UNCITRAL receives mandate to work on ISDS reform; Transparency Convention to enter into force on October 18, 2017
On July 14, 2017, the United Nations Commission on International Trade Law (UNCITRAL) entrusted its Working Group III with a broad mandate to work on the possible reform of investor–state dispute settlement (ISDS). The working group will identify concerns regarding ISDS, consider whether reform is desirable and, if so, develop recommendations. Discussions will begin at the working group’s 34th session, scheduled to take place in Vienna between November 27 and December 1, 2017, and are expected to benefit from expertise from all stakeholders.
In 2013 UNCITRAL adopted Rules on Transparency in Treaty-based Investor–State Arbitration, applicable to cases initiated under UNCITRAL Arbitration Rules and based on investment treaties concluded since April 1, 2014. The UN Convention on Transparency in Treaty-based Investor–State Arbitration, also developed by UNCITRAL, provides an opt-in mechanism for states that wish to extend the application of such Transparency Rules to cases under treaties concluded before April 1, 2014. The Transparency Convention will enter into force on October 18, 2017.