The ICS and MIC Projects: A Critical Review of the Issues of Arbitrator Selection, Control Mechanisms, and Recognition and Enforcement

• Autores: Nikos Lavranos
• Localización: Handbook of International Investment Law and Policy / Julien Chaisse (aut.), Leïla Choukroune (aut.), Sufian Jusoh (aut.), 2021, ISBN 9811336148, págs. 841-863
• Idioma: inglés
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• Resumen

  • This contribution provides a critical review of the so-called investment court system (ICS) and the proposed multilateral investment court (MIC). It analyzes some of the problematic issues such as the selection of the arbitrators, the control mechanisms, and the recognition and enforcement of ICS/MIC decisions. The author concludes that unless changed there is a clear risk of States selecting predominantly pro-State biased ICS/MIC members. The risk of significant State influence is further amplified by the novel control mechanisms, which allow States to directly intervene in (pending) disputes. Also, due to the sui generis characteristics of the ICS/MIC, the author seriously doubts whether the existing New York and ICSID Conventions can be applied to ICS/MIC decisions. Consequently, the author argues that a new convention must be negotiated that will specifically cater for the recognition and enforcement of ICS/MIC decisions. Finally, the author concludes that at the time of writing it remains to be seen whether there will be sufficient traction for the MIC or whether instead less radical intermediate options such as an appeal mechanism will at the end gain more support.