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AbstractThis article analyses what is widely known as the police powers exemption found in modern international investment agreements, with a focus on mega-regional trade and investment agreements. It explores its legal nature and requirements, the burden of proof and issues of compensation. In an attempt to curb (indirect) expropriation claims, the exemption carves out non-discriminatory regulatory measures from the scope of indirect expropriation and in such situations no compensation needs to be paid. It follows that, as a rule, foreign investors are not protected against the adverse economic effects of regulatory measures. The key question addressed is whether host States can increase the level of protection given to public welfare objectives through the use of this exemption without having to compensate investors for the measures taken. The article argues that, under the proportionality test embodied in the exemption, States can provide the level of protection that they desire without incurring a risk of liability as regards expropriation claims.

Abstract
In Opinion 1/17, the European Court of Justice (ECJ) found the investment court system compatible with European Union (EU) law. The ruling concerned the mechanism in the Comprehensive Economic and Trade Agreement (CETA) but the Court's reasoning is equally applicable to other investment courts as established, for example, in the EU's investment protection agreements with Singapore and Vietnam. This outcome was far from clear, given that in the past the accession to international dispute settlement bodies regularly foundered on the autonomy of the EU legal order. The present article parses the CETA Opinion and explores its implications. It particularly focuses on autonomy as a constitutional principle and its advancement in Opinion 1/17. Importantly, the ECJ accepted the superiority of a court created by international agreement in relation to the said agreement. Furthermore, it clarified that it is not prerequisite for the Court to rule first on the meaning to be given to an act of EU law before that act can be the subject matter of an investment dispute. Finally, the pdrerogative of the EU to autonomously set the level of protection of a public welfare goal must be secured in a treaty for the EU to join it.

The international trading order has lately come under increased pressure: the Comprehensive Economic and Trade Agreement (CETA) struggles to pass ratification; the Regional Comprehensive Economic Partnership (RCEP) negotiations are stalled; and the Trans- Pacific Partnership (TPP) has been downsized. The overarching issue is to find the right balance between trade liberalization, on the one hand, and non-trade values, on the other hand. Critics of the current system point out that the law as it stands emphasizes excessive trade liberalization to the detriment of the regulatory autonomy of national lawmakers. The author submits that the key clause affecting the entire system is the introductory clause of the general exceptions: the chapeau. This clause also features in free trade agreements (FTAs) and international investment agreements, as it is common practice to draw on the language of the WTO Agreement. The interpretative conflict pivots around two extremes: On one end of the spectrum, the chapeau is read as a stringent threshold requirement, thus reducing the policy space of states to regulate public welfare matters. On the other end, the chapeau reaffirms the tenet of good faith, which guides the performance of every treaty in any event. The author argues that the meaning of the chapeau should be clarified by negotiators in future FTAs, such as RCEP, with a view to curtailing its restrictive clout while maintaining its potential to promote good governance, notably administrative due process, and advances a concrete proposal to this effect.

Trade and investment agreements are disputed because they limit the regulatory autonomy of national legislatures of participating countries. This is particularly true of mega-regionals given their expanded scope. On that account, negotiators build safe-guards into the agreements with a view to containing the intrusion into the national legal order. The debate revolves around whether the envisaged safeguards are sufficient to achieve that goal or whether, de lege ferenda, more needs to be done to find the right power balance. The present essay, first of all, elucidates the extent of sovereignty loss as a result of mega-regionals, and secondly, explores some options to secure policy space for national lawmakers, such as the use of broader exception clauses or the setting of guidelines for the calculation of damages.

The New Zealand Yearbook of International Law is an annual, internationally refereed publication intended to stand as a reference point for legal materials and critical commentary on issues of international law. The Yearbook also serves as a valuable tool in the determination of trends, state practice and policies in the development of international law in New Zealand, the Pacific region, the Southern Ocean and Antarctica and to generate scholarship in those fields. In this regard the Yearbook contains an annual 'Year-in-Review' of developments in international law of particular interest to New Zealand as well as a dedicated section on the South Pacific. This Yearbook covers the period 1 January 2020 to 31 December 2020

Front Matter -- Copyright Page -- Preface -- Articles and Commentaries -- Symposium /Neil Boister and W. John Hopkins -- Law, Culture, and Corruption in the Pacific Islands /Graham Hassall -- Anti-corruption Measures from a European and Austrian Perspective /S. Reindl-Krauskopf -- Cybercrime Threats, Offences and Special Investigation Measures from a European Perspective /Farsam Salimi -- The European Arrest Warrant: A Blueprint for International Cooperation in Criminal Matters in Other Regions? /Harmen van der Wilt -- Brexit and the Policing of Transnational Organised Crime in Europe /Liz Campbell -- Command Responsibility after Bemba /Ray Murphy -- Standard Deviation: Global Standardisation and Implications for International Law /Matt Bartlett -- The South Pacific -- Pacific Islands Forum 2017 /Tony Angelo -- The Year in Review -- International Human Rights Law /Shea Elizabeth Esterling -- Indigenous 'Peoples'' Rights under International Law /Fleur Te Aho -- International Economic Law /An Hertogen -- International Environmental Law /Josephine Toop -- Law of the Sea and Fisheries /Joanna Mossop -- The Antarctic Treaty System /Alan D. Hemmings -- International Criminal Law and International Humanitarian Law /Treasa Dunworth -- International Law and Security 2017 /Anna Hood -- New Zealand State Conduct -- Treaty Action and Implementation /Mark Gobbi -- Book Reviews -- The Rule of Law in Crisis and Conflict Grey Zones: Regulating the Use of Force in a Global Information Environment /Shea Elizabeth Esterling -- Regulatory Autonomy in International Economic Law: The Evolution of Australian Policy on Trade and Investment /An Hertogen -- Call for Papers.

Front Matter -- Contents -- Preface -- Articles and Commentaries -- "World Community Interest" Approach to Interim Measures on "Robot Weapons": Revisiting the Nuclear Test Cases /Ozlem Ulgen -- Democracy in International Law-making: An Unfilled Lacuna /Salar Abbasi -- Environmental Disputes from Regional Sea Programmes before itlos: Its Potential Role, Contribution, and the Challenges it Would Face in a Land-based Pollution Case /Naporn Popattanachai -- The Nascent Law of Cyber Blockades and Zones /Ana Lenard -- Determining Modes of Liability in International Criminal Law: Why the Common Purpose Doctrine is the Strongest Legal Response to Mass Atrocity Crimes /Selma Kafedžić -- Challenging Cultural Backgrounds and Vernacularizing Human Rights /Sami Thamir Alrashidi -- The South Pacific -- The Pacific Islands Forum 2016 /Tony Angelo -- The Year in Review -- International Human Rights Law /Shea Elizabeth Esterling -- Indigenous Peoples' Rights under International Law /Fleur Te Aho -- International Economic Law /Christian Riffel -- International Environmental Law /Josephine Toop -- Law of the Sea and Fisheries /Joanna Mossop -- The Antarctic Treaty System /Alan D. Hemmings -- International Criminal Law and International Humanitarian Law /Treasa Dunworth -- International Law and Security /Anna Hood -- New Zealand State Conduct -- Treaty Action and Implementation /Mark Gobbi -- Book Reviews -- Research Handbook on International Law and Natural Resources By Elisa Morgera and Kati Kulovesi (eds) [Cheltenham: Edward Elgar Publishing Limited, 2016, 551 pp. isbn 978-1-78347-832-3] /Elizabeth Macpherson -- The International Criminal Court in an Effective Global Justice System /Cassandra Mudgway.

The New Zealand Yearbook of International Law is an annual, internationally refereed publication intended to stand as a reference point for legal materials and critical commentary on issues of international law. The Yearbook also serves as a valuable tool in the determination of trends, state practice and policies in the development of international law in New Zealand, the Pacific region, the Southern Ocean and Antarctica and to generate scholarship in those fields. In this regard the Yearbook contains an annual 'Year-in-Review' of developments in international law of particular interest to New Zealand as well as a dedicated section on the South Pacific. This Yearbook covers the period 1 January 2019 to 31 December 2019

Front Matter --Copyright Page --Preface --Articles and Commentaries --Investor-state Dispute Settlement in the cptpp : Perspectives from Australia, Japan and New Zealand /Ashley Chandler --Will the Anti-corruption Chapter in the TPP11 Work? Assessing the Role of Trade Law in the Fight Against Corruption Through International Law /José-Miguel Bello y Villarino --The Confluence of International Trade and Investment: Exploring the Nexus between Export Controls and Indirect Expropriation /Umair Ghori --Subsidies and "New Industrial Policy": Are International Trade Rules Fit for the 21st Century? /Tracey Epps and Danae Wheeler --Out with the Old Approach: A Call to Take Socio-Economic Rights Seriously in Refugee Status Determination /Imogen Little --A Critical Re-analysis of Whaling in the Antarctic: Formalism, Realism, and How Not to Do International Law /James C. Fisher --Jurisdictional Aspects of Dispute Settlement under the UN Convention on the Law of the Sea: Some Recent Developments /Gino Naldi and Konstantinos Magliveras --State Immunity and the Application of Customary International Law in New Zealand: The Young v Attorney-General Litigation /Jared Papps --The Human Rights Committee, the Right to Life and Nuclear Weapons: The Committee's General Comment No 36 on Article 6 of the Covenant on Civil and Political Rights /Roger S. Clark --The South Pacific --Pacific Islands Forum 2018 /Tony Angelo --The Year in Review --International Human Rights Law /Cassandra Mudgway and Lida Ayoubi --Indigenous Peoples' Rights under International Law /Fleur Te Aho --International Economic Law /An Hertogen --International Environmental Law /Vernon Rive --Law of the Sea and Fisheries 2018 /Joanna Mossop --The Antarctic Treaty System /Alan D Hemmings --International Criminal Law and Humanitarian Law /Treasa Dunworth --International Law and Security /Anna Hood --New Zealand State Conduct --Treaty Action and Implementation /Mark Gobbi --Book Reviews --Margaret Bedggood, Kris Gledhill and Ian McIntosh (eds) International Human Rights Law in Aotearoa New Zealand. Thomas Reuters, 2017, 1060 pp isbn: 9781988504292, 226.80 nzd + gst /Cassandra Mudgway --Hannah Harris The Global Anti-Corruption Regime: The Case of Papua New Guinea [Routledge, 2019, xiii + 252 pp, isbn 9781138298927 (hardback), 115 gbp] /Neil Boister --Harmen van der Wilt & Christophe Paulussen (eds) Legal Responses to Transnational and International Crimes: Toward an Integrative Approach.[Edward Elgar Publishing, 2017, 336 pp, isbn 9781786433985, 90 gbp] /Robert J. Currie.