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Vulture funds are nothing but private investors buying sovereign bonds of countries on the verge of default or in the process of restructuring their debt. Through aggressive market speculation and disruptive litigation, such funds seek to make a profit by suing the debtor for an amount superior to the price paid to acquire the debt. Their activities, therefore, threatens States’ financial stability as well as their social structure since capital used to repay debt obligations is diverted from public expenditure and the promotion of basic social and economic rights. Consequently, international organizations and States have adopted recommendations and legislative measures to curb vulture fund litigation. National initiatives undertaken in some European countries constitute the focus of this chapter, which argues that a multiateral mechanism to manage sovereign debt restructuring is necessary in order to avoid the negative social impacts of vultures’ financial speculation.

Il 28 luglio 2022, l'Assemblea generale ONU ha adottato la risoluzione 76/300, dove riconosce il diritto umano ad un ambiente pulito, salubre, sostenibile. Nonostante la propria natura di atto di soft law e alcuni limiti nella propria formulazione, la risoluzione costituisce un momento importante per il riconoscimento, a livello multilaterale, di obblighi di protezione dell'ambiente nel quadro delle norme sui diritti umani.

States’ financial instability and debt restructuring could be impaired by predatory behaviors of private creditors, including entities that buy distressed sov- ereign bonds with the aim of litigating and recovering inflated sums. Scholars have suggested a wide-range of normative solutions to alleviate these problems, including the creation of a multilateral international sovereign bankruptcy framework and the institution of dedicated arbitral tribunals or international courts. Conciliation could provide an alternative to judicial and investor-state dispute settlement (ISDS) pro- ceedings to solve disputes involving sovereign debt between private creditors and debtor States because of its procedural and practical benefits. The flexibility of the procedure, the reduced amount of time and costs, the recourse to equity and legal principles favour such mechanism over other dispute resolution procedures. It is therefore proposed to create a compulsory “conciliation scheme” managed by the United Nations Conference on Trade and Development (UNCTAD) Sovereign Debt Workout Institution in order to create a reliable system for the resolution of sovereign debt disputes

Since May 2021, the relationship between the European Union and the United Kingdom has been regulated by the Trade and Cooperation Agreement. Notwithstanding extensive provisions on trade in goods and services, IP rights, fisheries, social security, and rights of nationals established in the territory of the parties, the Agreement lacks a significant regulation of foreign investments. Standards of treatment of foreign investment operations are extremely limited and no ISDS mechanism is established by the Treaty, moving away from the long-last- ing conventional practice on the matter. This study, therefore, highlights similarities and differences of the TCA with other trade and investment agreements concluded by the EU or by the UK with third States, exploring consequences upon investors of such narrow post-Brexit regulation.

Nel caso BEG S.P.A. c. Italia, la Corte Europea dei Diritti dell'Uomo ha accolto all'unanimità il ricorso realtivo ad un procedimento arbitrale avanti la Camera Arbitrale della Camera di Commercio di Roma, accertando la violazione dell'art. 6, par. 1, della Convenzione europea dei diritti dell'uomo, per mancanza di oggettiva imparzialità di un arbitro. Questo studio, partendo dalla giurisprudenza della Corte in merito al principio di imparzialità dei giudici, suggerisce che la sentenza BEG sia ispirata a norme e principi tipici dell'arbitrato internazionale e alla prassi arbitrale internazionale.

Lo studio introduce il prossimo Vertice dei Capi di Stato e di Governo dei Paesi appartenenti al Gruppo dei 20 (G20) si terrà a Roma dal 30 al 31 ottobre 2021. Tale incontro rappresenta ogni anno il principale momento di dialogo informale tra i leaders e il più importante processo di governance globale, costituendo il contesto in cui vengono delineate linee guida e priorità per la cooperazione internazionale e durante il quale sono affrontate le questioni più urgenti: nel contributo sono analizzati storia e funzionamento del G20 e l'agenda del Vertice di Roma.

Provisional measures have an enormous importance in the context of investment arbitration given the continuous recourse to interim protection by disputing parties. While the letter of Article 47 ICSID Convention and Arbitration Rule No. 39 is silent on the necessary requirements for the adoption of provisional measures and on the legal nature of provisional orders, ICSID tribunals have adopted a significant number of decisions which seems to clarify the effective limits of ICSID arbitral tribunals’ precautionary powers and a plain influence of the International Court of Justice’s jurisprudence on provisional protection of rights. This chapter therefore addresses procedural and substantial issues regarding the adoption of provisional measures by ICSID arbitrators, also identifying typical interim orders—through the analysis of the arbitral practice—and the possible consequence in case of non-compliance by the opposing party. Lastly, in consideration of the ongoing amendment process of the ICSID Rules, this chapter proposes a scrutiny of the anticipated reform of ICSID rules on provisional measures.