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ISDS: The European Proposal of an Investment Court System

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Presentation at the event "The challenges of TTIP - Where does Romania stand?"at at the Bucharest University of Economic Studies on 8 December 2015.

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ISDS: The European Proposal of an Investment Court System

  1. 1. I S D S : T H E E U R O P E A N P R O P O S A L O F A N I N V E S T M E N T C O U R T S Y S T E M M A R T I N A F R A N C E S C A F E R R A C A N E P O L I C Y A N A LY S T A T E C I P E T H E C H A L L E N G E S O F T T I P - W H E R E D O E S R O M A N I A S TA N D ? B U C H A R E S T U N I V E R S I T Y O F E C O N O M I C S T U D I E S 8 D E C E M B E R 2 0 1 5
  2. 2. I N D E X - I S D S I N B R I E F - T H E D E B AT E A R O U N D I S D S - T H E I N V E S T M E N T C O U R T S Y S T E M - I S D S I N T H E T R A N S PA C I F I C PA R T N E R S H I P
  3. 3. I N V E STO R -STAT E D I S P U T E S E T T L E M E N T ( I S D S ) I F A N I N V E S T O R F R O M O N E C O U N T RY ( T H E " H O M E S TAT E " ) I N V E S T S I N A N O T H E R C O U N T RY ( T H E " H O S T S TAT E " ) , B O T H O F W H I C H H AV E A G R E E D T O I S D S , A N D T H E H O S T S TAT E V I O L AT E S T H E R I G H T S G R A N T E D T O T H E I N V E S T O R U N D E R P U B L I C I N T E R N AT I O N A L L AW , T H E N T H AT I N V E S T O R M AY B R I N G T H E M AT T E R B E F O R E A N A R B I T R AT I O N T R I B U N A L .
  4. 4. I N V E STO R -STAT E D I S P U T E S E T T L E M E N T ( I S D S ) L E G A L P R O T E C T I O N F O R W H AT C O N C E R N S : - FA I R & E Q U I TA B L E T R E AT M E N T - D I R E C T A N D I N D I R E C T E X P R O P R I AT I O N - N AT I O N A L T R E AT M E N T - M O S T- FAV O U R E D N AT I O N S T R E AT M E N T - R I G H T T O F R E E LY T R A N S F E R C A P I TA L - ( … )
  5. 5. T h e r i s e i n I S D S c a s e s re f l e c t s h i g h e r O F D I f l o w s g l o b a l l y … 0" 100" 200" 300" 400" 500" 600" 700" 0" 5,000" 10,000" 15,000" 20,000" 25,000" 30,000" 1987" 1990" 1993" 1996" 1999" 2002" 2005" 2008" 2011" 2014" No#of#ISDS#cases# OFDI#Stock#(Bln#USD)# Year# ODFI"Stock" No."of"ISDS"cases"
  6. 6. S E C TO R I A L D I ST R I B U T I O N P O P U L A R S E C T O R S : - O I L A N D G A S , M I N I N G - P O W E R G E N E R AT I O N - C H E M I C A L S - I N F R A S T R U C T U R E - C O N S U M E R G O O D S M A N U FA C T U R I N G - R E A L E S TAT E - E N E R G Y D I S T R I B U T I O N - F I N A N C I A L S E R V I C E S
  7. 7. T H E D E B AT E
  8. 8. T H E D E B AT E C R I T I C S O N L E G I T I M A C Y O F T H E M E C H A N I S M B A S E D O N : - L A C K O F T R A N S PA R E N C Y - P R I VAT E M E C H A N I S M W H I C H A F F E C T S P U B L I C M AT T E R S - A R B I T R AT O R S D O N O T E N J O Y J U D I C I A L I N D E P E N D E N C E - I N C O N S I S T E N C Y I N C E R TA I N D E C I S I O N S - H I G H C O S T S O F P R O C E D U R E S
  9. 9. T H E D E B AT E - D I S C U S S I O N S A R O U N D VAT T E N FA L L I , VAT T E N FA L L I I A N D P H I L I P M O R R I S - S T R O N G G E R M A N G O V E R N M E N T O P P O S I T I O N T O I N C L U S I O N I N C E TA A N D T T I P ( P O L I T I C A L A R G U M E N T ? ) - S T R O N G C I V I L S O C I E T Y O P P O S I T I O N T O I N C L U S I O N I N T T I P ( E M O T I O N A L A R G U M E N T ? )
  10. 10. T H E I N V E S T M E N T C O U R T S Y S T E M - F I R S T I N S TA N C E T R I B U N A L A N D A N A P P E A L T R I B U N A L - P U B L I C LY A P P O I N T E D J U D G E S - G O V E R N M E N T S ’ R I G H T T O R E G U L AT E - S C O P E P R E C I S E LY D E F I N E D + S E V E R A L A D D I T I O N A L S A F E G U A R D S
  11. 11. I S D S I N T H E T R A N S PA C I F I C PA R T N E R S H I P - H E A R I N G S O P E N T O T H E P U B L I C - P U B L I C N O T I C E S O F A R B I T R AT I O N , A WA R D S , E T C - P O S S I B I L I T Y O F T H I R D PA RT I E S I N T E R V E N T I O N S - R E V I E W O F T H E AWA R D S - E X P E D I T E D R E V I E W F O R U N M E R I T O R I O U S C L A I M S - C O N S O L I D AT I O N O F D I F F E R E N T A R B I T R AT I O N P R O C E E D I N G S - L I M I TAT I O N O F R E M E D I E S T O M O N E TA RY D A M A G E S - ( … )
  12. 12. W H AT N O W ?
  13. 13. W H AT N O W ? - E C J O P I N I O N O N E U - S I N G A P O R E F TA - A C C E P TA N C E O F I C S I N F TA S B E I N G N E G O T I AT E D — > - C E TA : H A R D E R T O R AT I F Y - T T I P : I C S M I G H T B L O C K N E G O T I AT I O N S - T O WA R D S : - P E R M A N E N T I N V E S T M E N T C O U R T - M I X E D M E C H A N I S M ( A R B I T R AT I O N + A P P E L L AT E B O D Y ) — — > E V O L U T I O N O F T P P - R E V I E W I C S I D - C A S E B Y C A S E
  14. 14. M A R T I N A F R A N C E S C A F E R R A C A N E E M A I L : M A R T I N A . F E R R A C A N E @ E C I P E . O R G THANK YOU!

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