The criteria of delimitation of indirect expropriation from other measures of state regulation not demanding payment of compensation

This paper discusses the criteria of determining whether an indirect expropriation has occurred. On the basis of the practice analysis of investment arbitration tribunals the author distinguishes two main criteria (economic impact of the measure on the owner and character of the measure) as well as two additional criteria (duration of the regulation and interference of the measure with the reasonable investor's expectations) for determining if the governmental regulation constitutes a compensable taking.