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While this comparative test does not provide a state with the right to regulate as…
Thus, inconsistent approaches adopted by tribunals in determining ‘similarly situated’…
The tribunal in Parkerings v Lithuania on the other hand adopted a more contextual approach to ‘like investments’.(291)…
In response to these concerns, certain states have incorporated provisions in their…
“For greater certainty, references to ‘like circumstances’…requires an overall examination…
a) Its effects on third persons and the local community;…
b) Its effects on the local, regional or national environment, including the cumulative…
c) The sector the investor is in;…
d) The aim of the measure concerned;…
e) The regulatory process generally applied in relation to the measure concerned;…
f) Other factors directly relating to the investment or investor in relation to the…
And the examination shall not be limited to or be biased towards any one factor.”
Unfortunately, not many investment agreements belonging to the second generation…
