The Notion of Investment

  • Jan Asmus BischoffEmail author
  • Matthias Wühler
Part of the Studies in European Economic Law and Regulation book series (SEELR, volume 15)


Chapter 8 of CETA contains the rules on the establishment of investments, non-discriminatory treatment, the protection of investments and the resolution of investment disputes. The notion of investment is fundamental to an understanding of this chapter. The notion of investment has a dual function: it limits the scope of the substantive protection afforded by Chapter 8, and establishes an arbitral tribunal’s jurisdiction ratione materiae. Against this background, CETA reflects a desire to limit adjudicators’ discretion in finding an investment. However, as will be argued in the present contribution, adjudicators still retain considerable discretion in finding an investment protected under CETA.


Notion of investment Tribunals’ jurisdiction Adjudicators’ discretion Foreign direct investment Portfolio investment 


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© Springer Nature Switzerland AG 2019

Authors and Affiliations

  1. 1.HamburgGermany
  2. 2.Legal Counsel Capital Markets, Finance & AM, Swiss Re Management Ltd.,ZurichSwitzerland

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