15.2 Community Law 461tions of US firms.^4 In Russia, foreign investments are restricted by the 2008 Law on For-
eign Investment in Strategic Sectors.
International developments. The lack of transparency of sovereign wealth funds
has made the IMF, OECD, and a group of sovereign wealth funds to work on best
practices principles aimed at improved sovereign wealth fund transparency.
The International Working Group (IWG), a group of sovereign wealth funds
facilitated by the IMF, has reached a preliminary agreement on a set of voluntary
practices and principles referred to as the “Santiago Principles”. In October 2008,
the IWG presented its report on the Generally Accepted Principles and Practices
for Sovereign Wealth Funds (GAPP).
In October 2008, the OECD Investment Committee adopted OECD Guidance
for recipient country investment policies relating to national security. The OECD
guidance for recipient countries (i.e. host countries) complements the Santiago
Principles for sovereign wealth funds (i.e. home countries). The OECD has earlier
adopted the OECD Guidelines on Corporate Governance of State-Owned Enter-
prises.
(^4) Rose P, Sovereign Wealth Funds: Active or Passive Investors? Yale L J Pocket Part 118
(2008) pp 104–108.