 Investment Contracts|280
4|12.5.2 Private Investment Treaty|280
3|12.6 Small States Should Accede to the New York Convention|282
3|12.7 Conclusion|283
3|References|283
2|Chapter 13: Kosovo: The Perspective of a Pro-Arbitration Country|286
3|13.1 Introduction to Commercial Arbitration in Kosovo|286
3|13.2 National Arbitration Law|288
4|13.2.1 Introduction|288
4|13.2.2 Structure of the Law|289
4|13.2.3 Main Provisions|291
5|13.2.3.1 Arbitrability|291
5|13.2.3.2 The Arbitration Agreement|292
5|13.2.3.3 Competence-Competence and Separability|293
5|13.2.3.4 The Role of Local Courts in Arbitration Proceedings|294
5|13.2.3.5 Interim Measures|296
3|13.3 New York Convention and Its Applicability in Kosovo|296
4|13.3.1 General Observations|296
4|13.3.2 The Risk of Enforcing Kosovo Made Awards Abroad|298
4|13.3.3 Article 39: The Unilateral Accession|299
3|13.4 The Practice of Arbitration in Kosovo|300
4|13.4.1 Country-Specific Issue: Arbitration in Public Contracts|301
3|13.5 The Perspectives of the Country in International Arbitration|303
4|13.5.1 Investment Law and ICSID Membership|303
4|13.5.2 Membership to Permanent Court of Arbitration|306
3|13.6 Conclusion|307
3|References|307
2|Chapter 14: International Litigation and the Caribbean Court of Justice|309
3|14.1 The Caribbean Court of Justice: A Unique Judicial Institution|309
3|14.2 The CCJ and Public International Law Litigation: The Rule of Law|312
4|14.2.1 Rule of Stare Decisis|312
4|14.2.2 Judicial Review of Community Acts|314
4|14.2.3 Standing of Individuals to Bring Actions|315
4|14.2.4 Legal Threshold for Standing|316
4|14.2.5 Rights Found to Have Been Breached|317
3|14.3 Remedies|318
4|14.3.1 Damages|318
4|14.3.2 Coercive Orders|319
4|14.3.3 Reimbursements and Monitoring of Compliance|319
4|14.3.4 Declarations|320
3|14.4 Implementation by Member States|320
3|14.5 Greater Participation and Access|321
3|14.6 Private International Litigation: The Appellate Jurisdiction|322
3|14.7 Conclusion|323
3|References|324
2|Chapter 15: Cost-Efficiency in Inter-State Dispute Settlement|325
3|15.1 Introduction|325
3|15.2 Institutional Paths: Reducing Costs Through Established Funds|327
4|15.2.1 The ICJ Trust Fund|327
4|15.2.2 The ITLOS Trust Fund|330
4|15.2.3 The PCA Financial Assistance Fund|331
3|15.3 Independent Paths: Reducing Costs Through Third Parties or Internal Means|334
3|15.4 Mutual Paths: Reducing Costs Through Agreement of the Parties|335
3|15.5 Assessment and Proposals for Reform|337
3|References|341
1|Preface|8
1|Contents|10
1|About the Editors and Authors|12
1|Part I: Introduction|18
2|Chapter 1: Small States and Integration: An Introduction|19
3|1.1 Introduction|19
3|1.2 Small States|20
4|1.2.1 Challenges Due to Size|21
5|1.2.1.1 Vulnerability to Economic Shocks and Income Volatility|21
5|1.2.1.2 Limited Capacity|21
5|1.2.1.3 Difficulty Accessing External Capital|21
4|1.2.2 Challenges Due to Geography|22
5|1.2.2.1 Limited Competitiveness|22
5|1.2.2.2 Susceptibility to Natural Disasters and Climate Change|22
3|1.3 Integration in Small States|22
4|1.3.1 Definition|22
4|1.3.2 Examples|23
4|1.3.3 Impact|23
4|1.3.4 Integration Issues Faced by Small Island States|24
5|1.3.4.1 Regional Agreements|25
5|1.3.4.2 Dichotomy Between Ambition and Reality|26
4|1.3.5 Approaches to Regulation of Trade and Finance in Small States|27
5|1.3.5.1 Opportunities Based on Innovative Regulations for Trade and Finance in Small States|27
5|1.3.5.2 Renewable Energy|28
5|1.3.5.3 Traditional Knowledge|28
4|1.3.6 Small States as Financial Centres|29
3|1.4 Dispute Resolution and Small States|30
4|1.4.1 Dispute Resolution Involving Small States|30
5|1.4.1.1 State-to-State Disputes Involving Small States|30
5|1.4.1.2 Investor-State Dispute Settlement Involving Small States|32
4|1.4.2 International Business-to-Business Dispute Resolution in Small States|33
5|1.4.2.1 Cross-Border Litigation in Small States|33
5|1.4.2.2 International Commercial Arbitration in Small States|34
5|1.4.2.3 International Tax Dispute and Small States|36
5|1.4.2.4 International Mediation in Small States|38
3|1.5 Conclusions|39
3|References|39
1|Part II: Integration|41
2|Chapter 2: Small States and Regional Dispute Resolution Mechanisms: The Caribbean and Pacific Experiences|42
3|2.1 Introduction|42
4|2.1.1 Rationale|44
4|2.1.2 Critique|44
4|2.1.3 Chapter Outline|45
3|2.2 Analytical Framework|46
4|2.2.1 The Relevance of State-Size|47
4|2.2.2 Small States as a Contested Concept|47
4|2.2.3 Small States and Regional Dispute Resolution|49
4|2.2.4 Conclusions|51
3|2.3 Regional Dispute Resolution and Small States: The Caribbean and the Pacific|52
4|2.3.1 Caribbean Integration: The CARICOM Experience|53
5|2.3.1.1 General Characteristics of the CARICOM Member States|54
5|2.3.1.2 CARICOM and Its Dispute Settlement Mechanisms|55
4|2.3.2 Pacific Island Countries Integration|59
5|2.3.2.1 General Characteristics of Pacific Islands Countries|59
5|2.3.2.2 The MSG, PICTA, PACER, PACER Plus and Their Dispute Settlement Mechanisms|62
3|2.4 Concluding Remarks|68
3|References|70
2|Chapter 3: Enforcement of Regional Economic Integration in the Caribbean: Treaty Enforcement by the Caribbean Court of Justice...|75
3|3.1 Introduction|75
3|3.2 The Caribbean Community|77
3|3.3 Nature of CARICOM Single Market and Economy (CSME)|79
3|3.4 Nature of the Court|80
3|3.5 Domestic Enforcement of Community Law: The Role of the CCJ|81
4|3.5.1 Shanique Myrie v Barbados|82
4|3.5.2 Maurice Tomlinson v Trinidad and Tobago and Belize|84
3|3.6 Closer Co-operation by a Sub-Unit within the CARICOM Context|90
4|3.6.1 Focal Topic: Free Movement|91
4|3.6.2 Enhanced Co-operation Under EU Law|92
4|3.6.3 Subsequent Regime: Balanced Substantive Rights|96
3|3.7 Conclusions|98
3|References|99
1|Part III: Business Relations with and within Small States|101
2|Chapter 4: Achieving Sustainable Development Goal 8 in Small Island Developing States by Capital Raising Law Reform: Case Stud...|102
3|4.1 Introduction|102
3|4.2 Financing Constraints in Small Island Developing States|104
4|4.2.1 Differences Between Small Island States and Pacific Small Island States|106
4|4.2.2 The Case of Fiji: Fiji´s Progress Towards the Millennium Development Goals (MDGs)|107
4|4.2.3 The 2030 Agenda: How Can Fiji Realign Its Development Path to Meet the New Sustainable Development Goals?|109
3|4.3 Capital Raising Regime in Fiji Before January 2016|111
4|4.3.1 Unit Trusts Act 1978 (Cap 228)|111
4|4.3.2 Companies Act (Cap 247)|111
4|4.3.3 Capital Markets Decree 2009 (CMD)|111
3|4.4 Problems with the Prior Regime|112
3|4.5 The Companies Act 2015|113
3|4.6 Capital Raisings Under Part 26 of the Companies Act 2015|114
4|4.6.1 Obligation to Publish a Prospectus|114
4|4.6.2 Exemptions from the Obligation to Publish a Prospectus|115
4|4.6.3 Exceptions for Certain Issuances|116
4|4.6.4 Prospectus Content Requirements|117
4|4.6.5 Validity of a Prospectus and Liability for Defective Information|117
4|4.6.6 Limited Nature of Exemptions from the Obligation to Publish a Prospectus and the High Costs of Compliance|117
3|4.7 Reform Options|118
4|4.7.1 Reforming the Secured Transactions Regime: Secured Transactions as a Domestic Resource Mobilisation Tool|118
4|4.7.2 Introduction of ``Community Companies´´: Community Companies as a DRM Tool|120
4|4.7.3 Legislative Requirements Applying to Community Companies|121
4|4.7.4 A ``Small Business Access to Capital Bill´´|122
4|4.7.5 Amendments to the Companies Act 2015|123
3|4.8 Conclusions|123
3|References|124
2|Chapter 5: Getting the Definition of ``Consumer´´ Right: Worrying About the Smaller Ones in Fiji|127
3|5.1 Introduction|127
3|5.2 The Framework of Consumer Protection Legislation in Fiji|128
4|5.2.1 The Current Statutory Definitions of a `Consumer´ in Fiji and their Defects|129
5|5.2.1.1 Fijian Competition and Consumer Commission Act 2010|129
5|5.2.1.2 Consumer Council of Fiji Act 1976|130
5|5.2.1.3 Consumer Credit Act 1999|131
3|5.3 Background of Micro and Small Enterprises in Fiji|131
4|5.3.1 Fiji Bureau of Statistics Economic Survey 2004|132
4|5.3.2 The Reserve Bank of Fiji Comments|133
4|5.3.3 The National Centre for Small and Micro Enterprises Development Survey 2009|133
4|5.3.4 Case Studies|135
3|5.4 Rationale for Consumer Protection|136
3|5.5 A Critical Analysis of the Proposal to Broaden the Definition of `Consumer´|138
4|5.5.1 Arguments for Broadening the Definition of `Consumer´|138
5|5.5.1.1 Rationale for Consumer Protection|138
5|5.5.1.2 Importance of MSEs to the Economy|139
4|5.5.2 Arguments Against Broadening the Definition of `Consumer´|139
3|5.6 Issues in Broadening the Definition(s) of Consumer in Fiji|141
4|5.6.1 Consumer Credit Laws|141
4|5.6.2 Unfair Contract Terms|142
4|5.6.3 Expansion of the Definition to Businesses or ``Business-Consumers´´?|144
3|5.7 Proposed Definition of `Consumer´|146
4|5.7.1 The New Definition|147
4|5.7.2 Explanation|147
5|5.7.2.1 Scope of the Proposed Definition|147
5|5.7.2.2 Reference to the Definitions of Micro and Small Enterprise in Small and Micro Enterprises Development Act 2002|148
5|5.7.2.3 The Idea of the New Definition of `Consumer´|149
3|5.8 Conclusion|150
3|References|150
2|Chapter 6: Intellectual Property Consequences of Commercial Relations with Small States: A View from the Pacific|152
3|6.1 Introduction|152
3|6.2 Trade Agreements|155
3|6.3 Intellectual Property and Trade Agreements|159
4|6.3.1 The WTO in the Pacific|160
4|6.3.2 A Regional Response|162
3|6.4 Why Relying on Intellectual Property Protection in the Pacific May Be Challenging|164
3|6.5 Realising the Alternatives|167
3|6.6 Conclusion|168
3|References|170
1|Part IV: Small States as Financial Centres|175
2|Chapter 7: How Small Jurisdictions Compete in International Financial Services|176
3|7.1 Introduction|176
3|7.2 Small Jurisdictions in Cross-Border Finance|178
4|7.2.1 Bermuda|178
4|7.2.2 Dubai|178
4|7.2.3 Singapore|179
4|7.2.4 Hong Kong|180
4|7.2.5 Switzerland|181
4|7.2.6 Delaware|181
3|7.3 Why Certain Small Jurisdictions Succeed|182
4|7.3.1 ``MDSJs Are Small and Poorly Endowed with Natural Resources, Limiting Their Economic Development Options´´|184
4|7.3.2 ``MDSJs Possess Legislative Autonomy´´|184
4|7.3.3 ``MDSJs Are Culturally Proximate to Multiple Economic Powers, and Favorably Situated Geographically vis-à-vis Those Powe...|185
4|7.3.4 ``MDSJs Heavily Invest in Human Capital, Professional Networks, and Related Institutional Structures´´|186
4|7.3.5 ``MDSJs Consciously Balance Close Collaboration with and Robust Oversight of the Financial Professional Community, Seeki...|186
3|7.4 Conclusions|190
3|References|192
2|Chapter 8: The Value of IFCS and Focusing on Facts Rather than Fiction|195
3|8.1 Introduction|195
3|8.2 Exaggerated and Unsubstantiated Claims|197
3|8.3 An Emotive Argument|198
3|8.4 Offshore Does Not Equal Illicit|200
3|8.5 Research to Balance the Debate|204
3|8.6 A Booming Continent?|205
3|8.7 Engagement Is Key|207
3|8.8 Abandon Stereotypes|208
3|References|208
2|Chapter 9: Small State International Financial Centres: A Chance to Reclaim the High Ground on Human Rights?|211
3|9.1 Introduction|211
3|9.2 The Problem|212
3|9.3 Human Rights and Small Communities|216
3|9.4 Human Rights and International Finance: Finding a New Narrative|219
3|9.5 What Issues Matter to Communities in Small States?|220
4|9.5.1 Climate Change|220
4|9.5.2 Women´s Rights|222
3|9.6 Conclusion|223
3|References|224
1|Part V: Litigation and Arbitration|227
2|Chapter 10: Integration and Dispute Resolution in Small States|228
3|10.1 Introduction|228
3|10.2 Advantages of International Commercial Arbitration for Small States|229
3|10.3 Adoption of International Instruments for Arbitration|230
4|10.3.1 The New York Convention|231
4|10.3.2 The Model Law|233
4|10.3.3 How the Convention and Model Law Come Together|235
3|10.4 Adoption of a Bilateral Arbitration Treaty|235
4|10.4.1 What Are BATs?|236
4|10.4.2 BATs and Small States|238
3|10.5 Conclusion|240
3|References|240
2|Chapter 11: International Arbitration and Domestic Laws: A Symbiotic Interaction?|242
3|11.1 Introduction|242
3|11.2 Arbitration as a ``Go To´´ Option in Cross-Border Transactions|243
4|11.2.1 Empirical Efforts|243
4|11.2.2 The Application of the Law on an ``As Is´´ Basis|249
3|11.3 International Arbitration and Domestic Laws: Intersections, Cross-Fertilisation, Side Effects?|252
3|11.4 Conclusion|255
3|References|256
2|Chapter 12: International Tax Arbitration: A New Avenue for Small State International Financial Centres?|258
3|12.1 Introduction|258
3|12.2 Should Small State International Financial Centres Specialise in Tax Arbitrations?|259
4|12.2.1 What Is a SS IFC?|259
4|12.2.2 Why Should SS IFCs Make an Additional Offering of ``Tax Arbitration´´|261
3|12.3 How to or How Not to Offer Tax Arbitration|263
3|12.4 Investor-State Investment Treaty Tax Arbitration|267
4|12.4.1 Scope of Investment|267
4|12.4.2 Existence of a Treaty|268
4|12.4.3 Arbitrability of Tax Disputes|270
5|12.4.3.1 Different Clauses in BITs|270
5|12.4.3.2 Protections and Guarantees Under Tax-Related Claims|274
6|Expropriation|275
6|Fair and Equitable Treatment|277
6|Non-Discrimination|278
3|12.5 Modified Versions of BITs to Make the Offering|280
4|12.5.1 Investment Contracts|280
4|12.5.2 Private Investment Treaty|280
3|12.6 Small States Should Accede to the New York Convention|282
3|12.7 Conclusion|283
3|References|283
2|Chapter 13: Kosovo: The Perspective of a Pro-Arbitration Country|286
3|13.1 Introduction to Commercial Arbitration in Kosovo|286
3|13.2 National Arbitration Law|288
4|13.2.1 Introduction|288
4|13.2.2 Structure of the Law|289
4|13.2.3 Main Provisions|291
5|13.2.3.1 Arbitrability|291
5|13.2.3.2 The Arbitration Agreement|292
5|13.2.3.3 Competence-Competence and Separability|293
5|13.2.3.4 The Role of Local Courts in Arbitration Proceedings|294
5|13.2.3.5 Interim Measures|296
3|13.3 New York Convention and Its Applicability in Kosovo|296
4|13.3.1 General Observations|296
4|13.3.2 The Risk of Enforcing Kosovo Made Awards Abroad|298
4|13.3.3 Article 39: The Unilateral Accession|299
3|13.4 The Practice of Arbitration in Kosovo|300
4|13.4.1 Country-Specific Issue: Arbitration in Public Contracts|301
3|13.5 The Perspectives of the Country in International Arbitration|303
4|13.5.1 Investment Law and ICSID Membership|303
4|13.5.2 Membership to Permanent Court of Arbitration|306
3|13.6 Conclusion|307
3|References|307
2|Chapter 14: International Litigation and the Caribbean Court of Justice|309
3|14.1 The Caribbean Court of Justice: A Unique Judicial Institution|309
3|14.2 The CCJ and Public International Law Litigation: The Rule of Law|312
4|14.2.1 Rule of Stare Decisis|312
4|14.2.2 Judicial Review of Community Acts|314
4|14.2.3 Standing of Individuals to Bring Actions|315
4|14.2.4 Legal Threshold for Standing|316
4|14.2.5 Rights Found to Have Been Breached|317
3|14.3 Remedies|318
4|14.3.1 Damages|318
4|14.3.2 Coercive Orders|319
4|14.3.3 Reimbursements and Monitoring of Compliance|319
4|14.3.4 Declarations|320
3|14.4 Implementation by Member States|320
3|14.5 Greater Participation and Access|321
3|14.6 Private International Litigation: The Appellate Jurisdiction|322
3|14.7 Conclusion|323
3|References|324
2|Chapter 15: Cost-Efficiency in Inter-State Dispute Settlement|325
3|15.1 Introduction|325
3|15.2 Institutional Paths: Reducing Costs Through Established Funds|327
4|15.2.1 The ICJ Trust Fund|327
4|15.2.2 The ITLOS Trust Fund|330
4|15.2.3 The PCA Financial Assistance Fund|331
3|15.3 Independent Paths: Reducing Costs Through Third Parties or Internal Means|334
3|15.4 Mutual Paths: Reducing Costs Through Agreement of the Parties|335
3|15.5 Assessment and Proposals for Reform|337
3|References|341