Investor Presentaiton

121 obligations related to the investment. This would give States an opportunity to bring counterclaims against investors in the relevant ISDS proceedings. 131 L. Transparency of proceedings 132 One of the key issues in ISDS is the question of transparency. Providing increased and better access to information about ongoing disputes and about the ISDS process generally is one of the primary tools available to respond to concerns about the legitimacy of ISDS. Traditionally, confidentiality has been the hallmark of international commercial arbitration. The relevant arbitral rules provide that proceedings and awards remain confidential in the absence of the agreement of the parties to disclose information. Some recent IIAS, particularly those concluded by Canada and the United States, have introduced additional rules for increased transparency of arbitral proceedings. Among the arbitral institutions and arbitral rules currently in force, ICSID has the highest level of transparency. Due to its public registry, disputes administered by it are known, as well as the economic sector to which the dispute relates, the names of the arbitrators appointed and the counsel representing the disputing parties. As part of the revisions to its Arbitration Rules in 2006," ICSID included a provision authorizing it to include in its publications excerpts of tribunals' legal reasoning. Awards themselves remain confidential in the absence of the agreement of the parties. 131 132 See further UNCTAD (forthcoming); Bjorklund, 2013. 133 For the detailed treatment of the topic of transparency, see UNCTAD, 2012c. 133 ICSID Convention Arbitration Rule 48(4) and ICSID Additional Facility Rules Article 53(3). UNCTAD Series on International Investment Agreements II

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