International Investment Law

Chapter 1 Evolution of International Investment Law
1.1. Introduction 1
1.2 State Responsibility for Injuries to Aliens 1
1.3 International Minimum Standard 2
1.3.1 Normative Content of Minimum Standard and the Neer Case 4
1.3.2 International Minimum Standard and the Denial of Justice 5
1.3.3 Doctrinal Premise 7
1.3.4 Acquired Property 8
1.3.5 Espousal by the Home Government 9
1.3.6 Inviolability 9
1.4. Decolonisation and its Effects on the Law of State Responsibility 10
1.4.1 Permanent Sovereignty of the Peoples over their Natural Resources 11
1.4.2 Establishment of a New International Economic Order 12
1.4.3 Charter of Economic Rights and Duties of States 14
1.4.4 Effect of the three Resolutions 15
1.5 Latin America and the Law of State Responsibility 16
1.5.1 Calvo Doctrine 16
1.5.2 Drago Doctrine 17
1.6 Socialist Countries of Eastern Europe 19
1.7 Minimum Standard under the Current Dispensation 20
1.7.1 Linkage with Fair and Equitable Treatment as well as Full Protection and Security 21
1.7.2 Flip Side 22
1.7.3 Progressive Development of Minimum Standard 23
1.8 Conclusion 27

Chapter 2 Theories of International Business
2.1 Introduction 29
2.2 Classical Trade Theories 29
2.2.1 Absolute Advantage 29
2.2.2 Comparative Advantage 31
2.3 Dependency Theory 32
2.4 Middle Path Theory 33
2.5 Factor Proportion Theory 34
2.6 Product Life Cycle Theory 34
2.7 Market Imperfection Theory 35
2.8 Internalisation Theory 37
2.9 Eclectic Theory 39
2.10 Currency-Based International Business Theory 39
2.11 Bargaining Theory 40
2.12 Competitive Relationship 41
2.13 Internationalisation of Business Activities 41
2.14 Conclusion 43

Chapter 3 Sources and Nature of International Investment
3.1 Introduction 45
3.2 Classifications of Investment 45
3.2.1 Foreign Direct Investment 45
3.2.2 Portfolio Investment 46
3.3 Article 25 of ICSID Convention Definition of Investment 46
3.3.1 Objective Interpretation of Article 25 of ICSID Convention 47
3.3.2 Subjective Interpretation of Article 25 of ICSID Convention 48
3.4 IMF Balance of Payment Manual Definition 49
3.5 International Investment Agreements (IIA) Definitions 49
3.6 Nigerian Investment Promotion Commission (NIPC) Act 1995 (as amended) 51
3.7 Sources of International Investment Law 51
3.7.1 The General Principles of International Law 51
3.7.2 Treaties 51
3.7.3 Precedents 52
3.7.4 General Principles of Law 52
3.7.5 Customary international law- 53
3.7.6 Scholarly Writings 53
3.7.7 Other sources 53
3.8 Investment Agreements as Mechanisms for Protection 54
3.8.1 Status of BITs 55
3.8.2 Determinants of Investment Flows 57
3.8.3 Developing versus Developed Countries Perspectives 58
3.8.4 Unequal Bargaining 60
3.8.5 The Flip Side 62
3.8.6 The Flip Side: Balancing Principle 62
3.8.7 Treaty Regime and Municipal Law: Ratification 63
3.9 Applicable Law or Governing Law 64
3.9.1 Article 42(1) of ICSID Convention 65
3.9.2 Choice of Law 66
3.9.3 Omission to Choose Applicable Law 67
3.9.4 National Law versus International Law 69
3.9.5 Role of International Law 71
3.10 Conclusion 71

Chapter 4 Substantive Terms of IIAs: General Outline
4.1 Introduction 73
4.2 Substantive Terms: A General Outline 73
4.3 Preambles under (IIAs) 74
4.3.1 Traditional Preamble 74
4.3.2 Non-Traditional Preamble 75
4.4 Legal Persons/Entities 76
4.5 Natural Persons 77
4.5.1 Nationality based on Party's Internal Law 77
4.5.2 Dominant and Effective Nationality 77
4.6 Fork in the Road 81
4.6.1 First Approach 82
4.6.2 Second Approach 82
4.6.3 Third Approach 83
4.7 Provision on Senior Management and Board of Directors 84
4.8 Full Disclosure or Transparency 85
4.9 Investment and Labour 85
4.10 Investment and Environment 86
4.11 Information Requirements and Other Formalities 86
4.12- Non-Derogation 86
4.13 Illicit and Bribery Payments 87
4.14 Subrogation 88
4.15 Scope and Limitation of the Application of the Treaty 89
4.16 Denial of Benefits Clause 89
4.17 General Exception 90
4.18 Essential Security 91
4.19 Financial Services 91
4.20 Amendment 91
4.21 Entry into Force, Duration and Termination 91
4.22 Regional Investment Treaties (RITs) 93
4.23 Definition of Investment 95
4.24 Encouragement and Support of Investments 98
4.25 National Treatment Standard 99
4.26 MFN 101
4.27 Sound Corporate Governance 102
4.28 CSR 103
4.29 Non Lowering standard 105
4.30 Prohibition of Bribery 105
4.31 - Business, Human Rights and Socio-political Obligations 106
4.32 Conclusion 107

Chapter 5 Regulation of Admission and Establishment
5.1 Introduction 109
5.2 Admission and Establishment of Investment underInternational Law 109
5.2.1 Distinction between Admission and Establishment 110
5.2.2 Regulatory Approaches 110
5.2.3 Liberalisation of Investment Regime 112
5.3 Host State Admission Requirements 113
5.3.1 The Position in the US 113
5.3.2 The Position in the UK 116
5.3.3 The Position in the EU 117
5.3.4 The Position in Nigeria 118
5.3.5 Exemptions from Local Incorporation 120
5.4 Permits 121
5.4.1 Permits, Work and Immigration Requirements 121
5.4.2 Permits and Work Requirements - the Role of NIPC 123
5.4.3 Permits and Work Requirements: Expatriate Quota 123
5.4.4 General Summary of Steps for Foreign Investor 125
5.5 One Stop Investment Centre (OSIC) 125
5.5 One Stop Investment Centre OSIC 125
5.5.1 Effects of Establishment of OSIC/OSS 127
5.5.2 Human Capital 128
5.5.3 Social Capital 130
5.5.4 Stalling of Decision 131
5.5.5 Summary of Steps 132
5.6 Special Economic Zone (Export Processing Zone) 134
5.6.1 Contour of Economic Zones 135
5.6.2 Utility of Economic Free Zones 136
5.7 Nigerian Economic Zones 137
5.7.1 Creation, Activities, and Incentives 137
5.7.2 Steps for Investment in Economic Zones 140
5.7.3 Measuring the Performance of Existing Economic Zones 141
5.7.4 Best Practices across the World 143
5.8 Conclusion 144

Chapter 6 Sectorial Regulation of Investment
6.1 Introduction 145
6.2 Regulatory Frameworks and Sectorial Opportunities: An Overview 145
6.3 Regulation of Financial Services 145
6.3.1. Regulation of Banking Services 146
6.3.2 Insurance Services 147
6.3.3 Securities-Related Activities 148
6.4 Regulation of Food and Pharmaceuticals 149
6.4.1 NAFDAC 149
6.4.2 Registration of Food, Drugs, Water, Cosmetics and Related Matters 150
6.4.3 Advertisement of Drug Products 151
6.4.4 Pre-Packaged Food (Labelling) 152
6.4.5 Bottled Water (Advertisement) 153
6.4.6 Other Subsidiary Legislation (and Regulations) 154
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LIST OF CONTENTS
6.4.7 SON 155
6.5 Information and Communication Technology (ICT) 155
6.5.1 Telecommunication 156
6.5.2 Information Technology (IT) 158
6.5.3 Broadcasting 159
6.6 Manufacturing Sector 159
6.7 Oil and Gas Sector 160
6.7.1 Gas Sector 161
6.8 Power Generation and Distribution 162
6.8.1 Captive Power Generation 163
6.8.2 , Licence to Transmit, Distribute or Generate Power for Sale 163
6.9 Solid Minerals 165
6.9.1 Exclusive Ownership of Minerals 165
6.9.2 Licence and Permit 166
6.9.3 Incentives 166
6.9.4 Investment Opportunities in Solid Minerals 167
6.10 Conclusion 167

Chapter 7 Standards of Protection
7.1 Introduction 169
7.2 Nature of Standards of Protection 169
7.3 Umbrella Clause 170
7.3.1 Historical Origin 171
7.3.2 Content and Effect of Umbrella Clause 171
7.4 Fair and Equitable Treatment (FET) Standard 173
7.4.1 Brief History 174
7.4.2 FET Equal to or Beyond the Minimum Standard 174
7.4.3 FET and Principles in Neer Case 177
7.4.4 Legitimate Expectation 178
7.4.5 Transparency of Legal Rule 181
7.4.6 Clausula rebus sic stantibus Doctrine 182
7.4.7 Conduct of Investors 183
7.5 Full Protection and Security 183
7.5.1 Quantum of Protection Required 184
7.5.2 Liability for Unforeseeable Damage 185
7.6 Conclusion 185

Chapter 8 Non-Discrimination, Arbitrary Treatment and NPM
8.1 Introduction 187
8.2 National Treatment Clause 187
8.2.1 National Treatment Standard under the WTO Law 188
8.2.2 National Treatment Standard under the IIAs 188
8.3 MFN Standard 189
8.3.1 MFN Standard under the WTO Law 190
8.3.2 MFN Standard under the IIAs 190
8.3.3 Maffezini v Spain: Facts Giving Rise to Action 193
8.3.4 Arguments of the Parties 194
8.3.5 Consideration of the Arbitral Tribunal 194
8.4 Non-Discrimination 198
8.4.1 Intent or Effect as a Condition for Discrimination 199
8.4.2 Non-discrimination and Unreasonable Measures 200
8.4.3- Exemptions to Non-Discrimination Provision 201
8.5 Arbitrary Treatment 202
8.6 State of Necessity and Non Precluded Measures (NPM) 203
8.6.1 State of Necessity versus NPM 203
8.6.2 Scope of Operation 205
8.6.3 Quantum of Proof 206
8.6.4 CMS Gas Transmission Co v Argentine Republic: Facts of the Case 207
8.6.5 Respondent's Argument 208
8.6.6 Claimant's Argument 208
8.6.7 Tribunal's Decision in Comparison with Enron's Case Award and Sempra's Case Award 209
8.6.8 CMS Gas Transmission Co v Argentine Republic: NPM under the Treaty 212
8.6.9 Claimant and Respondent's Argument 213
8.6.10 Tribunal's Analysis and Decisions 214
8.6.11 Self-Judging Nature of NPM 216
8.6.12 Reliance on Necessity not Indefinite 217
8.6.13 Compensation and Necessity 218
8.7 Conclusion 219

Chapter 9 Investment Contracts
9.1 Introduction 221
9.2 State Contract/Investment Contract 221
9.3 Evolution of Regulatory Frameworks 222
9.3.1 Background to Oil Exploration 222
9.3.2 Regulatory Framework in the Early Years 223
9.3.3 Regulatory Precursor to Acquisition Rights 224
9.3.4 Ownership and Control Rights 225
9.4, Exploration, Prospecting, and Mining of Oil 227
9.4.1 Nature of Licence 228
9.4.2 Oil Exploration Licence (OEL) 229
9.4.3 Oil Prospecting Licence (OPL) 230
9.4.4 Oil Mining Lease (OML) 230
9.5 Relinquishment of Rights 231
9.5.1 Assignment of Right 231
9.5.2 Farm - Out 232
9.6 Ending Operations 233
9.6.1 Termination 234
9.6.2 Revocation 234
9.7 Contractual Agreements 235
9.7.1 Concession Regime 236
9.7.2 Joint Ventures 237
9.7.3 Production Sharing Contract (PSC) 238
9.7.4 Service Contract 240
9.7.5 Turnkey contract and Management contract 241
9.7.6 Contract for services and contract of service 242
9.8 Special Investment Vehicle (SIV) and Price Cap 242
9.8.1 Special Investment Vehicle (SIV) 242
9.8.2 Price Cap Regime 243
9.9 State Contracts and International Law 243
9.9.1 Sovereign Test versus Commercial Test 244
9.9.2 Tenor or Influence of IIAs 246
9.10 Conclusion 247

Chapter 10 Stability and Renegotiation of Agreement
10.1 Introduction 249
10.2 Stability of Commitment: General Framework 249
10.2.1 Power of the State to Vary, Modify, or Abrogate Investment Agreement 249
10.2.2 Doctrine of Pacta Sunt Servanda and Stabilisation Clauses 250
10.2.3 Relevance of Stability Clauses 253
10.2.4 Forms of Stabilisation Clauses 254
10.2.5 Doctrine of Economic Equilibrium 254
10.2.6 Options for Renegotiation 256
10.3 Applicable Law and Jurisdiction of the Contract 257
10.3.1 English Legal Position 258
10.3.2 US Legal Position 258
10.3.3 Continental Europe 259
10.3.4 International Law 260
10.4 Rational Justification for Renegotiation of Contract 261
10.5 Dynamics of Renegotiation 263
10.6 Conclusion 264

Chapter 11 Expropriation
11.1 Introduction 267
11.2 Law of Expropriation: An Overview 267
11.2.1 Direct Expropriation and Indirect Expropriation 268
11.2.2 Scope of Expropriation 270
11.2.3 Different Categories of Regulatory Expropriation 271
11.2.4 Conditions for the Exercise of Police Power 273
11.3 Indigenisation and Commercialisation Law and Policy 274
11.3.1 Indigenisation Policy 275
11.3.2 Background to Indigenisation Policy 257
11.3.3 NEPD 1977 278
11.3.4 Progressive Relaxation of Indigenisation Policy 279
11.3.5 Indigenisation and Other Regulatory Expropriatory Measures 281
11.4 Lawful versus Unlawful Expropriation 282
11.4.1 Duration and Time 285
11.4.2 Effect 287
11.4.3 Sole Effect and Intent 287
11.4.4 Purpose and Effect Rule 288
11.5 Compensatory Regime 288
11.5.1 Prohibition of Expropriation under the Nigerian Law 289
11.5.2 Public purpose, due process, and non-discrimination 290
11.5.3 Prompt, Adequate and Effective compensation 292
11.5.4 Exemption from payment of compensation 293
11.5.5 Comparative Practice 293
11.5.6 Conceptualisation on Taking Regime 294
11.6 Hull Standard 296
11.6.1 Calvo Doctrine 299
11.6.2 UN Resolutions 300
11.6.3 Shifting Attitude of Developing Countries 301
11.7 Restitution and Compensation 302
11.8 Valuation Principles 303
11.9 Conclusion 306

Chapter 12 Applicable Law
12.1 Introduction 309
12.2 Applicable Law: General Framework 310
12.3 Choice of Law 311
12.4 Substance of Article 42(1) of ICSID Convention 312
12.5 International Law as an Overarching Framework 317
12.6 Preference of International Law 321
12.7 Superimposition of International Law 322
12.8 Conclusion 324

Chapter 13 Risk Insurance and Guarantee
13.1 Introduction 327
13.2 Political Risk Insurance 327
13.3 Nature of Risk Insurance Market 329
13.3.1 Private Political Risk Insurance 330
13.3.2 National Political Risk Insurance Market 330
13.3.3 Multilateral Risk Insurance Market 330
13.4 Multilateral Investment Guarantee Agency (MIGA) 331
13.4.1 Role and Objectives of MIGA 331
13.4.2 Scope of MIGA Insurance and Guarantees 333
13.4.3 Currency Transfer Restriction and Inconvertibility 333
13.4.4 Expropriation and Similar Measures 334
13.4.5 Breach of Contract and Non-honouring of Financial Obligations 334
13.4.6 War and Civil Disturbance 335
13.4.7 Non-Commercial Risk 335
13.4.8 Exceptions 335
13.5 Criteria for Eligibility for Insurance and Guarantee 335
13.5.1 Scope of Coverage of Loan and Securities 336
13.5.2 Scope of Guarantee 336
13.5.3 Conditions for Guarantee 336
13.6 Subrogation 337
13.7 Limits of Coverage 337
13.8 OECD Countries 338
13.9 OPIC 338
13.10 Limitation of Risk Insurance 339
13.11 Nigerian Risk Profile, Insurance and Guarantee 340
13.11.1 Risk Profile 340
13.11.2 Nigerian Investment Insurance and Guarantee 340
13.12 Conclusion 341

Chapter 14 Fiscal Regimes and Fund Transfers
14.1 Introduction 343
14.2 International Tax Arrangement 343
14.3 Double Taxation 344
14.4 Transfer Pricing 347
14.4.1 Arm's length Principle 348
14.4.2 Regulation 2012 350
14.5 Fiscal Incentives 352
14.5.1 Approaches and Rationale for Incentives 352
14.5.2 Incentives Available 353
14.5.3 Existing Challenges 354
14.6 Repatriation of Capital 354
14.6.1 Multilateral Regulation of Transfers 356
14.6.2 Bilateral and Regional Instruments 358
14.6.3 Transfer under National Regulatory Regime 359
14.7 Conclusion 360

Chapter 15 Performance Requirements
15.1 Introduction 361
15.2 Nature of Performance Requirement 361
15.3 Local Content Law and Policy 362
15.3.1 Local Raw Materials and Services 364
15.3.2 Employment of Nigerian workforce 364
15.3.3 Nigerian Content Monitoring Board (NCMB or Board) 365
15.4 International Dimension of Local Content Act 366
15.5- Cross-Country Application of Local Content 369
15.6 Effectiveness of Local Content Requirement 369
15.7 Technology Transfer 371
15.8 Nature of Technology 372
15.9 Technology Transfer 373
15.10 Registration of Technology Transferred 374
15.11 Frameworks of Technology Transfer 374
15.11.1 Regulatory Framework 374
15.11.2 Market-based Framework 375
15.11.3 Intra-Regional and Inter-Regional Framework 375
15.12 Drivers and Methods of Transfer 376
15.12.1 FDI 376
15.12.2 Performance Requirement in Cabotage Sector 377
15.12.3 Joint venture 378
15.12.4 Public-Private Partnership Agreement (PPPA) 379
15.12.5 Licensing Agreements 379
15.12.6 Other Methods of Transfer 381
15.13 Technology Transfer under the Local Content Law and Policy 381
15.14 International Transfer and TRIPS Responses 383
15.15 Conclusion 385

Chapter 16 Responsible Investment
16.1 Introduction 387
16.2 Characterisation of Responsible Investment 387
16.3 Globalisation and Neoliberalism 389
16.4 CSR 390
16.5 Global Convergence 392
16.6 IIAs Practice and Stakeholders' Case 394
16.7 CSR Patterns by Multinationals in Niger-Delta 396
16.7.1 Shell Petroleum Development Company of Nigeria (SPDC) 397
16.7.2 Chevron 399
16.7.3 ExxonMobil 400
16.8 Modes of Embedding Responsible Investment 401
16.8.1 Shareholder Activism 401
16.8.2 Stakeholders Pressure 403
16.8.3 Reporting Requirement 405
16.9 Sustainable Development 408
16.9.1 Context of Sustainable Development 410
16.9.2 Sustainable development and Natural Resources Sector 410
16.9.3 Integration in Sustainable Development Agendas 411
16.10 Conclusion 412

Chapter 17 Regulation of Gas Flaring
17.1 Introduction 413
17.2 Gas Flaring: An Overview 413
17.3 Alternatives to Gas Flaring 414
17.3.1 Gas Reinjection 414
17.3.2 Source of Energy and Feedstock for Petrochemical Plants 414
17.3.3 Liquefied Natural Gas (LNG) 415
17.3.4 Compressed Natural Gas (CNG) 415
17.4 Causes of Gas Flaring 415
17.5 Consequences of Gas Flaring 416
17.5.1 Waste 416
17.5.2 Air Pollution/Environmental Damage 416
17.5.3 Health Hazards 416
17.5.4 Noise 417
17.6 Measures to Eradicate Gas Flaring 417
17.7 Legal Framework Regulating Gas Flaring 418
17.7.1 Petroleum Act and Regulations (as amended 1969) 418
17.7.2 Associated Gas Reinjection Act 1979 (as amended) 419
1.7.7.3 Associated Gas Re-injection (Continued Flaring of Gas) Regulation 419
17.7.4 Petroleum Industry Bill 420
17.8 Other Laws Regulating Gas Flaring in Nigeria 420
17.8.1 Petroleum (Drilling and Production) Regulations of 1969 420
17.8.2 National Oil and Gas Policy 2004 421
17.8.3 National Domestic Gas Supply and Pricing Regulations 2008 and National Domestic Gas Supply and Pricing Policy 2008 421
17.8.4 Department of Petroleum Resources (DPR) Regulations 421
17.8.5 DPR Guidelines and Standards for the Petroleum Industry (EGASPIN) 2002 421
17.8.6 Federal Environmental Protection Agency (FEPA) and Environmental Impact Assessment (EIA) Guidelines 422
17.9 International Conventions and Agreements on Gas Flaring 422
17.10 Institutional Frameworks Regulating Gas Flaring 422
17.10.1 Ministry of Petroleum Resources (MPR) 422
17.10.2 Department of Petroleum Resources (DPR) 423
17.10.3 Nigerian National Petroleum Corporation (NNPC) 423
17.10.4 Federal Ministry of Environment (FME) 423
17.10.5 International Institutions on Gas Flaring 424
17.11 Conclusion 425

Chapter 18 Regulation of Multinational Corporation
18.1 Introduction 427
18.2 Multinationals, Human Rights, and Regulation 427
18.2.1 Notion of Rights Protection 428
18.2.2 Situating MNCs within Human Rights Regulation 428
18.3 Attempts to Regulate MNCs 430
18.4 Right Protection and Investment Regime 432
18.5 Corporation as a Profit Maximising Entity 433
18.6 Difficult Path to Corporate Accountability 434
18.7 Corporations in the Eye of International Human Right Law 435
18.8 Substantive Duties of MNCs 437
18.9 Model of Regulation 438
18.10 Disclosure Regime 440
18.11 Revocation of Corporate Charter 441
18.12 Legal Personality Conundrum 441
18.13 Forum for Litigation 442
18.14 Human Rights Court 446
18.15 Conclusion 446

Chapter 19 Multilateral Investment Agreement
19.1 Introduction 447
19.2 Facilitators of Cross-Border Capital Movement 447
19.3 Multilateral Regulation of International Investment 448
19.4 Background to MAI Negotiation 449
19.5 Precursors 449
19.6 Major Highlights of MAI 450
19.6.1 A Case in Favour of MAI 4651
19.6.2 Features of MAI 451
19.6.3 Final Text of MAI 452
19.7 Scope of MAI 452
19.7.1 Preamble 455
19.7.2 Application 455
19.7.3 Treatment of Investors and Investment 456
19.7.4 Investment Protection 456
19.7.5 Dispute Settlement 457
19.7.6 Other Provisions 457
19.8 Opposition to the Text of MAI 457
19.9 Necessity for Clarity on Future Negotiation 458
19.10 Institutional Framework for Future Negotiation 459
19.11 Conclusion 460

Chapter 20 WTO and Investment
20.1 Introduction 461
20.2 Trade and Investment under the WTO 461
20.3 Aborted Havana Charter 462
20.4 GATT 1947 464
20.5 FIRA Panel Rulings 465
20.6 Uruguay Round Negotiations 466
20.6.1 Preparatory Compromise 466
20.6.2 The Position of the Negotiating Parties 467
20.6.3 Result of the Negotiation 468
20.6.4 Rationale for the Application of TRIMs and Other Performance Requirements 470
20.6.5 Structural Features of TRIMs Agreement 471
20.7 TRIMs Agreement: Main Features 471
20.8 TRIMs Agreement: Substantive Provisions 472
20.8.1 Definition of TRIMs 472
20.8.2 Coverage 472
20.9 National Treatment and Quantitative Restrictions 473
20.9.1 National Treatment 473
20.9.2 Quantitative Restrictions 474
20.10 Exceptions 476
20.11 Conclusion 476

Chapter 21 Portfolio Investment
21.1 Introduction 477
21.2 Financial Market and Securities 477
21.3 Primary Market and Secondary Market 479
21.4 Functions of Financial Market 479
21.5 Regulation of Financial Market 480
21.6 Structure of Portfolio Investment 480
21.7 Regulatory Institutions 482
21.7.1 International Organisation of Securities Commissions (IOSCO) 482
21.7.2 European Securities and Markets Authority (ESMA) 483
21.7.3 Financial Conduct Authority 484
21.7.4 Securities and Exchange Commission (SEC) 485
21.8 Deregulation of Equity Structure in Nigeria 485
21.9 NigerianSecurities and Exchange Commission (SEC) and Investor Protection 486
21.9.1 Protection of Investors 486
21.9.2 Disclosure Regime 486
21.9.3 Factors affecting Equity Market outside Disclosure 487
21.9.4 Compensation of Investors 489
21.9.5 Continuing Disclosure 489