| Abstract [eng] |
The free movement of capital, including investment, within the European Union is considered to be one of the fundamental values of the policy of liberalization that ensures cross-border cooperation by providing a level playing field for investors within the Community. However, the increasing number of investors and investments and the progressive development of modern technologies may threaten the strategic security interests of the Community and the Member States. It is clear, therefore, that there must be cases in which investment may be subject to certain regulation or restrictions. As a safeguard against risky investment, Article 65 of the Treaty on the Functioning of the European Union, which in certain cases allows derogations from the free movement of capital and restricts investment in the cases specified. The most important areas where restrictions apply are: the area of taxation and situations where investments may pose a threat to public policy and public security in the Member States. It is noteworthy that the paper addresses the ever-changing issue of competence and its separation between entities, in the area of investment restraint and regulation. The role of the EU has gradually grown, with the EU representing the Member States in the shaping of its common commercial policy since its inception, and since the Treaty of Lisbon, the EU's powers have been further expanded to include control of foreign direct investment. The paper also analyzes the case law of the Court of Justice of the European Union and provides a more detailed analysis of major cases such as: Achmea, ECJ Opinion on the EU Treaty with Singapore, ECJ Opinion on the EU Treaty with Canada. Not only the competences of the EU and its Member States in limiting and regulating investment, but also international organizations must be mentioned. It is noteworthy that the EU is also a member of international organizations such as the World Trade Organization, which has a significant influence on the rules governing the movement of capital between states. Therefore, this paper explores not only the competence of Member States to restrict and regulate investment in the context of primary and secondary sources of EU law, but also takes into account the obligations assumed by the EU in international organizations. |
