Investor Presentaiton

184 INVESTOR-STATE DISPUTE SETTLEMENT: A SEQUEL Transparency of proceedings not inconsistent with the IIA). A "two-way" umbrella clause would also enable States to bring counterclaims based on an investor's breach of specific obligations undertaken in relation to the investment, for example in the context of privatization or a concession contract. Transparency promotes greater public participation in, and awareness and accountability of, the ISDS system. The extent of transparency can vary. Disclosure can be limited to arbitral awards only, or include other important documents such as the notice of arbitration (request for arbitration), pleadings, memorials, submissions by third parties, and procedural orders issued by the tribunal. The time at which information is made public can vary as well, as can the means of disclosure. In addition, a treaty may authorize the opening of ISDS hearings to the public, with a proviso that confidential information must be preserved. Giving access to awards and other dispute- related documents including parties' submissions (while preserving confidential information) contributes to the development of international investment law as well as to awareness, capacity- and consensus-building. Another way to open up the ISDS process to the broader public is to allow amicus curiae submissions, which is particularly important where the dispute touches upon public interests such as the protection of the environment, public UNCTAD Series on International Investment Agreements II

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