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Investor-State Arbitration 2020 International Comparative Legal Guides Investor-State Arbitration 2020 A practical cross-border insight into investor-State arbitration Second Edition Featuring contributions from: 3D Legal – DANDRIA Law Firm Cornerstone Research Hannes Snellman Attorneys Ltd. Allen & Gledhill LLP Corrs Chambers Westgarth Homburger AG Arbitration Institute of the Stockholm Chamber DLA Piper Posztl, Nemescsói, Györfi-Tóth and Huck, Otranto, Camargo of Commerce Partners Law Firm Morgan & Morgan AZB & Partners European Federation for Investment Law and Mori Hamada & Matsumoto Arbitration Blake, Cassels & Graydon LLP Oblin Rechtsanwälte GmbH Eversheds Sutherland Boies Schiller Flexner LLP Sorainen Fangda Partners Busse Disputes Rechtsanwaltsgesellschaft mbH Zhong Lun Law Firm Cecil Abraham & Partners Foley Hoag LLP Conway & Partners N.V. Hamdan Al Shamsi Lawyers and Legal Consultants ICLG.com Investor-State Arbitration 2020 ISBN 978-1-83918-009-5 ISSN 2631-6307 Second Edition Published by glg global legal group 59 Tanner Street Contributing Editors: London SE1 3PL United Kingdom Dominic Roughton and Kenneth Beale +44 207 367 0720 Boies Schiller Flexner LLP www.iclg.com Group Publisher Rory Smith Publisher Jon Martin Senior Editors Caroline Oakley Rachel Williams Sub-Editor Iris Gioti Creative Director Fraser Allan Printed by Ashford Colour Press Ltd. Cover Image www.istockphoto.com ©2019 Global Legal Group Limited. All rights reserved. Unauthorised reproduction by any means, digital or analogue, in whole or in part, is strictly forbidden. Disclaimer This publication is for general information purposes only. It does not purport to provide comprehensive full legal or other advice. Global Legal Group Ltd. and the contributors accept no responsibility for losses that may arise from reliance upon information contained in this publication. Strategic Partners This publication is intended to give an indication of legal issues upon which you may need advice. Full legal advice should be taken from a qualified professional when dealing with specific situations. This publication is introductory in nature. Its content is current at the date of publication. It does not constitute legal advice and should not be relied upon as such. You should always obtain legal advice based on your specific circumstances before taking any action relating to matters covered by this publication. Some information may have been obtained from external sources, and we cannot guarantee the accuracy or currency of any such information. Table of Contents Expert Chapters 1 Third-Party Funding and Investor-State Arbitration Dominic Roughton & Nathalie Allen Prince, Boies Schiller Flexner LLP 9 Issues in Cross-Border Valuation and the Implications for Damages Assessments in Investor-State Disputes Ronnie Barnes, Cornerstone Research 14 Investor-State Arbitration Before the SCC James Hope, Arbitration Institute of the Stockholm Chamber of Commerce (SCC) 19 The Impact of EU Law on ISDS Prof. Dr. Nikos Lavranos, European Federation for Investment Law and Arbitration (EFILA) Q&A Chapters 23 Australia 91 Italy Corrs Chambers Westgarth: Lee Carroll & Frances Williams 3D Legal – DANDRIA Law Firm: Roberto Pirozzi & Rocco Ioia 29 Austria Oblin Rechtsanwälte GmbH: Miloš Ivković 97 Japan Mori Hamada & Matsumoto: Yuko Kanamaru & Daniel Allen 35 Belarus Sorainen: Alexey Anischenko & Valeria Dubeshka 102 Malaysia Cecil Abraham & Partners: Sunil Abraham & Brazil 39 Syukran Syafiq Huck, Otranto, Camargo: Fábio Peixinho Gomes Corrêa & Netherlands Mônica Naomi Murayama 106 Conway & Partners N.V.: Thabiso van den Bosch & 44 Canada Lilian Meinen Blake, Cassels & Graydon LLP: Iris Antonios & Paul Blyschak 111 Panama Morgan & Morgan: José D. Carrizo D. 50 China Zhong Lun Law Firm: Huawei Sun 115 Singapore Allen & Gledhill LLP: Chua Kee Loon & Nicholas Tan 57 Estonia Sorainen: Maria Pihlak & Dr. Carri Ginter 121 Sweden Hannes Snellman Attorneys Ltd.: Pontus Ewerlöf & France 62 Andreas Johard Eversheds Sutherland: Julien Fouret Switzerland Germany 126 68 Homburger AG: Mariella Orelli & Dilber Devitre Busse Disputes Rechtsanwaltsgesellschaft mbH: Dr. Daniel Busse & Dr. Sven Lange 131 United Arab Emirates Hamdan Al Shamsi Lawyers and Legal Consultants: Hong Kong 74 Hamdan Al Shamsi, Omar Kamel & Nandini Tiwari Fangda Partners: Olga Boltenko & John Zhou United Kingdom 80 Hungary 138 DLA Piper Posztl, Nemescsói, Györfi-Tóth and Partners Boies Schiller Flexner LLP: Dominic Roughton & Rosalind Axbey Law Firm: András Nemescsói & David Kohegyi USA India 144 85 Foley Hoag LLP: Tafadzwa Pasipanodya & Darío Maestro AZB & Partners: Rajendra Barot & Sonali Mathur ChapterXX 5 23 Australia Australia Lee Carroll Corrs Chambers Westgarth Frances Williams 1 Treaties: Current Status and Future The Indonesia-Australia Comprehensive Economic Partnership Agreement (IA-CEPA) was signed on 4 March 2019. Developments The next step for both A-HKFTA and IA-CEPA is ratification by each country. For Australia, this includes tabling the text of the agreements in Parliament and an inquiry to be undertaken by 1.1 What bilateral and multilateral treaties and trade JSCOT. agreements has your jurisdiction ratified? 1.3 Are your BITs based on a model BIT? What are the key Australia has entered into free trade agreements with the following provisions of that model BIT? individual countries: Chile; China; Japan; Korea; Malaysia; New Zealand; Singapore; Thailand; and the USA. It is also party to the AANZFTA (with: Brunei; Burma; Cambodia; There is an Australian model Investment Promotion and Protection Indonesia; Laos; Malaysia; New Zealand; the Philippines; Singapore; Agreement (IPPA) text. It provides a clear set of obligations relating Thailand; and Vietnam) and the CPTPP (with: Brunei Darussalam; to the promotion and protection of investments and takes full Canada; Chile; Japan; Malaysia; Mexico; Peru; New Zealand; account of each party’s laws and investment policies. The model Singapore; and Vietnam). IPPA text can be seen, for example, in the Australia-Egypt IPPA, the Australia is party to 18 bilateral investment treaties (BITs) with: Australia-Uruguay IPPA and the Australia-Lithuania IPPA. Argentina; China; Czech Republic; Egypt; Hong Kong; Hungary; Indonesia; Laos; Lithuania; Pakistan; Papua New Guinea; Peru; the 1.4 Does your jurisdiction publish diplomatic notes Philippines; Poland; Romania; Sri Lanka; Turkey; and Uruguay. exchanged with other states concerning its treaties, including With the introduction of the CPTPP, Australia’s BITs were new or succeeding states? terminated with Mexico (30 December 2018) and Vietnam (14 January 2019). In addition, Australia’s BIT with Peru will be terminated upon entry into force of the Peru-Australia FTA. We are not aware of diplomatic notes with other States being published. The provisions of a terminated BIT with India remain applicable to pre-termination investments. 1.5 Are there official commentaries published by the Government concerning the intended meaning of treaty or 1.2 What bilateral and multilateral treaties and trade trade agreement clauses? agreements has your jurisdiction signed and not yet ratified? Why have they not yet been ratified? We are not aware of official commentaries concerning the intended meaning of treaty clauses being published. Australia has signed, but not yet ratified, the Pacific Agreement on Closer Economic Relations Plus (PACER Plus) and the Peru- 2 Legal Frameworks Australia Free Trade Agreement. Generally, there is a delay between signature and ratification because a process of inquiry must be undertaken by the Joint Standing Committee on Treaties (JSCOT). 2.1 Is your jurisdiction a party to (1) the New York The PACER Plus was signed in Tonga on 14 June 2017 by Australia, Convention, (2) the Washington Convention, and/or (3) the New Zealand and eight Pacific Island countries. The most recent Mauritius Convention? report issued by the JSCOT (9 May 2018) recommended the PACER Plus be ratified. Some implementing legislation has been passed which Australia is party to both the New York Convention and the will commence on the treaty’s entry into force. Washington Convention. The Peru-Australia FTA was signed by representatives from Australia signed the Mauritius Convention on Transparency on 18 Australia and Peru on 12 February 2018. The most recent reports July 2017. In October 2018, the International Arbitration Act 1974 (Cth) issued by JSCOT (August and November 2018) recommended the was amended by the Civil Law and Justice Legislation Amendment Act 2018 Peru-Australian FTA be ratified. (Cth) to implement aspects of the Mauritius Convention. Specifically, The Australia-Hong Kong Free Trade Agreement (A-HKFTA) section 22(3) of the Act carves out prohibitions on the disclosure of concluded negotiations on 15 November 2018. Both the A-HKFTA confidential information where the United Nations Commission on and the associated Investment Agreement were signed on 26 March International Trade Law Rules on Transparency in Treaty-based Investor-State 2019. Arbitration (Transparency Rules) apply to an arbitration. The parties Investor-State Arbitration 2020 ICLG.com © Published and reproduced with kind permission by Global Legal Group Ltd, London 24 Australia to arbitral proceedings and the arbitral tribunal itself are no longer ■ the amount paid for an interest; or precluded from disclosing confidential information in relation to an ■ the value of the entity or the asset, arbitration subject to the Transparency Rules. We note that although exceeds the threshold amount (depending
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