Abstract
Sovereign wealth funds (SWFs) have been likened to “regulatory chameleons. Their existence flies in the face of the truism that there is no room for state participation in private markets. This paper examines the validity of Member State concerns that have arisen in relation to SWF investment in equities; and has forwarded the argument that the existing EU Treaty framework offers sovereign investors the most legal certainty. In particular, it is posited that SWF investments are particularly amenable to the application of Article 63 TFEU.There are a number of strong policy reasons to require greater disclosure from SWFs, but transparency should not be regarded as a magic panacea for the problems that arise in situations where States behave like private investors. It is submitted that the biggest impediment to an effective regulatory framework is the insurmountable task of devising a conceptual framework which accurately reflects the investment patterns and behavioural trends of sovereign wealth funds.
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