Two years on from the Achmea ruling by the European Court of Justice (ECJ), the arbitration community is still divided over its impact and the path forward is uncertain. With the termination of intra-EU bilateral investment treaties imminent, the need for a solution is more pressing than ever.
No proposal has garnered more attention or controversy than the EU’s proposal for a permanent multilateral investment court.
In our cover feature, Shearman & Sterling senior associate Paschalis Paschalidis, a former ECJ référendaire, says the time has come to for the arbitration community to stop lamenting what has passed and seize the opportunity to push for something bold and new. The investment court, he argues, is “a 21st century solution to a 21st century challenge”.
One treaty that remains very much in force is the investment agreement of the Organisation of Islamic Cooperation (OIC). In this issue, Hamid Gharavi explains how French arbitration law and courts enable parties bringing claims under the treaty to avoid denial of justice caused by respondent states, and the OIC itself, refusing to appoint an arbitrator.
Our news section is dominated by the decision by the Hague Court of Appeal that the former majority shareholders in Yukos have labelled a “victory for the rule of law” – after it reinstated three Energy Charter Treaty awards worth US$50 billion against Russia.
Elsewhere, Akin Gump partner Justin Williams and counsel Jenny Arlington discuss cybersecurity in arbitration, providing practical tips for practitioners and users based on recent initiatives.
Hong Kong’s secretary for justice Teresa Cheng SC looks at whether proposals for ISDS reform can rebuild legitimacy in the process, while Australian arbitrator Zachary Douglas QC warns that the arbitration community should get its own house in order before tackling external criticism.
In this magazine:
GAR Live: Singapore
GAR Live: Abu Dhabi
GAR Live: GAR Live Look-back Construction: Schneider on lessons from history and diversity
The pressing need for a European investment court
Cocorico: French approach to the OIC Treaty gives cause to crow
Practical steps to address cybersecurity
Cheng on the “search for order” in ISDS reform
Douglas warns against seige mentality
Book review: The Guide to Challenging and Enforcing Arbitration Awards