EU to continue its support of the operation of UNCITRAL Transparency Registry for a further three years
Investment | Geneva, 14 December 2016
In December 2016, the European Union (EU) agreed with the United Nations that it would contribute to the operation of the United Nations Commission on International Trade Law (UNCITRAL) Transparency Registry for a further three years. The EU has been a donor to the Transparency Registry since its contribution of €100,000 in December 2015, when the OPEC Fund for International Development (OFID) contributed a US$125,000.
The Transparency Registry was established in accordance with the UNCITRAL Rules on Transparency in Treaty-based Investor-State Arbitration (the “Rules”) in order to make information on investor-State arbitrations arising under an investment treaty available to the public. The Transparency Registry provides a consolidated, transparent and easily accessible global case record database for such arbitrations, which often deal with subjects of public interest.
The Transparency Registry is also a key feature of the United Nations Convention on Transparency in Treaty-based Investor-State Arbitration (the “Mauritius Convention on Transparency”) adopted in December 2014, which extends the application of the Rules to investment treaties concluded before 1 April 2014. The Rules, the Convention and the Transparency Registry constitute the UNCITRAL standards on transparency, which are the result of a multilateral effort to reform investment arbitration, in particular to enhance awareness of and access to the process of dispute settlement. By making information about investment disputes publicly accessible, the UNCITRAL standards contribute to building confidence in the international investment framework. Furthermore, they constitute an important step in responding to the increasing challenges to the legitimacy of international investment law and arbitration as such.
The European Union has conveyed that transparency is at the core of its investment policy and that transparency contributes to increasing legitimacy and accountability of the investor-State dispute settlement.
The EU’s contribution will enable the UNCITRAL Secretariat to continue operating the Transparency Registry as requested by the UN General Assembly in December 2015.
Legal Disclaimer:
EIN Presswire provides this news content "as is" without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the author above.
