1. High Level Event on the Reform of Investment Protection
Egmont Palace, Brussels | 22 November 2018
Perspectives for a Multilateral Investment Court (MIC) Prof Loukas Mistelis Queen Mary University of London

2. Evolution of ISDS Institutional Arbitration under IIA
Gun Boat Diplomacy
Diplomatic Protection
Ad hoc Arbitration, typically under concession agreements
Institutional Arbitration under IIA

3. Legitimacy Crisis and Calls for Reform SWD (2017) 302 / COM (2017) 493, 13

4. Reforms – is it a one-way road to MIC/ICS
Legitimacy Crisis
Transparency and Calls for consistency
Procedural Reforms
Abolition of classical ISDS
MIC as a panacea?

5. ISDS, MIC and Ideology
There is an issue of ideology in moving from investment treaty arbitration to a MIC or ICS: from private – public to public only dispute resolution: a manifestation that states re-assert themselves
Current equivalents such as WTO models are not without problems, if one were to note the current turbulences in relation to WTO AB
One wonders whether we should first try to improve what we have rather than demolish it to build something new
It seems that MIC may lead to a reverse evolutionary process – most states has been able to “absorb” any turbulences arising out of ISDS
My personal take is that arbitration largely works so that the best “evolution” would be to keep arbitration as first instance mechanism and introduce a MIC (or ICS) which function merely as an appellate body with clearly defined rules
Reform of substantive protection is also very important

6. Thank you
Professor Loukas Mistelis FCIArb Director, School of International Arbitration Queen Mary University of London