SOVEREIGN WEALTH FUNDS AND IMMUNITY FROM JURISDICTION

Sovereign wealth funds have increased their trading volume and diversified their strategies to operate in global financial markets. This activity has raised many legal questions, which encompass not only the chosen legal corporate form but also the political motivation underneath the investment. This economic phenomenon is however followed by a relative regulatory delay, which is limited to soft law instruments resulting from initiatives spearheaded by the International Monetary Fund and the Organization for Economic Cooperation and Development. One of the several controversial issues about sovereign wealth funds is the possibility of invoking the benefit of immunity from jurisdiction. The fragmentation of legislative and judicial treatment given to stateowned enterprises and central banks suggests inconsistent answers regarding sovereign wealth funds. Being far from achieving conclusive answers, it is only possible to identify some parameters for the analysis of specific cases.