1. Investor Protection and ISDS in TTIP Dr Nicolette Butler (University of Manchester) nicolette.butler@manchester.ac.uk

2. Issues to be considered Part 1: Problems with the current regime Part 2: Commission’s Consultation as a response Part 3: Alternatives to ISDS Conclusion

3. Problems with the current regime Backlash against system of governance (BITs) and ISDS Problems with: i) Substance- Imprecise provisions; expansionary provisions ii) Procedure – Do BITs promote/attract FDI? - ISDS (transparency; confidentiality; party autonomy; consistency; regulatory chill; private tribunals settling public disputes)

4. Commission’s Consultation i)Investment protection: Improvising definition of ‘investor’ National treatment: excluding importation of MFN clause and providing for exceptions to national treatment in the public interest Clarify FET and legitimate expectations to limit abuse Expropriation- clarify and limit abuse Right to regulate- clarify, include safeguards and exceptions, parties adopt binding interpretations ii) ISDS Transparency Domestic courts Code of Conduct for arbitrators Filter for frivolous claims Signing parties get involved with interpretation of agreement Appeal mechanism

5. Alternatives to ISDS? National courts Stand alone World Investment Court

6. To conclude… Do the Commission’s proposals as outlined in the Consultation document go far enough/remedy all the problems identified? TTIP as a real opportunity to meaningfully reform the law of foreign investment and shape the future of EU investment policy