The State’s Power to Tax in the Investment Arbitration of Energy Disputes Outer Limits and the Energy Charter Treaty Cornel Marian States today are expected not only to regulate the efficient and safe production and distribution of energy to end-users but also to incentivize increased production of energy and the transition to clean energy. In recent years, states are increasingly relying on taxation measures to address the economic challenges affecting the energy sector. This book provides the first in-depth exploration of the intersection between the treaty investment protection regime and taxation measures, as these materialize in investor-state energy disputes. With the analysis of all known and pending cases under the Energy Charter Treaty (ECT), as well as non-ECT cases and bilateral investment treaties which have heavily influenced ECT jurisprudence, the author develops a deeply informed energy tax policy that greatly mitigates the points of tension in the current regime. He closely investigates the following elements of the subject: aligning the ECT Taxation Article with the taxation articles of other investment treaties; tracing current case law to the original arbitration decisions involving tax measures; extrapolating the interplay of taxation provisions with substantive standards of investment protection as reviewed by international arbitral tribunals; evaluating the outer limits of the state’s power to tax under investment treaties and public international law; and addressing how the Yukos arbitration case has changed the framework of taxation issues in investment arbitration. In a clear and concise manner, the author provides the necessary framework to dissect any taxation chapter of an investment treaty and presents tools for the development of long-term tax policy and the adoption of model taxation clauses for sustainable investment protection mechanisms. The book takes a giant step toward meeting the ECT’s mandate to promote long-term cooperation in the energy field with a set of defined objectives focusing on trade, cooperation, energy efficiency, and environmental protection. It will be of immeasurable value to states in developing tax-specific investment incentive schemes as well as to investors in completing a necessary level of due diligence against possible adverse tax measures. Practitioners and academics with a focus on international arbitration will benefit from the book’s systematic approach to the complex taxation provisions of investment protection treaties and more readily recognize the “red flags” attached to national taxation provisions and their impact on investments in the energy sector.

The Yearbook Commercial Arbitration continues its longstanding commitment to serving as a primary resource for the international arbitration community, with reports on arbitral awards and court decisions applying the leading arbitration conventions and decisions of general interest to the practice of international arbitration as well as announcements of arbitration legislation and rules. Volume XLV (2020) includes: excerpts of arbitral awards made under the auspices of the International Chamber of Commerce (ICC) and the Milan Chamber of Arbitration (CAM), as well as twelve awards reflecting the practice of tribunals constituted under the auspices of the Arbitration Institute of the Stockholm Chamber of Commerce (SCC); notes on new and amended arbitration rules, including references to their online publication; notes on recent developments in arbitration law and practice in Ethiopia, Lithuania, Macao SAR, Palau, Peru, Poland, Portugal, Russian Federation, Seychelles, Sierra Leone, Singapore, Switzerland, Tanzania, Thailand, and Tonga; excerpts of 87 court decisions applying the 1958 New York Convention from 27 countries – including, for the first time, a selection of seven cases from Egypt, and cases from Tanzania and Uzbekistan – all indexed by subject matter and linked to the commentaries on the New York Convention published in the Yearbook, authored by former General Editor and leading expert Prof. Dr. Albert Jan van den Berg; excerpts from two decision applying the 1965 Washington (ICSID) Convention and seven decisions applying the 1975 Panama (Inter-American) Convention, as well as a selection of four court decisions of general interest; an extensive Bibliography of recent books and journals on arbitration. The Yearbook is edited by the International Council for Commercial Arbitration (ICCA), the world’s leading organization representing practitioners and academics in the field, under the general editorship of Prof. Dr. Stephan W. Schill and with the assistance of the Permanent Court of Arbitration, The Hague. It is an essential tool for lawyers, business people and scholars involved in the practice and study of international arbitration.

Establishing a factual basis on which to apply the law can be an extraordinarily challenging process, and perhaps more so in international arbitration than in any other proceedings, due to the very different notions of fact-finding that prevail among jurisdictions. This important book assesses, for the first time, the contours of an emerging transnational law of fact-finding that promises to greatly enhance the efficiency and reliability of this crucial arbitral procedure. In his analysis, focusing on bases that reflect current (but fluid) transnational practice, the author assembles a viable lex evidentiae from an in-depth examination and synthesis of the following bodies of source material: published arbitration proceedings and awards; the general framework of fact-finding issues as provided for under the arbitration acts of England and Wales, the United States, Germany, Brazil, Spain, Switzerland, Austria, and Italy, as well as under the Model Law; fact-finding stipulations under UNCITRAL Arbitration Rules as well as under various institutional rules; soft law (such as the IBA Rules, Prague Rules, ALI/UNIDROIT Principles of Transnational Civil Procedure); best practices as captured by legal commentary; and investment arbitration proceedings, where many decisions and awards are nowadays publicly available. In the course of the analysis, a comprehensive description and analysis of what fact-finding entails, including both gathering of facts and taking of evidence, is fully elaborated. Given that it is an essential task of international arbitration proceedings to define the disagreements between the parties and seek to determine the truth, the international arbitration community must be able to rely on a robust, consistent, and predictable, albeit flexible and adaptive, set of fact-finding rules. Against this background, the present study not only provides a stocktaking of current practice but also makes a signal contribution to meeting the need for legal certainty and reliability in international arbitration.

From the perspective of users of international commercial arbitration, the uncertainties surrounding the application of good faith by an arbitral tribunal create an unwelcome unpredictability. Acknowledging this prevalent situation, this book is the first to study in depth the available international arbitral awards that have applied good faith, thus providing detailed guidance on how this notion is (and can be) applied by tribunals in international commercial arbitration. Moreover, the author proposes a set of deeply informed guidelines for the future application of good faith by arbitral tribunals to both the parties’ contract and the arbitration agreement. This book provides a comprehensive description of the role and scope of good faith under governing laws in key jurisdictions (England, New York, Switzerland, France, Germany, China, Singapore, Hong Kong, Australia, and Canada) as well as under the CISG, the UNIDROIT Principles, and other uniform law and soft law instruments. The book greatly clarifies the source and role of good faith with respect to the following issues surrounding the arbitration agreement: formal validity of the arbitration agreement; incorporation of the arbitration agreement by reference; interpretation of the arbitration agreement; capacity and power of the parties to arbitrate; extension of an arbitration agreement to a non-signatory party; pre-arbitration requirements to negotiate or mediate; and performance of the arbitration agreement. Proposed guidelines for the application of good faith to each of these issues are included, along with useful figures summarizing the content of the obligations to negotiate or mediate in good faith prior to resorting to arbitration as well as the obligation to arbitrate in good faith. By analysing the role and scope of good faith under different national and non-national laws, this book will prove of inestimable value not only by providing invaluable insight into the recourse to good faith by arbitral tribunals but also by providing guidance on how good faith should be applied to the parties’ contract in international commercial arbitration. Arbitrators, as well as users of arbitration, will welcome the clarity on how good faith is applied to the various issues surrounding the arbitration agreement and, in particular, to the pre-arbitration requirements to negotiate or mediate as well as the performance of the arbitration agreement.

International Arbitration Law Library The fragility of the relationship between international law and European Union (EU) law comes to the fore when a dispute arises between an EU Member State and a multinational corporate investor. This book analyzes the legislative and jurisprudential backbone affecting both policy and practice in this area, showing in the process how both the autonomy of the EU legal order and the sovereignty of Member States can be strengthened through a common investor protection policy inside the EU with an efficient adjudication mechanism promised by the EU’s “new generation” agreements. With a thorough analysis of the parameters that the Court of Justice of the European Union (CJEU) and investor-State dispute settlement (ISDS) arbitral tribunals have set for the interplay between EU law and international investment law, the following salient issues and topics and more are covered: operation of the EU’s exclusive competence regarding foreign direct investment; EU rules on capital movements related to investments; potential conflicts between EU law and extra-EU bilateral investment treaties; intra-EU bilateral investment treaties viewed from the perspectives of both international and EU law primacy; role of arbitral tribunals in intra-EU dispute settlement and ramifications in the light of applicable law; and problems arising when the lex arbitri in the proceedings is the law of a non-EU state. The relevant jurisprudence of the CJEU is analyzed against ISDS case law, and detailed attention is paid to scholarship in the relevant fields. The author presents substantial and procedural solutions that will prevent the violation of EU law without sacrificing the substantial protection that arbitration provides for the protection of investments. The book goes largely beyond existing literature and is the first to jointly address EU law, international investment law, and integration theories with actionable solutions. It will allow all concerned with international judicial decision-making to acquire an arsenal of available normative responses to issues raised by EU law’s autonomy, primacy of EU law, EU competences, international EU responsibility, compatibility of ISDS with EU law, and other issues, addressing all the challenges likely to be raised in arbitral or court proceedings. Practitioners will discover viable ways to identify, prevent, or resolve legal impasses stemming from the overlap of EU law and other international law regimes when structuring an investment inside the EU.

Is it Time for a Regime Change? Protecting International Energy Investments against Political Risk. The 2013 seventh annual Juris investment arbitration conference put in issue the special role of international energy projects in the development of investor-state arbitration. It is currently one of the most active sectors of investor-state arbitration. The “facts” of the energy sector therefore are particularly well-developed in international jurisprudence. The similarities in the applicable law of investment protection between the energy sector and other sectors tend to hide from view what our panelists repeatedly uncovered: it is the facts of energy disputes that significantly set them apart. The concerns of sovereign dominion over national energy production and the protection of foreign investors in the energy sector against stranding large investments served as a key point of departure for discussions. The four questions that the Conference addressed include: The Energy Sector, Investment Arbitration and the ECT: Carving out a Special Regime? Energy Contracts and BITS – Is it Fair and Equitable to be Under the Umbrella? Mulitparty Investor Disputes in the Energy Sector – Preclusion, Consolidation or Free-For-All? Measure by Measure? Calculating Damages in Energy Disputes The discussion and debate that followed is provided in this book and sure to be of tremendous value to the international business lawyer, litigation specialist or trade and investment law policy expert.

Arbitration of International Business Disputes 2nd edition is a fully revised and updated anthology of essays by Rusty Park, a leading scholar in international arbitration and a sought-after arbitrator for both commercial and investment treaty cases. This collection focuses on controversial questions in arbitration of trade, financial, and investment disputes. The essays address some of the most interesting topics in cross-border business dispute resolution, many of which have endured over several decades and remain subject to radically different views. Examples include the proper role of judicial review, the allocation of jurisdictional tasks, evolution of arbitration's statutory and treaty framework, free trade and bilateral investment agreements, and the balance between fixed rules and arbitral discretion. The book is structured around three themes: arbitration's legal framework; the conduct of arbitral proceedings; and a comparison of arbitration in specific fields such as finance, intellectual property, and taxation. In each of these areas, analysis includes the tensions between fairness and efficiency, and the accurate application of substantive law as well as the implications of mandatory procedural norms. Augmented by more than a dozen new contributions and a revised introduction, this 2nd edition retains all of its earlier practical and scholarly relevance, and includes a Foreword by V. V. (Johnny) Veeder QC.

Based on analysis of 21 arbitral awards rendered in the "Spanish saga" cases, this book discusses the current challenges faced by international investment law in the renewable energy sector. Filip Balcerzak offers both micro-level analysis of each individual case and macro-level conclusions of universal relevance.

The 2014 volume of Contemporary Issues in International Arbitration and Mediation: The Fordham Papers is a collection of important works in the field written by the speakers at the 2014 Fordham Law School Conference on International Arbitration and Mediation. The papers are organized into the following parts: Keynote Presentation by Catherine Kessedjian PART 1: Investor-State and Commercial Arbitration by Peter Michaelson, Stanimir A. Alexandrov, James Mendenhall, Laurence Shore, Liang-Ying Tan, Rocío Digón, and Marek Krasula PART 2: Ethics by Bruce A. Green, Margaret Moses, Doak Bishop, Isabel Fernández de la Cuesta, Catherine A. Rogers, and Idil Tumer PART 3: Mediation by Lorraine M. Brennan, Anna Joubin-Bret, Josefa Sicard-Mirabal, Rachael Clarke, James M. Rhodes, and Carrie Menkel-Meadow PART 4: International Trade Arbitration by Kaj Hobér, Luiz Olavo Baptista, Giorgio Sacerdoti, and Gonzalo Biggs PART 5: Investor-State and Commercial Arbitration (2) by John J. Barcelo III, Roland Ziadé, Lorenzo Melchionda, and Dr. Wolfgang Kühn PART 6: International Tax Arbitration by Alexis Foucard, Léa Grandfond, Michael Lennard, and Natalia Quinones Cruz

The energy industry is a key source of growth stimulation for developing states. Understandably, developing states are eager to enter into petroleum investment contracts with international investors, with the expectation that this will benefit their countries. The domestic law of some developing states provides a welcoming investment environment in the form of guarantees and stability, while other states provide these opportunities by agreeing to investment contracts or treaties drafted by international organisations established to facilitate such agreements. This book identifies the political risks, particularly of indirect expropriation, that arise from the unilateral actions of host governments during the lifespan of energy investment projects. Focusing on stabilisation clauses as a political risk management tool, this research-based study draws on comparative empirical evidence from Turkey and Azerbaijan to determine what influences host states to consent to the insertion of stabilisation clauses in long-term host government agreements. Proposing a framework for the role to be played by both internal forces and external forces, it examines political regimes and state guarantees to foreign investors in Azerbaijan and Turkey from a comparative perspective, assessing how effective internal factors in Azerbaijan and Turkey are in facilitating contractual stability in their energy investment projects. Providing a comprehensive analysis of stabilisation clauses and the internal and external factors that compel host states to commit to them, this book will appeal to practitioners, students and scholars in international investment law and energy law.