Law Commons^™

Defrosting Regulatory Chill, Guillermo J. Garcia Sanchez

Faculty Scholarship

In Homer’s Odyssey, King Odysseus asked his men to tie him to the mast of his ship with the hope that he would not jump into the sea after listening to the Sirens. The Odyssey’s hero made a pact to bind himself in the future. He knew that the temptation would be impossible to resist without restraints. Similarly, the creators and advocates of international investment agreements believe that providing rights to foreign investors through international treaties will chill State policies that would harm the interests of investors in the future. The “rope” to tie the State is the threat of …

Against Imperial Arbitrators: The Brilliance Of Canada's New Model Investment Treaty, Charles H. Brower Ii

FIU Law Review

Investment treaty arbitration has become politically “toxic” even in states that pioneered the development of investment treaties. There is consensus on the need for reform. But there is a dearth of historical research on what went wrong with investment treaties, when it happened, or how to find the way forward in light of the past. As a result, reform efforts have a stumbling quality. One can see this in multilateral fora, such as the United Nations Commission on International Trade Law (UNCITRAL), where over four years of study and negotiations have produced little consensus. One can also see it in …

Legal Treatment Of Foreign Investment And Role International Investment Arbitration Through The Prism Of Kosovo, Arianit Kaçandolli, Bashkim Nuredini

UBT International Conference

The main purpose of this study is the legal treatment of foreign direct investment (FDI) in the Republic of Kosovo and in the countries of the region, as well as the role of International Investment Arbitration, with a specific reference to an analysis of the positive effects FDI and the problems faced by foreign investors. Global trends show that competition for FDI inflows is particularly strong among developing countries, as it represents an important source of foreign capital and with a positive impact on the host economy. FDI can facilitate rapid economic growth in developing countries by increasing investment and …

‘Security For Costs’ Under The Icsid Regime: Does It Prevent ‘Arbitral Hit-And-Runs’ Or Does It Unduly Stifle Third-Party Funded Investors’ Due Process Rights?, Young Hye (Martina) Chun

Pepperdine Dispute Resolution Law Journal

This Article considers security for costs under the ICSID regime. Given that all security for costs have been ordered against third-party funded investors—with the latest decision, Unionmatex, in January 2020, this Article examines prior ICSID decisions to determine whether third-party funded investors are prejudiced when it comes to security for costs. It further addresses whether an applicant’s right to a costs award is a “protectable right” under Article 47 and concludes that it is not. Finding that “arbitral hit-and-run” is a hypothetical concern not based on empirical evidence and providing that ICSID’s new proposed rules to its Arbitration Rules will …

Third Party Funding Of Investment Arbitration, Maya Steinitz

Faculty Scholarship

This Essay discusses Third-Party Funding in Investment Arbitration. It describes the rise of third-party funding of investment arbitration; the debate over the definition of litigation/arbitration finance; the forms arbitration finance takes; the normative debate in favor and against third-party funding of investment arbitration; the effects of arbitration funding on the arbitral process; developments in national, international, and soft law governing investment arbitration funding; and the likely effects of third-party funding on the international bar.

Investor-State Arbitration: Economic And Empirical Perspectives, Michael Faure, Wanli Ma

Michigan Journal of International Law

The investor-state arbitration system (“ISA”) was originally modelled on traditional commercial arbitration and was expected to deliver fast, good, and cheap decisions, especially in comparison to domestic court systems. Yet the ISA system has increasingly been criticized, especially by developing countries. Developing countries claim that the system is not cheap, that decision-making increasingly takes a long time, and that arbitrators are biased in favor of investors (often coming from developed countries in the global North) and against states from the developing South. Several developing states have even withdrawn from the ICSID Convention, which governs the settlement of disputes between investors …

Sovereign Wealth Funds And Investor-State Dispute Settlement: Examining Questions Of Icsid’S Jurisdiction And The Impact Of Investment-Treaty Arbitration, Muhammad Ussama

Arbitration Brief

The rate of foreign direct investment made by sovereign wealth funds has increased significantly during the past decade. Various concerns raised by host states— especially those located in the developed world—regarding the purposes and objectives of foreign investments made by these funds have led these states to take measures to protect themselves. Countries such as Canada, Germany, and the United States have issued new laws to address these concerns. Due to the broad discretion and flexibility that these laws grant to the governments of the host states, allegations of mistreatment by investors from the Global South, including sovereign wealth funds, …

Reverse Contributors? African State Parties, Icsid, And The Development Of International Investment Law, Olabisi D. Akinkugbe

Articles, Book Chapters, & Popular Press

International investment disputes involving African states before the International Centre for Settlement of Investment Disputes (ICSID) have generated significant critical inquiry. Yet, accounts of their contribution to the development of international investment law as a result of these dispute are limited. This article addresses this gap. It examines the contribution of some of the high-profile ICSID disputes involving African states to the development of international investment law. Notwithstanding the charges against African States in ICSID, I contend that the involvement of African States in ICSID Disputes has contributed to the development of international investment law. In particular, the jurisprudence that …

A Hardy Case Makes Bad Law, Victoria Sahani

Faculty Scholarship

This Article is the first ever to analyze a direct clash between the inherent power of US courts regarding the enforcement ofjudgments and the obligations of the United States as one of the 163 member countries of the 1965 Convention on the Settlement of Investment Disputes between States and Nationals of Other States, commonly known as the "ICSID Convention. " The ICSID Convention includes a self-enforcement mechanism whereby the courts of the member countries are obligated to enforce the pecuniary obligations in multimillion (and sometimes over one billion) dollar ICSID arbitration awards as though they were court judgments of the …

The Challenges Of Water Governance (And Privatization) In China; Normative Traps, Gaps, And Prospects, Xu Qian

Georgia Journal of International & Comparative Law

No abstract provided.

Malaysia Historical Salvors Revisited:, John P. Given

Loyola of Los Angeles International and Comparative Law Review

No abstract provided.

Reverse Contributors? African State Parties, Icsid, And The Development Of International Investment Law, Olabisi D. Akinkugbe

Articles, Book Chapters, & Popular Press

International investment disputes involving African states before the International Centre for Settlement of Investment Disputes (ICSID) have generated significant critical inquiry. Yet, accounts of their contribution to the development of international investment law as a result of these dispute are limited. This article addresses this gap. It examines the contribution of some of the high-profile ICSID disputes involving African states to the development of international investment law. Notwithstanding the charges against African States in ICSID, I contend that the involvement of African States in ICSID Disputes has contributed to the development of international investment law. In particular, the jurisprudence that …

The Path Towards Defining “Investment” In Icsid Investor-State Arbitrations: The Open-Ended Approach, Melissa María Valdez García

Pepperdine Dispute Resolution Law Journal

Article 25 of the International Convention on the Settlement of Investment Disputes left the notion of “investment” intentionally undefined, thus leaving its interpretation in the hands of arbitration tribunals, which has led to inconsistencies, confusion and debate regarding the true essence of what may appear as a routine concept. This article tries to explain that the proper meaning of “investment” under the Convention must be clarified not only by discussing the drafting history of the Convention, but by also examining doctrinal tendencies, key aspects of corresponding arbitration awards and customary international law and argues that arbitration tribunals should show strong …

The Limitations Of Comparative Institutional Analysis, Sadie Blanchard

Journal Articles

Atul Gawande’s Checklist Manifesto became a sensation in 2009 because it promised that a simple technique could powerfully discipline decision-making. Gawande had saved lives using hospital checklists, and he argued that checklists could improve outcomes in other complicated endeavors. Checklists, he explained, “provide a kind of cognitive net. They catch mental flaws.” Neil Komesar’s method of comparative institutional analysis is by necessity messier than the checklist and does not claim to produce faultless policy-making. But Komesar similarly seeks to improve cognitive processing by imposing a disciplining framework on decision-making. Sergio Puig and Gregory Shaffer’s effort to introduce Komesar’s technique to …

Submission Regarding Amendments To The Icsid Arbitration Rules, Columbia Center On Sustainable Investment

Columbia Center on Sustainable Investment Staff Publications

In March 2017, CCSI submitted comments to the ICSID Secretariat regarding proposed revisions to ICSID’s arbitration rules. CCSI’s submission provided illustrative suggestions for amendments regarding the following issues: recognizing and safeguarding of the rights and interests of non-parties; improving transparency of the dispute resolution process; promoting transparency of ownership over investments; preventing actual and apparent conflicts of interest; addressing concerns raised by third-party funding; ensuring legitimacy of settlement agreements; and ensuring legitimacy of the rule revision process itself.

The Revolving Door In International Investment Arbitration, Daniel Behn, Malcom Langford, Runar H. Lie

Daniel Behn

A Case For An International Investment Court, Gus Van Harten

Gus Van Harten

The article elaborates on the lack of objective guarantees of independence and impartiality in the existing system of investment treaty arbitration. This founds a case for an international investment court to replace the existing system. The argument proceeds in three steps: (1) investment treaty arbitration is uniquely a form of public law adjudication, constituted at the international level; (2) as constituted it does not satisfy standards of independence and impartiality in public law adjudication; and (3) various reasons that might be offered to justify this failing are unsatisfactory in light of the importance of these standards. For this reason, states …

Enforcement Of Icsid Convention Arbitral Awards In U.S. Courts, Abby Cohen Smutny, Anne D. Smith, Mccoy Pitt

Pepperdine Law Review

No abstract provided.

Transformations In Statehood, The Investor- State Regime, And The New Constitutionalism, A. Claire Cutler

Indiana Journal of Global Legal Studies

This paper examines the changing boundaries of statehood resulting from transformations in the nature and operation of public and private authority over local and global politico-legal orders. Transformations in the political purposes of states are being driven by powerful elites who advance a new form of constitutional governance. New constitutionalism, as evidenced by the investor-state regime, subordinates the interests, purposes, and rights of national citizens to those of foreign, transnational politico-legal, and economic elites. This regime is a highly privatized order that is expanding in influence, both in terms of the commercial activities under its remit, and in terms of …

The Tpp’S Investment Chapter: Entrenching, Rather Than Reforming, A Flawed System, Lise Johnson, Lisa E. Sachs

Columbia Center on Sustainable Investment Staff Publications

During the negotiations of the Trans-Pacific Partnership (TPP) agreement, many stakeholders raised strong concerns about the Investment Chapter of the TPP, and in particular, the investor-state dispute settlement mechanism (ISDS). The US Trade Representative (USTR) and other representatives of the negotiating partners assured the stakeholders that the TPP’s investment chapter would respond to the legitimate concerns about expansive investor protections and ISDS. The actual text, however, when made public, showed the opposite: a further evisceration of the role of domestic policy, institutions, and constituents. In their current form, the TPP’s substantive investment protections and ISDS pose significant potential costs to …

Empiricism And International Law: Insights For Investment Treaty Dispute Resolution, Susan Franck

Susan D. Franck

While scholars in the United States increasingly focus on the empirical dimension of legal scholarship, there have been challenges in using empiricism to explore international legal issues. Rather than relying on logic or instinct alone, empirical methodologies can provide scholars with tools to gain new facts, see existing ideas through a different lens, and engage in a more nuanced analysis of international law phenomena. There appears to be a natural synergy between empiricism and international investment treaty dispute resolution. With calls for trade time outs by U.S. presidential candidates, there is interest in how investment treaties function, whether they achieve …

The Icsid Effect? Considering Potential Variations In Arbitration Awards, Susan Franck

Susan D. Franck

The legitimacy of the World Bank's dispute resolution body - The International Centre for the Settlement of Investment Disputes (ICSID) - is a matter of heated debate. Some states have alleged that ICSID is biased, withdrawn from the ICSID Convention, and advocated creating alternative arbitration systems. Using pre-2007 archival data of the population of then- known arbitration awards, this Article quantitatively assesses whether ICSID arbitration awards were substantially different from arbitration awards rendered in other forums. The Article examines variation in the amounts claimed and outcomes reached to evaluate indicators of bias. The results indicated that there was no reliable …

Private Investment And Public Health, David Gartner

Georgia Journal of International & Comparative Law

Related to Georgia Journal of International and Comparative Law Conference: The New Roles of Corporations in Global Governance

Umbrella Clauses In The Icsid Arbitration, Ilyas Golcuklu

ILYAS GOLCUKLU

This article aims to discuss two main approaches, namely broad interpretation and restrictive interpretation, adopted by various arbitral tribunals to deal with umbrella clause claims brought in international investment disputes, especially under the ICSID[1] arbitration.

The first section of the article tries to give readers a general idea about the BITs and the definition of umbrella clauses by heavily emphasizing the importance of such clauses in international investment arbitration. This section also gives a brief historical background with regard to emergence of umbrella clauses and analyzes the rationale behind this emergence while giving some actual wording of such clauses …

Justice And Investment Arbitration, Perry S. Bechky

Perry S. Bechky

Investment arbitration is rife with questions about justice. For example: Is it just to allow foreign investors to bring arbitral claims against states – especially when neither domestic investors nor persons other than investors aggrieved by state actions have any comparable access to arbitration? Do investment tribunals do justice between the parties? Do investment tribunals do justice to nonparties and, especially, the public interest? Are the particular forms and procedures of investment arbitration just?

This talk argues that investment arbitration affords a valuable mechanism for access to justice in a world of often-imperfect national courts. Nevertheless, investment arbitration is open …

Conflict Of Laws In Arbitration Agreements Between Developed And Developing Countries, Mary Kathryn Lynch

Georgia Journal of International & Comparative Law

No abstract provided.

The Recognition And Enforcement Of Foreign Country Judgments And Arbitral Awards: A North-South Perspective, Michael Quilling

Georgia Journal of International & Comparative Law

No abstract provided.

International Arbitration Rules And Their Effect On The Merits Of Energy Sector Disputes, Brian Abbas

Brian Abbas

International Arbitration Rules and Their Effect on the Merits of Energy Sector Disputes Many countries around the world rely on the energy sector for industry, national security, mobility, economy, and countless other benefits. The importance of the energy sector makes disputes likely and necessitates dispute resolution mechanisms. Through International Investment Agreements (IIAs), arbitration has become an integral part of the dispute resolution process in international energy sector disputes. Thus, understanding the arbitration rules and how choosing one set of rules can affect the outcome of an international energy sector dispute becomes an important task. The most prevalent arbitration rules are …

International Law - Enforcement Of International Centre For Settlement Of Investment Disputes Arbitral Awards In The United States - Signatories To The Convention On The Settlement Of Investment Disputes Between States And Nationals Of Other States Are Not Entitled To Sovereign Immunity With Respect To Enforcement Of Icsid Arbitral Awards, Liberian Eastern Timber Corp. V. Government Of Republic Of Liberia, 650 F. Supp. 73 (S.D.N.Y.1986), Dorothy B. Franzoni

Georgia Journal of International & Comparative Law

No abstract provided.

Books Received, Georgia Journal Of International And Comparative Law

Georgia Journal of International & Comparative Law

No abstract provided.