Investor-State Arbitration 2nd Revised edition [Hardback]

(Curtis Mallet Prevost Colt & Mosle LLP), (Mitchell Silberberg & Knupp LLP), (Freshfields Bruckhaus Deringer)
  • Formāts: Hardback, 992 pages, height x width x depth: 247x175x59 mm, weight: 1866 g
  • Izdošanas datums: 15-Aug-2019
  • Izdevniecība: Oxford University Press
  • ISBN-10: 0198755767
  • ISBN-13: 9780198755760
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  • Formāts: Hardback, 992 pages, height x width x depth: 247x175x59 mm, weight: 1866 g
  • Izdošanas datums: 15-Aug-2019
  • Izdevniecība: Oxford University Press
  • ISBN-10: 0198755767
  • ISBN-13: 9780198755760
The increasing importance of international investment has been accompanied by the rapid development of a new field of international law that defines the obligations of host states towards foreign investors and creates procedures for resolving disputes in connection with those obligations. The second edition of Investor-State Arbitration builds on the successful first edition to include developments in law and practice, and provides the reader with an even more in-depth expert coverage of all aspects of this field of international law.

The book examines the international treaties that allow investors to proceed with the arbitration of their claims, describe the most-commonly employed arbitration rules, and set forth the most important elements of Investor-State arbitration procedure - including tribunal composition, jurisdiction, evidence, award, and challenge of annulment. The evolution and rapid development of the field of international investment, including the formation of the International Center for the Settlement of Investment Disputes (ICSID), and more than 2,000 bilateral investment treaties, most of which were entered into in the last twenty years, is given dedicated coverage.

Investor-State Arbitration represents an indispensable tool for practitioners working in law firms, governments, and NGOs involved in this field, as well as for academics and students who are studying international law.
Table of Cases
xxi
Table of Treaties, Conventions, and International Agreements
lv
Guidance on Citations and Sources lxiii
Abbreviations lxv
About the Authors lxxi
I Introduction
A Overview
1(4)
B The Importance of Investment Flows for Capital Importers and Exporters
5(7)
C BITs and ISDS as Mechanisms to Provide Security, Attract and Protect Foreign Investment
12(6)
D Early Experiences with the ISDS, Backlash, and Possible Reform
18(15)
E Topics Covered in the Second Edition
33
II History and Limitations of the Traditional System for Resolving Investment Disputes
A Harm Suffered by Foreign Investors
1(4)
B Barriers to Recovery by Foreign Investors
5(25)
1 Barriers in Host Country Courts
5(1)
a Local Bias
6(1)
b State Immunity
7(4)
c Inefficient Local Courts
11(1)
d Calvo Doctrine
12(3)
2 Barriers in Foreign Investors' Home Courts
15(1)
a Jurisdiction
16(2)
b Foreign Sovereign Immunity
18(3)
c Act of State Doctrine
21(2)
d Choice of Law
23(1)
3 Political Barriers: The New International Economic Order
24(6)
C Traditional Remedies for Foreign Investors
30(16)
1 Gunboat Diplomacy
31(4)
2 Diplomatic Espousal
35(1)
a Practice of Espousal
35(4)
b The Limitations of Espousal
39(7)
D Some Early Investment Protection Regimes
46(17)
1 Jay Treaty (1794)
47(3)
2 Ad Hoc Arbitration
50(2)
3 Binational Claims Commissions
52(3)
4 Friendship, Commerce, and Navigation Treaties
55(1)
5 Lump Sum Settlement Agreements
56(3)
6 Investment Guarantee Programmes
59(2)
7 The Algiers Accords
61(2)
E Limitations of Historic Dispute Settlement Processes
63
III The Modern System of Investor-State Arbitration
A Origins
1(10)
B ICSID and Its Central Role in the Modern System of Investor-State Arbitration
11(4)
C Bilateral Investment Treaties
15(7)
D Multilateral Investment Treaties and Investment
Chapters of Free Trade Agreements
22(28)
1 North American Free Trade Agreement (NAFTA) and Its Successor
23(6)
2 Energy Charter Treaty
29(8)
3 The Dominican Republic--Central American--United States Free Trade Agreement
37(2)
4 The Association of South East Asian Nations (ASEAN)
39(3)
5 Multilateral Investment Agreements among Islamic Countries
42(1)
6 Trans-Pacific Partnership Agreement (TPP), TPP-11, TTIP, and Other Agreements
43(7)
E National Investment Legislation
50
IV Commonly Used Procedural Rules
A Introduction
1(3)
B ICSID Rules
4(2)
C UNCITRAL Arbitration Rules
6(9)
D Stockholm Chamber of Commerce Rules
15(5)
E International Chamber of Commerce Rules
20(3)
F Permanent Court of Arbitration
23(2)
G Comparison of the ICSID and UNCITRAL Rules
25(5)
1 ICSID Convention Requirements and the ICSID Screening Role
30(2)
2 Place of Arbitration
32(2)
3 Language of Arbitration
34(1)
4 Appointment of Arbitrators
35(2)
5 Governing Law
37(3)
6 Mechanisms for Early Dismissal of Frivolous Claims
40(15)
7 Cost and Speed
55(4)
11 Consolidation and Mass (or Multiparty) Claims
59(6)
12 Transparency and Amici Curiae
65
V National Court Interference: Anti-Arbitration Injunctions
A Introduction
1(3)
B Anti-Arbitration Injunctions in Investment Treaty and ICSID Arbitration
4(7)
C Bases for Court Intervention in International Commercial Arbitration
11(1)
D Ann-Arbitration Injunctions in Non-ICSID Investment Arbitrations
12
VI The Course of an Investment Arbitration: Overview of the Procedure
A Introduction
1(1)
B Applicable Procedural Rules
2(6)
C Waiting Periods
8(4)
D Local Remedies
12(3)
E Notice of Claim and Request for Arbitration
15(11)
1 Notice of Claim
16(2)
2 Request for Arbitration
18(8)
F Dynamics on the Host State Side Upon Receiving a Notice of Claim
26(3)
G Third Party Funding
29(2)
H `Registration' or Approval by Arbitral Institution
31(3)
I Default of a Party
34(3)
J Composition of Tribunal
37(10)
1 Qualifications of Arbitrators
37(7)
2 Arbitrator Selection Procedures
44(3)
K Powers of Arbitral Tribunals
47(4)
1 Overview
47(2)
2 Inherent Powers of Arbitral Tribunals
49(2)
L Seat of Arbitration
51(2)
M Language of Arbitration
53(1)
N Initial Session of the Tribunal
54(1)
O Jurisdictional Phase
55(20)
1 Bifurcation of Proceedings
55(12)
2 Standard of Proof with Respect to Merits at Jurisdiction Phase: Oil Platform Test
67(4)
3 Jurisdiction and Admissibility
71(4)
P Merits Phase
75(27)
1 Briefing
75(1)
2 Host State Defences
76(4)
3 Counterclaims
80(1)
a Overview
80(5)
b Ratione Materiae Jurisdiction
85(4)
c Ratione Personae Jurisdiction
89(2)
d Connection between Counterclaim and Primary Claims
91(5)
e Additional Case Studies
96(6)
Q Witness Statements and Other Evidence
102(45)
1 Witness Statements
104(1)
2 Document Production from Parties to the Dispute
105(6)
3 Evidentiary Privileges
111(15)
4 Burden and Standard of Proof
126(10)
5 Evidence Collection from Third Parties
136(2)
6 US Procedures and Evidence Taking from Third Parties
138(9)
R Damages Phase
147(1)
S Hearings
148(1)
T Posthearing Briefs
149(1)
U Award
150(4)
V Enforcement and Challenge of Award
154
VII Special Procedures: Applications and Motions
A Introduction
1(1)
B Challenge of Arbitrators
2(38)
1 Qualities Required of an Arbitrator
3(1)
2 Arbitrators' Duty to Disclose
4(9)
3 Challenge Procedure Under the ICSID Rules
13(3)
4 Applicable Standard
16(4)
5 ICSID Case Studies
20(16)
6 Challenge of Arbitrators Under the UNCITRAL Rules
36(4)
C Early Dismissal of Frivolous Claims
40(4)
D Arbitrator-Ordered Interim Relief
44(37)
1 Provisional Measures Under the ICSID Convention
45(1)
a Legal Framework
45(3)
b Effect of ICSID Recommendation
48(1)
c Standard for Granting Interim Relief in ICSID Cases
49(1)
2 Granting Interim Relief Under the UNCITRAL Arbitration Rules
50(1)
a Legal Framework
50(3)
b Standard for Granting Interim Relief Under the UNCITRAL Arbitration Rules
53(2)
3 Requests for Interim Relief: Case Studies
55(1)
a Obtaining Evidence
56(2)
b Financial Guarantees and Security for Costs
58(3)
c Preserving Confidentiality
61(4)
d Enjoining Parallel Proceedings
65(16)
E Amicus Curiae Submissions and Transparency
81(18)
F Consolidation, Multiparty and Mass Claims
99(1)
1 Introduction
99(6)
2 Consolidation in ICSID
105(7)
3 UNCITRAL Arbitration Rules and Joinder of Proceedings
112(6)
4 North American Free Trade Agreement Article 1126
118(9)
5 Consolidation Provisions in Modern Investment Treaties
127(3)
6 Mass Claims
130
VIII Governing Law in Investment Disputes
A Introduction
1(1)
B The Choice of Law and Conflict Resolution Provisions
2(9)
C Public International Law
11(15)
1 International Investment Treaties and Their Interpretation
14(8)
2 Customary International Law
22(2)
3 General Principles of Law
24(1)
4 The Role of Precedent
25(1)
D Host State Law
26(1)
1 Treatment of Host State Law Under ICSID Article 42(1)
27(8)
2 Treatment of Host State Law in Non-ICSID Cases
35
IX Consent to Arbitral Jurisdiction
A Introduction
1(1)
B Fundamental Concepts Relating to Consent
2(11)
1 Methods of State Consent to Arbitration
2(2)
2 Methods of Accepting the State's Offer to Arbitrate
4(3)
3 Irrevocability of Consent
7(1)
4 Legality of Investments as a Condition of Consent
8(5)
C Methods of State Consent to Arbitration
13
1 Investment Protection Treaties Containing Consent to Arbitration
13(8)
2 Arbitration Clauses in Investment Contracts
21(4)
3 National Investment Legislation
25(9)
4 Investment Arbitration Based on a Compromis
34
X Notion of Investment
A Introduction
1(2)
B Admission, Establishment, and Protection of Pre-Investment Activities
3(9)
C Definition of Investment in Investment Treaties
12(1)
1 Non-Exhaustive Lists in Investment Treaties
12(2)
2 Exhaustive Lists in Investment Treaties
14(6)
3 2004 US Model BIT Approach
16(4)
D Definition of Investment and Its Implications for the Jurisdiction of Arbitral Tribunals Under the ICSID Convention
20(8)
1 Travaux Preparatoires of the ICSID Convention Regarding the Notion of Investment Under Article 25
20(5)
2 Dual Jurisdictional Requirements for Submission of a Case to Arbitration Under the ICSID Convention
25(3)
E Characteristics of Investment Under Article 25 of the ICSID Convention
28
1 Overview
28(6)
2 Duration of an Activity
34(4)
3 Assumption of Risk
38(3)
4 Significant Contribution of Resources to the Host State
41(2)
5 Contribution to Economic Development of the Host State
43(7)
F The Concept of Unity of Investment Under the ICSID Convention
50(3)
G Contribution, Duration, and Risk in Non-ICSID Cases: Romak v. Uzbekistan and Its Progeny
53(5)
H Survey of Other Non-ICSID Cases on Meaning of Investment
58
XI Investors
A Natural Persons
3(22)
1 National Laws
3(2)
2 Customary International Law
5(6)
3 Investment Treaties and the ICSID Convention
11(6)
4 Claims of Dual Nationals
17(8)
B Legal Persons
25(30)
1 Investment Treaty Provisions
25(9)
2 Denial of Benefits
34(1)
3 Local Companies Controlled by Foreign Investors under the ICSID Convention
35(6)
4 Standing of Companies Controlled by Nationals of the Host State
41(1)
a Tokios v. Ukraine
42(8)
b TSA v. Argentina
50(5)
C Shareholder Losses, Standing, and Scope of Recovery
55(18)
1 Direct, Reflective, and Derivative Losses
55(1)
2 Standing
56(1)
a Customary International Law
56(6)
b Investment Treaties
62(5)
3 Scope of Recovery
67(1)
a Standard Investment Treaties: Direct and Reflective Loss
67(4)
b Direct, Reflective, and Derivative Losses Under NAFTA and its Progeny
71(2)
D Change of Nationality and Treaty Shopping
73(1)
1 Continuity of Nationality Under Customary International Law
74(1)
2 Change of Nationality and Investment Treaties
75(3)
3 Change of Nationality and the ICSID Convention
78(5)
4 Treaty Shopping
83
XII Jurisdiction Ratione Temporis
A Application to Acts before a Treaty's Entry into Force
6(25)
1 Non-Retroactivity of Treaty Obligations
6(6)
2 Continuous Acts
12(4)
3 Composite Acts
16(2)
4 Provisional Application
18(4)
5 Article 18 of the Vienna Convention
22(5)
6 Claims Based on Norms Besides the Treaty itself
27(4)
B Disputes Arising Before a Treaty's Entry into Force
31(5)
C Laches and Extinction
36(6)
D Termination and Survival or Sunset Clauses
42
XIII Exhaustion of Local Remedies
A Exhaustion of Local Remedies and the Notion of Futility
1(19)
1 Overview
1(6)
2 Finnish Ships Arbitration and the `Obvious Futility' Test
7(2)
3 The International Law Commission: John Dugard's Formulation of the Test for Exhaustion of Local Remedies and Exceptions
9(4)
4 Case Studies
13(1)
a Interhandel Case (Switzerland v. United States)
13(1)
b Loewen v. United States
14(6)
B Pursuit of Local Remedies in Investment Treaty Arbitration
20(1)
1 Recourse to Local Courts as a Procedural Requirement
20(2)
2 Exhaustion as a Substantive Element of an International Wrong Involving Judicial Conduct
22(3)
a Loewen, Denial of Justice, and Exhaustion
25(2)
b Judicial Expropriation and Exhaustion
27
XIV Election of Forum: Treaty Arbitration, National Courts or Contract Arbitration
A Overview
1(1)
B Treaty Claims, Contract Claims, and Jurisdiction of International Tribunals
2(3)
C Fork in the Road and Waiver Provisions: Treaty Texts
5(28)
1 Fork in the Road
5(3)
2 Waiver Provisions
8(3)
3 The Policy Behind Fork in the Road and Waiver Provisions
11(2)
4 Case Studies on Fork in the Road Clauses and Applicable Tests
13(1)
a Overview
13(3)
b Cases Applying the `Triple Identity' Test
16(9)
c Cases Applying `Fundamental Basis' of the Claim Test
25(2)
5 Case Studies on Waiver Provisions (Choice of Forum with Respect to Measures)
27(6)
D Contractual Forum Selection Clauses
33(1)
1 Overview
33(3)
2 Vivendi V. Argentina Annulment Decision (2002)
36(2)
3 Post-2002 Vivendi Jurisprudence on Contractual Forum Selection Clauses
38
XV Umbrella Clauses
A Introduction
1(2)
B Historical Background and Various Formulations of Umbrella Clauses
3(2)
C Arbitral Decisions Involving Umbrella Clauses
5(9)
D Conclusion
14
XVI State Responsibility, Attribution, and Circumstances Precluding Wrongfulness
A Introduction
1(2)
B Attribution
3(22)
1 Attribution of Conduct of State Organs to the State (Article 4 of the ILC Articles)
5(4)
2 Attribution of Conduct of Persons or Entities Exercising Elements of Governmental Authority (Article 5 of the ILC Articles)
9(8)
3 Attribution of Conduct Directed or Controlled by a State (Article 8 of the ILC Articles)
17(8)
C Circumstances Precluding Wrongfulness Under Customary international Law
25(20)
1 Overview
25(2)
2 Necessity (Article 25 of the ILC Articles)
27(11)
3 Countermeasures (Article 22 of the ILC Articles)
38(3)
4 Consequences of Invoking a Circumstance Precluding Wrongfulness (Article 27 of the ILC Articles)
41(4)
D Non-Precluded Measures Clauses
45
XVII Discrimination: National Treatment, Most-Favoured Nation Treatment, and Discriminatory Impairment
A National Treatment
2(32)
1 introduction
2(2)
2 Application of the National Treatment Standard
4(2)
a Relevant Class of Comparators: Like Circumstances
6(16)
b Relevant Standard of Treatment: No Less Favourably
22(9)
c Proof of Discriminatory Intent Based on Nationality
31(3)
B Most Favoured Nation Treatment
34(36)
1 Overview
34(5)
2 Scope and Interpretation of Most Favoured Nation Clauses
39(2)
2 Most Favoured Nation Exceptions and Carve-Outs
41(6)
4 Application of Most Favoured Nation Clauses to Substantive and procedural Rights
47(2)
a Procedural Rights: Maffezini v. Spain and Plama v. Bulgaria
49(5)
b Procedural Rights: Post-Maffezini
54(4)
c Most Favoured Nation and Importation of Substantive Rights
58(6)
d Recent Trend: Most Favoured Nation Cannot Import Substantive provisions; Rather it Only Protects Against Actual Discrimination
64(6)
C Discriminatory Impairment
70
XVIII Expropriation
A Historical Overview of Expropriation
3(14)
1 reduction
3(3)
2 Pre-second World War Period
6(4)
3 Post-Second World War Period Until Present
10(7)
B Identification of Investments and Property Protected against Expropriation
17(13)
1 Overview
17(6)
2 Contractual Rights
23(4)
3 Intellectual Property Rights
27(3)
C The Role of Investment Treaties
30(10)
D Indirect or Regulatory Expropriation
40(39)
1 Overview
40(9)
2 Relevant Factors for Identifying an Indirect Expropriation
49(1)
a The Effect of the Government Measures
50(9)
b The Intent, Purpose, Nature, or Character of the Governmental Act or Measure
59(9)
c Legitimate Reliance on Government Representations
68(4)
d Duration of Effect of Act or Measure
72(1)
e Domestic Remedies Sought
73(2)
f Transfer of Investment Benefit to the Government or to Third Parties
75(2)
g Other Factors
77(2)
E The US Approach to Indirect or Regulatory Expropriation
79
XIX `Fair and Equitable Treatment', `Full Protection and Security', and `War Clauses'
A Introduction
1(2)
B Fair and Equitable Treatment
3(97)
1 History
4(3)
2 Interpretative Approaches: Autonomous FET Clauses versus FET Clauses Embodying the Minimum Standard
7(5)
3 FET (and FPS) and its Relation to the Minimum Standard Under Customary International Law
12(8)
4 Application and Content of the `Fair and Equitable' Treatment
20(1)
a Overview
20(4)
b Legitimate or Reasonable Expectations
24(7)
c Arbitrary Treatment
31(11)
d Consistency and Stability
42(18)
e Transparency
60(9)
f Coercion, Harassment, Intimidation
69(4)
g Discrimination
73(3)
h Proportionality
76(3)
i Denial of Justice, Due Process, and Effective Means
79(21)
C Full Protection and Security
100(12)
1 Historical Development of the Obligation to Ensure Protection and Security
101(4)
2 Modern Investment Treaties and the Meaning of Protection and Security
105(3)
3 Case Studies
108(4)
D War Clauses and Their Relation to Full Protection and Security
112
XX Transfers
A Introduction
1(4)
B The IMF Articles of Agreement and Other Multilateral Instruments Regulating Transfers
5(4)
C Transfer Provisions in Investment Treaties
9(16)
1 Overview
9(3)
2 The Scope of Transfer Provisions
12(5)
3 Transfers in Kind
17(3)
4 Currency Convertibility and Exchange Rates
20(5)
D Balance of Payments and Other Exceptions
25
XXI Compensation, Damages, and Restitution
A Introduction
1(2)
B The Treaty Standards of Compensation
3(4)
C The Reparation Principle and the Chorzow Factory Standard
7(20)
1 Restitution and Other Non-Pecuniary Remedies
12(11)
2 Assessment of Compensation Pursuant to the Chorzow Factory Standard
23(4)
D Effect of Legality and Illegality of State Conduct on Compensation
27(3)
E Limitations on Compensation
30(19)
1 Causation
31(9)
2 Contribution to Injury
40(3)
3 Mitigation of Losses
43(1)
4 Speculation and Uncertainty of Damages
44(3)
5 Double Recovery
47(1)
6 Equity and Discretion
48(1)
F Quantification of Damages
49(36)
1 Fair Market Value
52(2)
2 Valuation Date
54(4)
3 Use of Hindsight
58(4)
4 Approaches to Quantification of Damages
62(1)
a Market-based Approach
63(1)
b Income-based Approach
64(12)
c Asset-based Approaches
76(1)
d Loss of Chance
77(8)
G Moral Damages
85(9)
H Interest
94(42)
1 Overview
94(2)
2 Pre-award and Post-award Interest
96(2)
3 Legal Bases for Awarding Interest
98(1)
a Investment Treaties
98(5)
b Reparation Principle
103(7)
c National Legislation
110(6)
d Contract Terms
116(3)
e Other Sources
119(1)
4 Interest Rate
120(6)
5 Date from Which Interest Accrues
126(4)
6 Compounding Interest
130(6)
I Allocation of Arbitration and Legal Costs
136
1 Introduction
136(7)
2 Cost Awards under the UNCITRAL Rules
143(10)
3 Cost Awards under the ICSID Rules
153(9)
4 Calculation of Government Legal Fees
162
XXII Annulment, Set Aside, and Refusal to Enforce
A Annulment of ICSID Awards
3(68)
1 Overview
3(6)
2 Stay of Enforcement of ICSID Awards
9(1)
a Overview
9(4)
b Stay of Enforcement and Parallel Proceedings
13(9)
3 Grounds for Annulment
22(3)
a Article 52(1)(a): The Tribunal Was Not Properly Constituted
25(4)
b Article 52(1)(b): The Tribunal Manifestly Exceeded Its Powers
29(23)
c Article 52(1)(c): Arbitrator Corruption
52(1)
d Article 52(1)(d): Serious Departure from a Fundamental Rule of Procedure
53(11)
e Article 52(1)(e): Failure to State the Reasons on Which the Award Was Based
64(7)
B Setting Aside and Blocking Enforcement of Non-ICSID Awards
71(1)
1 Overview
71(8)
2 Stay of Enforcement of Non-ICSID Awards
79(3)
3 Grounds for Setting Aside or Refusing to Enforce Non-ICSID Awards
82(1)
a Invalidity of the Agreement to Arbitrate
82(13)
b Inability to Present the Case
95(3)
c Excess of Authority
98(28)
d Irregularity in the Conduct of Proceeding
126(9)
e Award Has Been Set Aside at the Seat of Arbitration
135(4)
f Non-arbitrability
139(3)
g Public Policy
142(28)
h `Manifest Disregard of the Law' and Other `Substantive' Grounds
170
XXIII Enforcement and Execution
A Introduction
1(2)
B Terminology: Confirmation, Recognition, Enforcement, and Execution
3(1)
C Legal Framework Governing Recognition and Enforcement of Awards
4(7)
1 New York Convention
4(2)
2 The ICSID Convention
6(5)
D Execution of Awards
11(850)
1 Overview
11(2)
2 Sovereign Immunity
13(7)
3 Case Studies
20(1)
a Belgium
20(1)
b Sweden
21(4)
c United Kingdom
25(4)
d United States
29(3)
4 Execution Against Assets of State-Owned Entities
32(1)
a Canada
33(5)
b France
38(2)
c United States
40(821)
Selected Bibliography 861(40)
Index 901
Borzu Sabahi is a partner at Curtis Mallet-Prevost Colt & Mosle LLP and an Adjunct Professor at Georgetown University Law Center. Noah Rubins is the head of the international arbitration group at Freshfields Bruckhaus Deringer's Paris office. Don Wallace, Jr.R is Professor of Law at Georgetown University Law Center, Chairman of the International Law Institute (ILI), and counsel in Mitchell Silberberg & Knupp LLP.