Arhive icsid - Quick Consulting

Romania is a party to the Convention for the Settlement of Investment Disputes between States and Persons of Other States,(ICSID dispute resolution) concluded in Washington in 1965, known as the ICSID (International Center for Settlement of Investment Disputes) Convention. The Convention regulates the operation and establishment of the International Center for the settlement of relative investment disputes (ICSID in English). The convention contains regulations regarding the procedure of settlement by arbitration or by conciliation of the disputes related to investments. The rules of procedure are explained by the regulations approved by the Board of Directors, the most important being the Arbitration Regulation which explains the rules based on which the arbitration litigation is carried out and contains all the guidance elements necessary for the management of an arbitration litigation. The ICSID Convention and Regulations are posted on the ICISD portal.

Foreign investors can settle disputes with the state by notifying ICSID; for ICSID dispute resolution; through an arbitration request. Investor citizenship is not important, for example, the famous Micula case in which these claimants were Romanian citizens but they invested money obtained abroad.

The arbitration request must have a certain form and contain information such as: the data of the parties, the litigant state, evidence, supporting documents, etc. The application must be submitted to the Secretary-General in five copies, and the party who submitted it may unilaterally withdraw.

Arhive icsid - Quick Consulting

OBJECT OF ICSID ARBITRATION

The ICSID Convention is a multilateral treaty endorsed by World Bank executives to meet the Bank’s goal of stimulating international investment. The ICSID is a separate institution that does not depend on other institutions; without any trace of political character and that fulfills its purpose with accuracy, of settling disputes, this is a good point for ICSID arbitration.

Introduction to ICSID arbitration

ICSID was created in 1966 by the Convention on Settlement of Investment Disputes between States and States of the Other States; (ICSID Convention.) for investors and the state helps to stimulate international investment; impartiality is guaranteed in litigation, so trust is one of the advantages of ICSID. Utility is also vitiated for state-state disputes based on investment treaties and free trade agreements and as an administrative register.

The ICSID process is designed to take into account the special features of international investment litigation; and the participating parties, taking equal account of the interests of host states and investors. Each case shall be examined by an independent conciliation commission; or an arbitration tribunal after hearing the parties’ evidence and legal arguments. The ICSID case team is designated for each case and provides expert assistance at any time in the process. More than 600 cases have been resolved and administered by ICSID to date. ICSID provides for litigation by conciliation, arbitration or fact finding.

The ICSID also stimulates a better awareness of international legislation on the ICSID process and foreign investment.

These are a great program of publications, including the ICSID Review magazine and regularly publishing information on its cases and activities. Employees from ICSID provide numerous presentations, events, and participate in conferences on international dispute resolution in global investment.

ICSID is a multilateral and self-specialized institution that supports international investment flows and mitigates non-commercial risks through a treaty drawn up by Executive Directors of the International Bank for Reconstruction and Development and signed by Member States. Since May 2016, 153 signatory Member States have agreed by agreement to support and apply arbitration duties in accordance with the ICSID Convention.

The Center carries out the maintenance of several publications and counseling. ICSID belongs to and is supported financially by the World Bank Group, based in Washington, DC, in the United States. The ICSID is an international arbitration institution set up in 1966 to reconcile international investors and to resolve legal disputes.