Scope of Application of the Customary Standard: Conceptual Framework
International investment law characterizes the obligation to provide ‘full protection and security’ as a standard. This characterization implies placing some margin of discretion on adjudicators, but does not prevent FPS from having a delimited scope of application. The key to FPS is the notion of security. Social scientists understand security as concept describing a relation between security agents, secured objects and secured risks. These elements delimit the scope of any meaningful use of the term ‘security’. The FPS standard must therefore refer to specific agents (provider and beneficiary of FPS), protected interests or assets (object of FPS), and a set of covered risks.