UNCITRAL Transparency Convention opened for signature in Mauritius
The United Nations (UN) Convention on Transparency in Treaty-based Investor–State Arbitration was opened for signature in an official ceremony on March 17, 2015 in Mauritius.
Now also known as the Mauritius Convention on Transparency, the treaty results from the work of the UN Commission on International Trade Law (UNCITRAL) on transparency in investment arbitration dating back from 2010.
Another product of this work, the UNCITRAL Rules on Transparency in Treaty-based Investor–State Arbitration were adopted in 2013 and have been effective since April 1, 2014. They require publication of basic information about the arbitration, disclosure of key documents (including the tribunal’s decisions) and open hearings. The rules automatically apply to any UNCITRAL arbitration proceeding under a treaty concluded after April 1, 2014.
By signing the Transparency Convention, a state commits to applying the transparency standards of the UNCITRAL Rules on Transparency to any investor–state arbitration proceeding under treaties concluded before April 1, 2014, even if those treaties do not refer to UNCITRAL Arbitration Rules.
The first signatories of the Mauritius Convention were Canada, Finland, France, Germany, Mauritius, Sweden, the United Kingdom and the United States. It will enter into force six months after the deposit of the third instrument of ratification.