Document Type : Research Paper
Authors
1 PhD in Private Law, Faculty of Law, Qom University, Qom, Iran.
2 Associate Professor of Private Law Group, Faculty of Law and Political Sciences of Tehran University, Tehran, Iran.
Abstract
As to the legal nature of sovereign wealth funds, there are three different approaches globally. This article aims to analyze and evaluate the impact of these differing methods on international disputes, as well as the desirability of the legal nature and framework of Iran's National Development Fund, considering the current sanctioned situation.
According to the findings of this research, sovereign wealth funds fulfill the necessary technical and legal requirements in each of their forms. In the ICSID practice regarding personal jurisdiction, the Broches criterion is applied, which reduces the role of legal nature. Regarding judicial immunities, the principle of non-applicability of immunity applies in cases where the fund's activities are commercial in nature; similarly, in terms of enforcement immunity, albeit to a lesser extent, the existence or non-existence of independent legal personality from the state is not considered a determining factor. The legal nature of the National Development Fund is characterized as a pool of assets belonging to the state and lacking independent legal personality, which has contributed to its unsuccessful performance alongside various other factors and will pose multiple challenges. Therefore, alongside interpretative and procedural strategies concerning international disputes, corrective strategies within an appropriate legal framework have been proposed.
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