Browsing by study line "International Law"

Based on a traditional view, international law is a system of principles and rules that emanate either directly through treaty or indirectly through custom. International financial regulation on the other hand is a system of informal and non-binding rules. The international financial regulatory process formulates broad supervisory standards and guidelines as well as recommends statements of best practices. These are then implemented by national regulatory agencies through arrangements best suited for the national legal system in question. As such, international financial standards are not considered “hard law” as traditionally understood within the framework of international law, but rather it is “soft law”. Nevertheless, international financial regulation creates commitments and gives rise to expectations. Furthermore, the implementation of international financial regulation is boosted by a range of enforcement technologies. Finance holds a higher share in economic activity than ever before as a result of economic expansion and integration. Furthermore, technological advances, globalisation and innovations in financial instruments have allowed a greater level of participation in financial transactions. The development of international financial regulation dates back to the 1940s, however, the current form of international financial governance is based on ideology that emerged in the 1970s, an ideology promoting economic liberalisation and self-regulating markets. The development of international financial regulation has made great strides in the past decades, however, the numerous financial disasters and crises in the past 20 years, most notably the 2007-2008 financial crisis, highlight the weaknesses of the international financial system and the failure of the idea of self-regulating markets. A major cause of financial disasters and crises is the fact that financial market practices are innovative and constantly evolving, but both national and international regulatory action frequently lags behind market developments. In fact, regulatory changes usually react to risky market practices only after these practices have caused significant damage. Furthermore, financial reforms tend to emphasise fixing the immediate symptoms of crises. This regulatory lag is primarily a consequence of the prevailing ideologies and the priorities of major economies which influence financial regulation as well as the historical path dependence of international financial regulation. It should also be noted that the regulation often fails to serve the broader interests of society as a whole, for example, inadequate regulation can lead to systemic risks and foster market manipulation and fraud. This thesis addresses the disconnection between the pace of regulation and financial innovation, arguing that addressing this disconnect is crucial. Furthermore, this thesis will emphasise the significance of international financial regulation in a globalised world where financial activities transcend national borders. Effective international financial regulation is indispensable to ensure financial stability and prevent cross-border financial crises.

The settlement of the maritime dispute between the Republic of Turkey (RoT) and the Republic of Cyprus (RoC) in the Eastern Mediterranean is politically deadlocked. Both countries keep insisting on their maritime claims despite the diplomatic settlement efforts by the United Nations and the Council of Europe. RoC argues that an equidistance line should be drawn between the two opposite areas, whereas RoT claims that the existence of relevant circumstances, including geographical and non-geographical factors, necessitates a different maritime solution. As their maritime dispute is, besides a political matter, a legal matter regulated by international law, this thesis aims to review the claims of both parties based on the contemporary conventional and customary international law of the sea, with due regard to state practice and international jurisprudence. To determine where the maritime boundary between Turkey and Cyprus lies, legally speaking, an attempt is made to critically compare this case with the outcome of relevant international judicial decisions.

Claims of breach of legitimate expectations have been widely used by investors in the energy sector. The protection of legitimate expectations is one of the core elements of the fair and equitable treatment obligation which is included in most investment treaties. The protection of expectations is an important function of investment treaties as investors make their investment decisions on the basis of calculations on the expected return, which is highly dependent of the laws in the state where the investment is made. In other words, returns of energy investments are directly linked to the stability and predictability of domestic laws. There is a need to protect investors against adverse state measures, as subsequent state conduct after that the investment decision has been made can cause substantial loses for the investors within the energy sector. However, at the same time, states need to implement measures that may affect investments in a detrimental manner to achieve certain energy policy goals. The energy sector and energy law are constantly developing due to changing circumstances. The current change is driven by the energy transition and the move towards a low-carbon economy. Environmental protection, human rights and renewable energy production are key issues of the energy transition. These issues are getting more and more attention in energy policies. Investment treaty provisions, and especially the FET standard, have usually been drafted in a vague manner which does not explicitly tell what the relationship is between investment protection and host state’s regulatory right. This has led to many different conceptions of the doctrine of legitimate expectations. These conceptions have usually either been overinclusive or underinclusive. This thesis suggests that most investment treaties should be interpreted in a balanced manner that considers both the interests of investors and host states. Therefore, a balancing approach where investors’ expectations are weighed against the host states’ right to regulate is needed. It is argued in this thesis that a conception on the protection of expectations should be based on the principles of legal certain and proportionality. A justification that is based on these two principles could be applied in a manner that is balanced and would not be over- or underinclusive. This principle-based approach would replace the doctrine of legitimate expectations. According to this approach legitimate expectations would only be an element that should be considered in the assessment on whether investors right to legal certainty has been breached, but legitimate expectations would not constitute a self-standing doctrine with direct legal effect. This thesis argues that a similar approach used in EU law should be applied in international investment disputes. In EU law the principle of legal certainty is just one principle that should be weighed against other core principles of the EU. Therefore, it is suggested that when assessing if investors’ expectations should be protected in specific circumstances, arbitral tribunals should use and weigh the international energy law principles against the principle of legal certainty when conducting a proportionality assessment. It is concluded that this principles based approach would be the most suitable conception for the protection of investors’ expectations as it would not be under- or overinclusive and it could be used in a flexible manner to changing circumstances in the energy market. This principle-based approach would be allowed under the current normative framework. However, it would be sensible to include in investment treaties that when considering if investors’ expectations should be protected, arbitral tribunals should rely on the principle of legal certainty, and conduct a proportionality assessment where all circumstances relating to the investment and the state measure are considered. As this thesis concerns the question of whether the current framework allows treaties to be interpreted in a balanced manner, the thesis will mainly rely on doctrinal research. In addition, by applying an inductive methodology this thesis will answer whether the doctrine has been conceptualized in a suitable manner in investment disputes.

In the last years those companies that pay close attention to transition of their business models to circular economy have adopted good practices to deal with waste prevention and management. High voluntary standards are set and enforced throughout the supply chain. However, good practices and high voluntary standards are taken seriously by the limited number of companies, predominantly, by those who want to be on rider’s seat and show example to peers. The recent EU Circular Economy Action Plan, released in March 2020, emphasizes that scaling up the circular economy from front-runners to the mainstream economic players will make a decisive contribution to transition to circular economy that will help to achieve climate neutrality by 2050, decoupling economic growth from resource use, keeping resource consumption within planetary boundaries. The Master Thesis departs from the assumption that there is a need for legal reform in the fields of circular economy law and company law to enhance circular economy for business. It is essential to turn modern policies that are in place into reality on the ground. The project aims to answer the question what legal reforms are necessary and should be prioritized.

This thesis studies Finland’s and Sweden’s current and potential future engagement methods with the DPRK by focussing on women’s rights and gender equality. Interviews held with Finnish and Swedish foreign ministry representatives, NGO workers, and experts on North Korea reveal how the two countries engage with North Korea and how women’s rights and gender equality are being addressed in the Northeast Asian context. It will first outline how this research was conducted before introducing some of the most pertinent problems relating to gender equality and women’s right in the DPRK. Next, the histories between North Korea and the two Nordic states is outlined, after which theoretical considerations concerning feminist foreign policy, human-rights based, middlepowermanship, and soft power are discussed. Research findings are then examined and analysed before concluding with further broader examination of Finnish and Swedish engagement with North Korea and the importance of advancing gender equality and women’s rights globally.