Brexit, the City and Options for ISDS
ICSID Review - Foreign Investment Law Journal, 2018, DOI 10.1093/icsidreview/siy003
31 Pages Posted: 28 Jun 2017 Last revised: 16 Nov 2020
Date Written: June 27, 2017
This paper explores how the Fair and Equitable Treatment (FET) standard and the idea of protecting investor’s legitimate expectations could form the basis of an ISDS claim against the UK government for the consequences of Brexit. The discussion operationalises this through the presentation of a case study. We consider the position of foreign financial firms that established themselves in the City of London to take advantage of the UK’s much lauded position as the centre of European finance and investigate their options in pursuing a claim through investment treaty arbitration. The paper concludes that it is possible for an investor to win such a case in the event of a no-deal Brexit (or one that does not contain provision for financial services).
Keywords: ISDS, Brexit, Arbitration, ICSID, Tribunals, Britain, EU, Passporting, Financial Services
JEL Classification: A12, P26, P48
Suggested Citation: Suggested Citation