Sovereign Wealth Funds and State Immunity

Marco Argentini, Ph.D. (2023), University of Bologna, is Postdoctoral Fellow and Adjunct Professor in International Law. He is admitted to the Italian Bar.

• AcknowledgmentAbbreviationsInternational and Domestic DocumentsTable of CasesGeneral Introduction1 Problem Statement2 Research Question3 Selected Jurisdictions and StructurePart 1swf s: History, Definitions and Core ElementsIntroduction to Part 11 The Development of swf s as New State Investment Vehicles1 The Emergence of swf s1.1 Historical Antecedents: The India Companies and the Industrial Revolution (before 1953)1.2 The Genesis of Commodity and Non-commodity swf s (between 1953 and the Mid-1990s)1.3 The Expansion of swf s: The Asian Financial Crisis and the Rise of Crude Oil Price (between the Mid-1990s and 2005)1.4 swf s Achieving International Prominence (after 2005)2 The Quest for a Definition of swf s: the Main Scholarly Definitions2.1 The First Definitions2.2 swf s as Government-Managed Entities Seeking Higher Rates of Returns2.3 Definitions Focusing on swf s’ Liability2.4 Definitions Based on How swf s Are Managed2.5 The Relevance of Funds’ Ownership and Purposes3 Institutional Attempts to Define and Regulate swf s3.1 imf Definitions3.2 The ‘Santiago Principles’3.3 Other Definitions Provided by International Organizations4 Differences between swf s and Other Cognate Entities4.1 swf s and State-Owned Enterprises4.2 swf s and Public Pension Funds4.3 swf s and International Reserves2 swf s’ Core Elements1 Legal Structure2 Governance3 Source of Assets4 Purpose4.1 Diplomatic and Political Tool4.2 National Development Tool4.3 Stabilisation and Diversification Tool4.4 Intergenerational Savings Tool5 Types of InvestmentsProvisional ConclusionsPart 2swf s and Adjudicative ImmunityIntroduction to Part 23 The uncsi as an Attempt to Codify International Law on State Immunity1 Relevance of the Convention for Development of a Customary Rule2 Framing of swf s into the Notion of ‘State’3 The Commercial Exception to Adjudicative Immunity4 swf s with an Independent Legal Personality and Immunity of the Parent State4 The Common Law Approach to Adjudicative Immunity: Two Archetypes of Statutory Norms1 United States1.1 Pool-of-Assets swf s1.2 swf s Established with Independent Legal Personality1.3 The Commercial Exception Under the fsia2 United Kingdom2.1 Qualification of a Pool-of-Assets swf as a ‘Department of Government’2.2 The Commercial Exception Under the sia2.3 swf s Established as Separate Entities5 The Civil Law Approach to Adjudicative Immunity1 France2 Germany3 Italy4 China4.1 Once Upon a Time: prc as the Last Bastion of Absolute Immunity4.2 State Immunity and swf s before 20234.3 The Current ScenarioProvisional ConclusionsPart 3swf s and Immunity from ExecutionIntroduction to Part 36 The 2004 UN Convention1 Beneficiaries of Immunity from Execution Under the uncsi2 Differences between Pre- and Post-judgment Measures. The Commercial Exception3 Piercing the Corporate Veil according to the uncsi7 The US fsia and the UK sia1 United States1.1 Post-judgment Attachment: Pool-of-Assets swf s1.2 Post-judgment Attachment: swf s Established as Separate Entities1.3 Pre-judgment Attachment2 United Kingdom2.1 Post-judgment Execution. The Commercial Exception2.2 Pre-judgment Attachment2.3 swf s with Separate Legal Personality8 European Civil Law Jurisdictions: France, Germany and Italy1 France1.1 From ‘Eurodif’ to the ‘Sapin 2’ Law1.2 French Courts’ Decisions on swf s’ Property2 Germany3 Italy3.1 Pre-judgment Measures4 China4.1 Pre-2023: China’s Traditional Approach towards Immunity from Execution4.2 Post-2023: China’s Adherence to the Restrictive Doctrine of State ImmunityProvisional ConclusionsPart 4Immunity of swf s Managed by Central BanksIntroduction to Part 49 The Umbrella Protection of Central Banks to swf s1 swf s in Systems Providing for Near-Absolute Protection to Central Bank Assets1.1 The uncsi1.2 United Kingdom1.3 China2 swf s and the ‘Purpose’ Test in Jurisdictions Granting a Milder Protection to Central Banks2.1 United States2.2 France2.3 Germany3 A Recent Trend to Be Monitored on Denying Immunity to swf s Managed by Central Banks: Stati v. KazakhstanProvisional ConclusionsConcluding Remarks: General Trends on swf s and State ImmunityBibliographyIndex