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International Energy Charter as a milestone for global energy co-operation in the 21st century

In May this year some seventy-five states and institutions adopted (of which sixty-five signed) the International Energy Charter (IEC) in The Hague ministerial conference to herald a new age of global energy co-operation. The Charter is a political declaration by states and it modernises its predecessor the European Energy Charter (1991) – the foundation of the Energy Charter Treaty which established a legally binding energy governance framework. It has to be recognised that the adoption of the IEC is the first major political achievement since the Treaty itself was signed in 1994. The new Charter is an indication of the maturity and self-confidence of the Process after 25 years of its ex [...]

The Emerging Harmonization of the International Investment Law Regime

Given the existence of thousands of international investment agreements, the international investment law regime has been described as “complex and confusing,” “highly fragmented,” and “characterised by overlaps and incoherence”.

Two key developments, however, are contributing to the harmonization of that regime. First, a set of major agreements is being negotiated by many of the world’s largest economies, which, if completed, will cover a very significant share of global investment. Second, given the recent treaty practice of the States participating in those negotiations, that set of major agreements likely would include relatively consistent approaches to some of the most ch [...]

The Impact of Third-Party Funders on the Parties They Decline to Finance

Third-party funding is a controversial, dynamic, and evolving phenomenon in international arbitration. Proponents and opponents of third-party funding debate whether the practice will make a positive or negative impact on the worldwide system of dispute resolution. Both sides of the debate make predictions regarding the effect of third-party funders through the cases that they finance. Such an effect is likely dwarfed, however, by the impact of third-party funders on the cases that they assess but choose not to finance.

A few third-party funders operating in different jurisdictions were informally asked to estimate the percentage of parties whose cases they ultimately fund among those tha [...]

Does The “Culture” Of International Arbitration Serve Its Users?

The 27th Annual Workshop of the Institute for Transnational Arbitration (“ITA”), which took place on June 17-18 in Dallas, Texas, examined  “Subconscious Influences in International Arbitration”.  The Workshop was organized by co-chairs José Astigarraga of Astigarraga Davis (Miami), Professor Margaret Moses of Loyola University Chicago School of Law (Chicago) and Luke Sobota of Three Crowns LLP (Washington, DC).

In keeping with the theme, an illuminating panel, featuring a keynote speech by Professor Jeffrey J. Rachlinski of Cornell University Law School, focussed on the influence of human psychology on decision-making by arbitrators and empirical studies reflecting such influence [...]

2015 ITA Arbitral Award Enforcement Survey

In connection with the upcoming 2015 ITA Workshop in Dallas on June 17-19, we are now conducting a survey on the experiences of arbitration practitioners with enforceability of arbitral awards. We write to invite your participation.

As you may recall, last year we launched the 2014 ITA Survey on the Enforcement of Arbitral Awards, and presented our results in Dallas in June 2014. While there were many critical and thought-provoking findings from that trial run, we have updated that survey to make the data captured this year even more useful for practitioners.

Our hope is to maximize the value of the survey by obtaining responses from a broad range of practitioners within the international ar [...]

Upholding Delocalized Enforcement of ICSID Awards

In Mobil Cerro Negro, Ltd., et al v. Bolivarian Republic of Venezuela, a New York federal district court rejected Venezuela’s sovereign immunity challenge and upheld use of an ex parte procedure available under New York law to convert an ICSID award into a U.S. court judgment. The decision highlights the delocalized nature of ICSID awards and illustrates how ICSID award creditors are increasingly resorting to judicial enforcement. The decision also promotes New York’s reputation as a creditor-friendly jurisdiction at a time of controversy in Europe over the consistency of an intra-EU ICSID award with EU policy.

Typically, enforcement of an arbitration award against a foreign state is sub [...]

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