From Bilateral Arbitral Tribunals and Investment Courts to a Multilateral Investment Court: Options Regarding the Institutionalization of Investor-State Dispute Settlement

Description

This book considers the potential setup for a future Multilateral Investment Court (MIC). The option of an MIC was first discussed by the EU Commission in 2016 and has since been made an official element of the EU Common Commercial Policy. In 2017, UNCITRAL also decided to discuss the possibility of an MIC, and on 20 March 2018, the Council of the EU gave the EU Commission the mandate to negotiate the creation of an MIC. The “feasibility study” presented here is intended to contribute to a broader discussion on the options for a new international court specialized in investment protection. The cornerstones of such a new permanent court are a strict orientation on the rule of law, reduced costs of investment protection, transparency considerations, aspects of consistency in case law, and the effective enforceability of MIC decisions. Front Matter ....Pages i-xiv Executive Summary (Marc Bungenberg, August Reinisch)....Pages 1-7 Introduction (Marc Bungenberg, August Reinisch)....Pages 9-13 Targets for the Reorganisation of the Investment Protection Regime (Marc Bungenberg, August Reinisch)....Pages 15-23 Design and Implementation of a Two-Tiered MIC (Marc Bungenberg, August Reinisch)....Pages 25-107 Applicable Law (Marc Bungenberg, August Reinisch)....Pages 109-140 The Pronouncement of Decisions and Its Consequences (Marc Bungenberg, August Reinisch)....Pages 141-146 Recognition and Enforcement of Decisions (Marc Bungenberg, August Reinisch)....Pages 147-165 Possibilities for the Establishment of an MIC and a Possible Connection to Existing Institutions and System Conformity (Marc Bungenberg, August Reinisch)....Pages 167-187 Standalone Appeal Mechanism: “Multilateral Investment Appeals Mechanism” (MIAM) (Marc Bungenberg, August Reinisch)....Pages 189-206