Environmental Engineering Reference
In-Depth Information
2.3.7 New Development Within Investment Arbitration
As mentioned above the ICSID forum is the best way to handle any investment
disputes due to its specialization on international investment. However, there have
been new developments within international investment arbitration, which are quite
remarkable. On the 01.01.2014 the UNCITRAL Rules on Transparency in Treaty-
based Investor-State Arbitration (UNCITRAL Rules on Transparency) entered into
force. The main idea was to make the whole process public (Art. 1(4) UNCITRAL
Rules on Transparency), as there is tax money involved.
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The UNCITRAL Rules
on Transparency can be applied to all bilateral and multilateral investment treaties,
although it is restricted to all forms of ad hoc investment arbitration (Art. 1
(9) UNCITRAL Rules on Transparency).
It applies to all investment disputes after the day it entered into force, but parties
can exclude it according to Art. 1(1) UNCITRAL Rules on Transparency. It can
also be used concerning all pre-existing investment disputes, if the parties agree
(Art. 1(2) UNCITRAL Rules on Transparency). Art. 3-5 and 8 UNCITRAL Rules
on Transparency stipulate, how relevant data is made public (e.g. names of the
parties, the legal claim, the defense etc.). Art. 6 UNCITRAL Rules on Transparency
deals with public hearing, with exceptions in Art. 7 UNCITRAL Rules on
Transparency.
In addition, starting from the 01.04.2014 the UNICITRAL Rules were added and
Art. 1(4) UNCITRAL Rules on Transparency was introduced. It mentions that the
UNCITRAL Rules on Transparency are now part of the UNICITRAL Rules, if the
scope of Art. 1 UNCITRAL Rules on Transparency is met.
This illustrates that ad hoc investment arbitration is on a good way to become an
equivalent tool of investment arbitration. It is very important to note that the
UNCITRAL Rules on Transparency take the need of transparency into account,
as most people are unsatisfied with procedure behind closed doors. The
UNCITRAL Rules on Transparency are a good step towards a greater acceptance
of international investment arbitration.
2.4
Important Prerequisites for International Arbitration
This section deals with important prerequisites which affect international commer-
cial and investment arbitration. Hence, if there is not an explicit reference to either
international commercial arbitration or investment arbitration,
the following
applies to both.
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Germany Trade and Invest (
2013
).
