<?xml version="1.0" encoding="ISO-8859-1"?><article xmlns:mml="http://www.w3.org/1998/Math/MathML" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance">
<front>
<journal-meta>
<journal-id>0122-9893</journal-id>
<journal-title><![CDATA[Revista Derecho del Estado]]></journal-title>
<abbrev-journal-title><![CDATA[Rev. Derecho Estado]]></abbrev-journal-title>
<issn>0122-9893</issn>
<publisher>
<publisher-name><![CDATA[Universidad Externado de Colombia]]></publisher-name>
</publisher>
</journal-meta>
<article-meta>
<article-id>S0122-98932022000300375</article-id>
<article-id pub-id-type="doi">10.18601/01229893.n53.13</article-id>
<title-group>
<article-title xml:lang="es"><![CDATA[El análisis de las legítimas expectativas en la identificación de las expropiaciones indirectas tras una década de práctica arbitral (2010-2020)-]]></article-title>
<article-title xml:lang="en"><![CDATA[The Analysis of Legitimate Expectations in the Identification of Indirect Expropriations after a Decade of Arbitration Practice (2010-2020)]]></article-title>
</title-group>
<contrib-group>
<contrib contrib-type="author">
<name>
<surname><![CDATA[ESIS VILLARROEL]]></surname>
<given-names><![CDATA[IVETTE S.]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[DE ABREU NEGRÓN]]></surname>
<given-names><![CDATA[MARÍA GABRIELA]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[BRICEÑO OLIVARES]]></surname>
<given-names><![CDATA[GABRIEL JOSÉ]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
</contrib-group>
<aff id="Af1">
<institution><![CDATA[,Universidad Finis Terrae  ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>Chile</country>
</aff>
<aff id="Af2">
<institution><![CDATA[,Universidad de Chile  ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>Chile</country>
</aff>
<aff id="Af3">
<institution><![CDATA[,Universidad Autónoma de Chile  ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>Chile</country>
</aff>
<pub-date pub-type="pub">
<day>00</day>
<month>12</month>
<year>2022</year>
</pub-date>
<pub-date pub-type="epub">
<day>00</day>
<month>12</month>
<year>2022</year>
</pub-date>
<numero>53</numero>
<fpage>375</fpage>
<lpage>408</lpage>
<copyright-statement/>
<copyright-year/>
<self-uri xlink:href="http://www.scielo.org.co/scielo.php?script=sci_arttext&amp;pid=S0122-98932022000300375&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.co/scielo.php?script=sci_abstract&amp;pid=S0122-98932022000300375&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.co/scielo.php?script=sci_pdf&amp;pid=S0122-98932022000300375&amp;lng=en&amp;nrm=iso"></self-uri><abstract abstract-type="short" xml:lang="es"><p><![CDATA[RESUMEN La identificación de la existencia de una medida expropiatoria de carácter indirecto responde al análisis de varios elementos, referidos tanto en la UNCTAD como en la OCDE y varios tratados internacionales: el grado de interferencia de la medida estatal en la propiedad del inversionista, el carácter del acto estatal en estudio y la vulneración de las legitimas expectativas del inversor. Este trabajo tiene como objetivo analizar las legitimas expectativas desde el punto de vista doctrinal y convencional, y contrastarlo con el estudio de 63 laudos arbitrales, dictados entre 2010 y 2020, bajo el método case-by-case approach, para determinar si se tomaron en cuenta como criterio identificador. En el presente estudio fueron considerados casos tanto por violación del trato justo y equitativo como por la expropiación indirecta de inversiones foráneas. Como resultado de dicho análisis, se encontraron cuatro razonamientos comunes realizados por los tribunales arbitrales respecto a las legítimas expectativas: (i) su limitación temporal, dado que pueden ser creadas al inicio y, en ciertas oportunidades, durante la ejecución de la inversión; (ii) su limitación material, que deriva de la específica actuación estatal que las generó; (iii) el examen de la conducta del inversionista y, en especial, el deber de debida diligencia, y (iv) la privación sustancial de la propiedad como un criterio de importancia para identificar las expropiaciones indirectas. En este último punto fueron detectados tres escenarios: la consideración en pocos casos de las legítimas expectativas -junto a los otros criterios- para identificar una expropiación indirecta; la consideración de la privación sustancial de la propiedad como elemento preponderante para calificar este tipo de expropiación, y el análisis de las legítimas expectativas para los reclamos de trato justo y equitativo.]]></p></abstract>
<abstract abstract-type="short" xml:lang="en"><p><![CDATA[ABSTRACT The determination of indirect expropriations of foreign investments requires the analysis of several elements, referred to both by UNCTAD, the OECD and various investment treaties: the degree of interference of the State measure in the property of the investor; the nature of the State act, and the violation of the investor's legitimate expectations. This article aims to analyze legitimate expectations from a doctrinal and conventional perspective jointly with the study of 63 arbitral awards issued between 2010 and 2020, under the case-by-case approach, to determine if they were considered as an identifying criterion. In this analysis, cases were considered both for violation of fair and equitable treatment, and for the indirect expropriation of foreign investments. As a result, there were found four common criteria commonly addressed by arbitral tribunals in order to understand the legitimate expectations: (i) the temporal limitation, raised at the beginning of the investment and, in some cases, during the execution of the investment; (ii) the material limitation: the specific State action that generated them; (iii) the examination of the investor's conduct and, in particular, the duty of due diligence; and (iv) the substantial deprivation of foreign investment as an important criterion for identifying indirect expropriations. In this last point, three scenarios were detected: the consideration in few cases of legitimate expectations - together with the other criteria - to identify an indirect expropriation; the consideration of the substantial deprivation of property as a preponderant element to qualify this type of expropriation and the analysis of the legitimate expectations for the claims of fair and equitable treatment.]]></p></abstract>
<kwd-group>
<kwd lng="es"><![CDATA[Legítimas expectativas]]></kwd>
<kwd lng="es"><![CDATA[expropiación indirecta]]></kwd>
<kwd lng="es"><![CDATA[trato justo y equitativo]]></kwd>
<kwd lng="es"><![CDATA[laudos arbitrales]]></kwd>
<kwd lng="es"><![CDATA[arbitrajes inversor-Estado]]></kwd>
<kwd lng="en"><![CDATA[Legitimate expectations]]></kwd>
<kwd lng="en"><![CDATA[indirect expropriation]]></kwd>
<kwd lng="en"><![CDATA[fair and equitable treatment]]></kwd>
<kwd lng="en"><![CDATA[arbitral awards]]></kwd>
<kwd lng="en"><![CDATA[investor-State arbitration]]></kwd>
</kwd-group>
</article-meta>
</front><back>
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