(b)
the
the
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2
definition of
"investment"
(Article 1(e) of
model text and Article 1(5) of the initialled
text) was elaborated to make clear that indirectly
held investments were covered and to include additional examples;
(c)
the
final
clause
of
the
definition
of
(d)
(e)
"investment" which made it clear that the term
"investment" covers investments made both before
and after the entry into force of the IPPA, is now
a separate Article (Article 9). The Italian side
took the view that this was not a question of definition but of application of the Agreement;
for simplicity and consistency, the definition of
"investors" (Article 1 (6) of the initialled text
and Article 1(f) of the model text) refers to
"companies" ag defined in Article 1(2) of the
initialled text; and
the definition of "returns" was elaborated to
include an
additional example, payment for
assistance and technical services (Article 1(7) of
ARTICLE 2
the initialled
text).
text and Article 1(g) of the model
3.
Article 2 is very similar to Article 2 of the Hong Kong model text, except that at the request of the Italian delegation, the guarantee of "full protection and security" for investments and returns
Kong model was deleted.
that this could be more
context of guarantees on
in Article 2(2) of the Hong
The Italian side held the view
appropriately dealt with in the
treatment of investments under
Article 3 of the initialled IPPA (see paragraph 4).
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