Dr Glinavos says that a key question in the post-Brexit legal situation is whether foreign investors feeling mistreated by Britain’s decision to leave the EU will have the right to bring a claim in an investor state dispute settlement (ISDS) tribunal.
He then points to Spain as an example of a developed economy which has faced an avalanche of ISDS claims, where investors claim that, amongst other violations, Spain did not afford them fair and equitable treatment as required by its treaty obligations.
Concluding the blog, Dr Glinavos wrote: “Brexit will most likely result in London becoming a much different business proposition. London can no longer be the gateway to European finance, as it is projected to lose its place in the single market. London can no longer guarantee access to one of the world’s biggest consumer markets.”