International Investment Arbitration

The IBA rrevised its Guidelines on Conflicts of Interest in International Arbitration. This was the culmination of a review by the IBA Arbitration Committee, which began in 2012. The salient changes address the rise of advance declarations by arbitrators; third party funding; increasing significance of arbitral secretaries; and the possibility that an arbitrator, and counsel to one of the parties, operate from the same chambers. The Guidelines are widely consulted when arbitrators evaluate whether they can accept appointments, or if they first need to make disclosures to the parties about potential conflicts. This article outlines the key changes in the revised Guidelines.

Arbitration and jurisdiction agreements give effect to procedural party autonomy and, thus, are fundamental tools for commercial parties to plan an effective dispute resolution policy. The factual assumption that would give rise to the possibility of claiming damages will be where, despite the existence of a valid and enforceable arbitration agreement, a party seizes a court either because it genuinely believes that the arbitration agreement is null and void or that it does not cover the dispute submitted, or for tactical reasons (delaying the arbitration or obtaining a more favourable decision).

Undoubtedly, the forum where parties litigate their dispute will influence the outcome of the case. Thus, to be forced to litigate in a non-contractual forum when the parties have expressly agreed to resolve their disputes trough arbitration - with the arbitration rules, conflict-of-law rules, etc. - certainly makes a big difference.

The focus of this work is to explore the options available for the innocent party when the breaching party initiates litigation in violation of the arbitration agreement. In that scenario, the main contribution will be to demonstrate that the innocent party should be able to file a claim for monetary relief before the arbitral tribunal, either in the form of an award of damages or in the form of an indemnity against any judgment that might be rendered in the parallel litigation. Additionally, that the claim for damages falls within the arbitral tribunal’s jurisdiction because it is covered by the arbitration agreement.

This paper will argue that the burden of proof should be on the State invoking the right to deny investment protections under art 17(1). In doing so, s 1 will provide an overview of the questions surrounding ownership and control over investments by a third state under the Energy Charter Treaty (ECT). Section 2 will thereafter initially explore the general theories surrounding burden of proof in international law. Section 3 will then consider ECT art 17(1) and evaluate the nature of the denial-of-benefits provision. Section 4 will analyse the allocation of the burden of proof in establishing ownership and control over an investment under the ECT, after which s 5 will explore the different approaches to allocating the burden of proof under art 17(1). Finally, before concluding, s 6 will analyse which approach of allocating the burden of proof under art 17(1) might be better suited with regard to the objectives and spirit of the ECT.

International commercial arbitration is the leading method of dispute resolution in large scale projects. This is especially the case in which one of the parties is a foreign investor.  When the foreign investor is doing business with the State itself or an entity of a State, namely a State owned enterprise (SOE), use of sovereign rights of the State becomes a problem in arbitration, especially when the dispute arising from non-monetary issues.
This study tries to address the above mentioned problems and focuses on the role of State or entity of the State as a commercial body, not as  sovereign.
Keywords: arbitration, commercial arbitration, state owned enterprises, state owned entities, investment arbitration, non-fiscal awards.

This paper analyzes the Code of Conduct for arbitrators in CETA, which will apply to investor – state dispute settlement initiated under Comprehensive Economic and Trade Agreement concluded between European Union and Canada. The Code of Conduct for arbitrators constitutes an innovation in investment treaties, especially taking into account that it is said to be biding. Therefore, in this article the provisions of the Code as well as its role and significance will be examined to assess whether the Code is a milestone in dealing with ethical issues in investment arbitration.

The attitude of Venezuela towards international investment arbitration has been widely discussed in several different sets of arbitral proceedings before the International Centre for Settlement of Investment Disputes (ICSID). For example, in an award on jurisdiction rendered by the arbi- tral tribunal in Venezuela Holdings v Venezuela, the tribunal described the long history of Venezuela’s hostility towards arbitration. The tribunal dis- missed an argument by the claimant about the interpretation of article 22 of the Decree-Law on the Promotion and Protection of Investments of 1999 (LPPI) that sought to categorise this provision as a consent given by Venezuela to submit investment disputes to ICSID arbitration.

أصبح الحديث عن الاستثمار الدولي وحمايته من أبرز المواضيع التي تحظى باهتمام القانون الدولي المعاصر، نظرا للمساهمة الفعالة للاستثمار الدولي تجاه تنمية الدول وتطورها، الأمر الذي يعتبره القانون الدولي حقا مشروعا لكافة دول العالم، ونظرا لتزايد المطالب الدولية الملحة نحو تنظيم هذا المجال الحيوي، وهو الامر الذي يعكسه مطالبة الدول ذات الاقتصاديات في طور النمو نحو ضرورة إيجاد نظام قانوني دولي يكفل لها الاستفادة من رؤوس الأموال الأجنبية وفق إجراءات وشروط عادلة، حتى تتمكن هذه البلدان من تحقيق التنمية المرجوة من العلاقات التعاقدية التي تبرمها مع المستثمرين الأجانب، وعلي الجانب الآخر مطالبة المستثمرين والدول المالكة لرؤوس الأموال بضرورة حماية مصالحها وحقوقها عند قيامها بالاستثمار خارج حدودها الإقليمية، وأخيرا نظرا لتعدد وتنوع اطراف عقود التجارة والاستثمار الدوليين، ونشوء مجموعة من الآثار ذات الطابع الدولي عن هذه العقود.

إذا فمن المؤكد أن عقود التجارة والاستثمار الدوليين بمختلف أنواعها لديها ارتباطا وثيقا بمسارات الاستثمار الدولي، والحركة الدؤوبة لرؤوس الاموال عبر الحدود، سعيا لتعزيز مكانة الاقتصاد العالمي، ولتحقيق التنمية المستدامة لمجتمعات مختلف دول العالم.
ملتقي خبراء تسوية منازعات الاستثمار وعقود التجارة الدولية .... القاهرة، 14 – 18 مارس 2019

The concept of ‘necessity’ is used in many legal systems to delimit permissible measures from prohibited measures where such measures negatively affect the regime’s primary values, such as human rights, liberalized trade, and unimpeded use of an investment. International investment tribunals have adopted a variety of approaches to the question of whether a host state measure is ‘necessary’ to achieve its objective in relation to a number of provisions of investment treaties, including non-precluded measures clauses and fair and equitable treatment. Yet their approaches to this form of analysis are inconsistent and generally not analytically robust. By comparison, WTO tribunals have developed relatively sophisticated methods for analyzing a measure’s necessity to achieve its objective in the context of general exceptions, sanitary and phytosanitary measures and technical regulations. The WTO approach generally takes into account a number of factors including the importance of a measu...

[FR] Conformément à la pratique d’une majorité des États, le rattachement de la Crimée à la Fédération de Russie peut être qualifié d’annexion. Violation grave du droit international, celle-ci soulève un certain nombre de question quant aux droits et aux obligations respectifs de tous les acteurs impliqués. En l’absence d’une résolution du conflit russo-ukrainien par voie conventionnelle, le recours au juge – national aussi bien qu’international – est appelé à jouer un rôle central dans ce contexte. Ainsi, l’annexion de la Crimée a d’ores et déjà donné lieu à des décisions juridictionnelles concernant la restitution des biens culturels, la protection des investissements et les mesures restrictives imposées par l’UE à la suite de l’annexion. D’autres questions soulevées par cette situation sont actuellement débattues devant la CIJ, la Cour EDH, la CPI, l’OMC et un tribunal arbitral constitué sous l’empire de l’annexe VII de la Convention Convention des Nations Unies sur le droit de la Mer.

[EN] In accordance with the practice of a majority of States, the incorporation of Crimea into the Russian Federation can be qualified as a case of annexation. As a serious breach of international law, it raises a certain number of questions with regard to the respective rights and obligations of all relevant actors. With no conventional resolution of the dispute between Russia and Ukraine in sight, judicial remedies—both before national and international courts and tribunals—are destined to play a key role in this context. As a matter of fact, annexation of Crimea has already resulted in judicial decisions regarding the restitution of cultural property, investment protection, and the restrictive measures adopted by the EU following Crimea’s annexation. Other questions raised by this situation are currently being discussed before the ICJ, the ECtHR, the ICC, the WTO, and a UNCLOS Annex VII Arbitral Tribunal.

Despite the fact that investment arbitration has been developing for the better half of the century, the issue of legality of investment has only gotten onto the radar of arbitral tribunals in the last two decades. The authors consider the existing case law in this specific area through the prism of a recent decision rendered in the Fynerdale Holdings B.V. v. The Czech Republic (PCA Case No. 2018-18). This article provides insight into the discussion on the legality requirement and explains the general tendencies of investment tribunals when they deal with an illegality objection.

In this comparative and analytical study, I offer the most comprehensive and detailed account of China's Treaty Policy and Practice in International Investment Law and Arbitration published to date. After outlining the evolution of China's macroeconomics and ideological stance toward foreign investment, I analyze the relationship between the model investment treaties China adopted over the time and those of other traditional key players in the field (Germany, UK, France, Italy, Netherlands). Most innovatively, by analytically surveying several key provisions (including ISDS, expropriation, MFN, NT, FET, FPS) of 120 International Investment Agreements concluded by China, this work manages to draw an objective assessment of the investment treaty policy and practice of a nation that has quickly become a leading importer and exporter of capital across the globe.

Domestic tax measures are treated by investment tribunals as a fundamental attribute of sovereignty and constitute lex specialis in relation to the general rule on expropriation under customary international law. Although both direct and indirect expropriation is possible through the imposition of tax measures, in practice such a finding is rare and is further restricted by joint tax vetoes and tax exclusion clauses in BITs and bilateral tax treaties. This inclination in favour of host states is further confirmed by the requirement that the conduct requirements for expropriation be satisfied, although the role of conduct requirements is to differentiate between lawful and unlawful expropriation. The lex specialis character of tax measures suggests, particularly as a result of cases such as Burlington, that investment tribunals are unlikely to lower the threshold of state liability for expropriation arising from tax measures and are in fact likely to view the substantial deprivation standard very strictly and in a manner that requires a total deprivation of property.

I would like to express my sincere thanks to Prof. Dr. Turksen, a lecturer at Coventry law school – London based, and RAJAH & TANN LCT LAWYERS' Of Counsel who kindly recommend this open access book to Vietnamese audience.
Author: Gabrielle Kaufmann-KohlerMichele Potestà
This open access book examines the multiple intersections between national and international courts in the field of investment protection, and suggests possible modes for regulating future jurisdictional interactions between domestic courts and international tribunals.
The current system of foreign investment protection consists of more than 3,000 international investment agreements (IIAs), most of which provide for investment arbitration as the forum for the resolution of disputes between foreign investors and host States. However, national courts also have jurisdiction over certain matters involving cross-border investments. International investment tribunals and national courts thus interact in a number of ways, which range from harmonious co-existence to reinforcing complementation, reciprocal supervision and, occasionally, competition and discord. The book maps this complex relationship between dispute settlement bodies in the current investment treaty context and assesses the potential role of domestic courts in future treaty frameworks that could emerge from the States’ current efforts to reform the system.
The book concludes that, in certain areas of interaction between domestic courts and international investment tribunals, the “division of labor” between the two bodies is not always optimal, producing inefficiencies that burden the system as a whole. In these areas, there is a need for improvement by introducing a more fruitful allocation of tasks between domestic and international courts and tribunals – whatever form(s) the international mechanism for the settlement of investment disputes may take.
Given its scope, the book contributes not only to legal analysis, but also to the policy reflections that are needed for ongoing efforts to reform investor-State dispute settlement.
Source: https://link.springer.com/book/10.1007%2F978-3-030-44164-7?fbclid=IwAR0SS3vVRb7DbFcf95-DAxW8Sue3XPMA4rBF7TN5orEfE3IjE16eFWE3Kmk#about

This chapter aims to provide a comprehensive framework for understanding how the principle of good faith functions within international investment law in order to outline the roles the good faith plays within the discipline. This assessment covers different conceptualizations of the principle of good faith within the rules, arguments, and arbitral awards, but also the practical advantages it may provide for parties in the course of arbitral proceedings. The offered conceptual framework comprises the evaluation of the principle in general international law and in relation to international investment law and arbitration, overview of substantive and procedural derivatives of the principle, and overall assessment of the function and relevance of the principle in contemporary investment law, policy, and arbitration. How the good faith principle, within existing procedural concepts and substantive rules, but also as a self-standing standard, may play out is demonstrated by the overview of relevant arbitral jurisprudence and presented through different stages of an arbitral proceeding. States tend to rely on good faith to deny claimants’ rights to seize the tribunal (Article 41(5) of the ICSID Rules), to challenge jurisdiction or admissibility, to limit obligations arising under investment treaties or otherwise employ good faith as a defense in merits, and to minimize or exclude compensation. Claimants primarily rely on good faith as a part of the substantive standard of fair and equitable treatment, to expand interpretation of investment treaties and maximize their chances for compensation. Recent trends demonstrate the inherent balancing function of the good faith principle given that claimants and respondents alike rely on the good faith argument using it both as entitlement and defense, while arbitral tribunals have shown readiness to employ different variants of the good faith principle.

El ensayo hace un estudio sobre los principios generales que rigen las facultades que tienen los comités ad hoc para anular los laudos dictados por tribunales CIADI; para posteriormente hacer un estudio particular de cada una de las causales por las cuales puede ser solicitada la anulación del laudo

RESUMO: O momento singular experimentado pelo Brasil torna-o um dos palcos mais promissores para a realização de investimentos nos mais diversos setores, seja em sede de investimentos do capital privado nacional, seja na atração de investimentos diretos estrangeiros. Todavia, conquanto seja destino sedutor em razão das possibilidades, os investidores, por vezes, mostram-se temerosos em executar os investimentos oportunizados, máxime em razão dos inúmeros percalços encontrados na tentativa de mitigar ou confrontar os riscos. O presente ensaio pretende, assim, sob a ótica da Análise Econômica do Direito, demonstrar que a atuação jurisdicional passa a ser de relevante papel na distribuição dos riscos e garantia da eficiência das transações, porquanto a célere solução de eventuais disputas é imperativa na mitigação de entraves operacionais e, por conseguinte, na promoção da atratividade econômica. Para tanto, analisa-se a crise do Poder Judiciário brasileiro mediante dados estatísticos e abordagem crítica que demonstram produção deficitária. De outro lado, a ascensão da arbitragem, que passa a exercer relevante papel no cenário econômico na medida em que propicia a criação de ambiente acolhedor e seguro àqueles que se propõem a investir, atuando como gatilho para a recepção do capital que sustenta o desenvolvimento econômico nacional.

ABSTRACT: The unique moment experienced by Brazil makes it one of the most promising stages for carrying out investments in different sectors, either by national private capital or attraction of direct foreign investments. However, although it is an attractive destination due to the possibilities, the investors are often fearful to embrace the opportunities due to several difficulties in the attempt to overcome the risks. Therefore, this essay intends to demonstrate under Law & Economics that the jurisdictional activities play a relevant role in distribution of risks and ensuring efficiency of the transactions, since the quick resolution of possible disputes is mandatory to mitigate operational barriers and, as a result, in promoting economic attractiveness. Thus, this article analyses the crisis of the Brazilian Judiciary through statistical data and critical analysis that demonstrate deficit and, on the other hand, the rising of arbitration, which plays a relevant role in the economic scenario insofar as provides a safe and welcoming environment to those willing to invest, acting as a trigger for receipt of capital that sustains the national economic development.

We can conclude that non-state rules may include both lex mercatoria, i.e. the law of international merchants, which is not perceived in any uniform way, and currently perhaps also selected rules of EU law, provided that no legal relations are involved that have no connection to the European area. Lex mercatoria can be defined as including international trade usages (such as INCOTERMS, which have become rather popular), generally recognised legal principles (for instance, pacta sunt servanda), and collections of principles governing international agreements (e.g. UNIDROIT Principles).

Lex mercatoria can be applied both in arbitration and in litigation based on four theoretical approaches. The first applicable method is subsidiary application, i.e. lex mercatoria is applied within the limits of binding provisions of applicable law – this method does not raise any problems in practice. Another possibility is application equivalent to national legal systems, i.e. based on the conflict-of-laws method. This method is currently considered controversial and is suitable for arbitration, rather than litigation. The third possibility is the preferential application of lex mercatoria – this is, however, a very extreme approach, even within international commercial arbitration, and requires the due assessment of all relevant circumstances. This category may also include negative choice of law, which postulates that the parties opted for lex mercatoria, because they did not choose any applicable law. This is, again, controversial doctrine, which may only be applied if we first take into consideration all of the circumstances of the case, and primarily the will of the parties. The fourth and last possibility is the ex post choice of law.

As concerns practical possibilities of application, the most frequently employed method is the application of non-state rules in connection with arbitration, where the courts control the proceedings for the recognition and enforcement of foreign arbitral awards. Academics agree that the recognition and enforcement of a foreign award cannot be refused, should the sole grounds for refusal be the fact that the award is based on lex mercatoria. Another possibility of applying non-state rules in courts is application based on domestic laws. The third possibility is the application of non-state rules based on the parties’ choice, i.e. the parties may opt for non-state law. Even if some of the parties disagree, it is possible to envisage the application of non-state rules in litigation, though rather as soft law, i.e. a tool or inspiration for the resolution of the given case. This would be similar to the application of foreign law or foreign case law.

We can also imagine, subject to certain conditions, the application of non-state rules in domestic disputes: (i) if the parties agree to do so, in which case, again, non-state rules would be applied within the limits of binding rules of the applicable law, or (ii) at the court’s discretion. In such case, the court should have regard for any and all circumstances, such as the parties’ experience with international trade, as well as the method of application. The application of non-state rules as soft law can be accepted without objections. Both arbitral tribunals and courts have become more open to non-state rules – for instance, the fact that a decision or award is based on lex mercatoria is not eo ipso contrary to public policy (ordre public).
The application of non-state legal standards is intertwined with the irreplaceable role of a first-rate pre- and post-graduate system of education, and with interactions between extensive practice, on the one hand, and education and training, on the other. This is the reason why schools and other educational institutions must be addressed, and such quality of lectures and courses must be emphasised that will guarantee a high level of theoretical training and high-quality and solid incentives and information from practice. The reason is that this very requirement attains qualified dimensions in the case of trade and legal usages (international, as well as national and regional). The potential of cooperation between educational institutions and international organisations mostly remains untapped – and not only those that create and apply contract templates, unify recommendations, or formulate trade and legal principles, etc.

В заключение можно сказать, что негосударственные правила могут включать в себя, во-первых, lex mercatoria, т. е. право участников международных коммерческих отношений, относительно понимания которого отсутствует единое мнение, во-вторых, в настоящее время, очевидно, и некоторые правовые нормы ЕС, при условии, что речь идет о правоотношениях, в которых отсутствует связь с европейским пространством. Составляющей lex mercatoria можно считать международные торговые обычаи (например, ИНКОТЕРМС, которые в значительной степени стали популярными), общепризнанные правовые принципы или основы (например, pacta sunt servanda) и свод принципов международных договоров (например, Принципы УНИДРУА).

Lex mercatoria может применяться как арбитражами, так и судами общей юрисдикции на основе четырех теоретических подходов. Первым является субсидиарное применение, когда lex mercatoria применяется в рамках когентных положений применяемого права – на практике данный способ применения не встречается с какими-либо проблемами. Вторым вариантом является применение, равноценное национальным правовым системам, т. е. на основании коллизионного метода. В настоящее время данный способ является спорным и применяется скорее арбитражными судами, чем судами общей юрисдикции. Третий вариант – это преимущественное применение lex mercatoria, которое, однако, является крайним случаем даже в контексте международного торгового арбитража, требующего рассмотрения всех существенных обстоятельств. Сюда также можно включить отрицательный выбор права (negative choice), когда предполагается, что стороны, не выбрав применимое право, выбрали именно lex mercatoria. И в данном случае речь снова идет о спорной доктрине, перед применением которой необходимо взвесить все обстоятельства дела и, прежде всего, учесть волеизъявление сторон. Четвертым и последним вариантом является дополнительный выбор права.

С точки зрения практического применения на первом месте (с учетом частоты применения) находится применение негосударственных правил в связи с арбитражным разбирательством, когда суды осуществляют контрольную функцию в ходе разбирательства о признании и приведении в исполнение иностранных арбитражных решений. В этом случае доктрина признает, что нельзя отказать в признании и приведении в исполнение решения иностранного суда только по той причине, что оно основано на lex mercatoria.  Следующим возможным применением негосударственных правил в судах общей юрисдикции является применение на основании национальных правовых норм. Третьим вариантом является применение негосударственных правил на основании выбора сторон, когда стороны могут выбрать негосударственное право. Даже если не все стороны согласны, можно рассматривать возможность применения негосударственных норм судами общей юрисдикции, однако, скорее как т. н. soft law, т. е. в качестве пособия или источника инспирации при рассмотрении и разрешении спора. Аналогично применяется иностранное право или иностранные документы судебной практики.

При определенных условиях также возможно применение негосударственных правил во внутригосударственных спорах. Это, прежде всего, споры, в которых стороны согласуют применение негосударственных правил в рамках когентных положений применяемого права, или по усмотрению суда. В данном случае суд должен рассмотреть все обстоятельства, например, опыт сторон с международной торговлей, а также способ применения. Против применения негосударственных правил как soft law нельзя возражать. В контексте наблюдается растущий интерес арбитражных судов, а также судов [общей юрисдикции/государственных] к негосударственным правилам, который проявляется, например, в том, что основание решения на lex mercatoria еще не означает противоречие публичному порядку.
В связи с применением негосударственных правовых норм важную роль играет качественная вузовская и послевузовская образовательная система и взаимодействие широкой практики с воспитанием и обучением. Поэтому необходимо обращать особое внимание на воспитательные и образовательные учреждения, а также на качество содержания обучения, гарантирующее как высокий уровень теоретической подготовки, так и качественные и обоснованные стимулы и сведения из практики. Именно это требование в торговых и правовых обычаях (международных, а также национальных и региональных) приобретает важность с точки зрения квалификации. В основном остается нереализованным потенциал в области сотрудничества между образовательными учреждениями и международными организациями, причем не только теми, которые занимаются созданием и применением образцов договоров, объединяющих рекомендаций, формулировок торговых и правовых принципов и т. п.

Discusses the Investment Code in Egyot as of March 2015, Investment and economic policies, FDI flows into Egypt and the "business-as-usual" policies of the post 30-June-2013 Egyptian State. With info on international arbitration against Egypt, as well as key stories on violations, including tax evasion, environmental degradation, and labour rights violations.

Overview Transport is the number-one source of air pollution in cities, causing serious problems to human health, the economy, climate and the environment. Current approaches to reducing transport emissions have not led to the desired results, leaving city regulators with challenges of protecting the health and wellbeing of their residents. The Air Quality & Transport (AQT) Green Bond provides public authorities and investors with exciting opportunities to capitalize on clean transport projects that monitor, manage and reduce emissions. Returns on investment are maximized through economic benefits of improved public health and economic productivity, climate change mitigation and reduced public expenditure on transport-related externalities. The AQT Bond is particularly suitable for cities wanting to take global leadership on air quality management and climate change mitigation, providing win-win-win solutions that benefits people, the economy, climate and the environment

Following the adoption of the ruling in the Achmea case by the Court of Justice of the European Union on 6 March 2018, the immediate question was whether this particular decision could have the effect of exceeding the framework within which it was rendered. In other words, the question was whether Achmea could potentially have an effect on both EU investment policy and pending investment arbitration cases. The EU and its Member States employed the Achmea decision in many ways not only for redefining its investment policy objectives but also for reinvigorating the intra-EU debate within investment arbitration on the incompatibility of BITs with EU law. All investment tribunals rejected the relevance and rationale of the Achmea decision. The purpose of this contribution is to examine the reasons used by investment tribunals to reject Achmea and the renewed intra-EU BITs preliminary objections. The analysis covers twelve post-Achmea investment cases based on intra-EU BITs. Despite a whole set of differences, in terms of applicable BITs and different arbitration rules, these tribunals were unanimous in reasserting the authority of ISDS over EU law.

موضوع اللجوء الي الوسائل البديلة لتسوية النزاعات التجارية ونزاعات الاستثمار، هو حديث الساعة اليوم في مجتمعات الدول ذات الاقتصاديات الناشئة، أي في مجتمعاتنا، وبالتالي يأتي التحكيم في قضايا التجارة والاستثمار على رأس تلك الوسائل، لما تتمتع به أحكامه من قوة الامر المقضي به، والتنفيذ الفوري لحسم القضايا، وخصوصا تلك القضايا ذات الصبغة الدولية التي تضم المستثمرين وبعضهم البعض كأفراد من جنسيات مختلفة، أو بين مستثمرين أجانب ودول مضيفة لاستثماراتهم، يأتي ذلك التوجه من اجل تنشيط حركة رؤوس الأموال العابرة لحدود الدول، وحماية هذه الأموال الضخمة التي تستثمر في المشاريع المختلفة داخل مختلف الدول.

Investor-State dispute settlement ["ISDS"] has been the preferred mechanism for resolution of disputes between foreign investors and States over the last few decades. However, despite the preference, the system has come under severe criticism in the recent past. Among numerous suggestions that have been floated to address the shortcomings of the system, a multilateral investment court proposed by the European Union ["EU"] and its Member States holds potential to bring about a paradigm shift in the way disputes are settled between foreign investors and sovereign States. The EU has, in fact, already incorporated provisions for such a court in some of its recent trade and investment treaties. For instance, the EU-Canada Comprehensive Economic and Trade Agreement proposes setting up an investment court system ["ICS"] and submitting their investment disputes to such a court. At the outset, this paper attempts to assess the model proposed by the treaty parties to this agreement by analysing the structure proposed for the court, its composition, the law applicable to proceedings before it and the nature of the decisions rendered by such an investment court. It then goes on to analyse the reasons for which the validity of the proposed court was challenged before the Court of Justice for the European Union ["CJEU"] and the reasoning provided by it to uphold validity of the proposed ICS. In the third part, the author has identified issues that have, thus far, been left unaddressed by the CJEU and which may cause hinderance in smooth functioning of the proposed model of investor-State dispute resolution. The author concludes that the proposed court system is merely a modified version of the prevalent ad-hoc arbitration with no real promise to be the panacea to the current ills of the system. The proposed court may lend legitimacy to the dispute-resolution process by giving sovereigns the authority to appoint judges but there is nothing to ensure that it would address the other issues faced by ISDS today, including quality and consistency of decisions rendered.

In recent years, the landlocked former Soviet Republic of Kazakhstan has substantially improved its oil and gas prospects. Being a rich supplier of oil and gas serves to attract foreign direct investments, but the prospect of such investments is diminished by the government’s policy of confiscating the property of foreign direct investors to “protect its subsoil sector.” As a result of such expropriation, to date Kazakhstan has faced thirteen known investment arbitrations. Five proceedings are still pending, one has been discontinued pursuant to Rule 43, para.1 of the ICSID Arbitration Rules, three awards are confidential and not available to the public, and four awards are publicly available. These numbers demonstrate Kazakhstan’s efforts to maintain its economic and political integrity by avoiding transparency in its investment policies.
This article will analyze the investment laws of Kazakhstan, as well as give an overview of the awards that are publicly available. Finally, the article will outline the problems that foreign investors face in investment arbitrations against the Republic of Kazakhstan.

A obra tem como objeto um dos temas causadores de maiores incertezas quando se aborda a indicação de árbitros em processos domésticos e internacionais: o dever de revelação do árbitro. Trata-se de dever em alguma medida não usual, e até invasivo, que requer do proposto julgador uma atividade proativa e investigativa sem que sequer haja a certeza de que será confirmado e que deve ser por ele cumprido durante todo o processo, sob pena de nulidade.

Esmiúça-se esse (nevrálgico) dever em sua natureza, propósitos, efeitos e implicações, e se propõe soluções aos problemas que se tem visto no tocante à extensão do seu exercício e às consequências da sua violação. Ver-se-á sobretudo que, se adequadamente exigido, ele é solução para muitas das crises éticas e de legitimidade que a arbitragem deve enfrentar e ultrapassar. 

Ricardo Dalmaso Marques

This article addresses the issue of the extent of the arbitrator's duty of disclosure in the international sphere and in the Brazilian scenario as from the basic concepts of such duty.The issue is dealt with under the light of the particularities of the duty of disclosure as an instrument originated from the peculiarity of arbitration to confer the parties the autonomy to elect the judge, such as from the existing differences between arbitration and the judicial sphere – as diverse systems. Besides the elements of independence, impartiality and neutrality, the confidence in the arbitrator is described as the objective to be pursued with the due exercise of the duty of disclosure. The regulation on the duty of disclosure is put under examination and study, of which premises are established specially in attention to the necessary specificities to ascertain the reliability in view of which this duty was created. Some views on the applicability of the existing soft law – such as the IBA Guidelines – in theBrazilian scenario are analyzed, having as is main premise the importance of the adequate exercise of the duty of disclosure in order to preserve the confidence in the figure of the arbitrator and, consequently, in the institute of arbitration itself.

Chinese language iteration -
In this work Mr. Martinez-Fraga proposes a novel understanding of the doctrine of comity beyond the classical definition of a precept that is more than a courtesy but not one that rises to the level of a normative obligation. By reconfiguring the doctrine as one that occupies a new "normative space" with an incident rubric that purports to condition its application on consideration of party autonomy, national interests, and the interests of the international community in devising norms that foster uniformity, reasonableness, party autonomy, and predictive value, comity is raised to the level of a principle capable of unifying private procedural international law with respect to the more salient Anglo-American contributions in this field.