consistent
CONFIDENTIAL
with
Italian
laws
under
which
(b)
(c)
(d)
ARTICLE 6
8.
limitation
regarded as
of the right to enjoy an investment is
form of expropriation;
the first sentence was amended to make clear that
any deprivation should be on a non-discriminatory
(in line with the general treatment
standards laid down in Article 3(1)};
basis
the
third sentence was added to clarify how
compensation should be determined in the event
that the real value of the investment cannot be readily ascertained; and
in
the fourth sentence, it was made clear that the
calculation of interest on compensation should start from the date of the deprivation.
Hong
Kong model text.
included at the
This Article is very similar to Article 6 of the
The second sentence of Article 6(1)
request of the Italian delegation to make it clear that the provision did not affect investors' tax obligations.
was
9.
In Article 6(2), which is closely based on Article 6 (2) of the Hong Kong model text, a sentence was added indicating that transfer "without undue delay" means within normal time needed for such a transaction. It was also
made clear that the "exchange rate" referred to in this sub-paragraph is the most favourable rate applicable at the
the
time.
CONFIDENTIAL