<?xml version="1.0" encoding="ISO-8859-1"?><article xmlns:mml="http://www.w3.org/1998/Math/MathML" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance">
<front>
<journal-meta>
<journal-id>0122-9893</journal-id>
<journal-title><![CDATA[Revista Derecho del Estado]]></journal-title>
<abbrev-journal-title><![CDATA[Rev. Derecho Estado]]></abbrev-journal-title>
<issn>0122-9893</issn>
<publisher>
<publisher-name><![CDATA[Universidad Externado de Colombia]]></publisher-name>
</publisher>
</journal-meta>
<article-meta>
<article-id>S0122-98932019000100083</article-id>
<article-id pub-id-type="doi">10.18601/01229893.n42.04</article-id>
<title-group>
<article-title xml:lang="en"><![CDATA[The proposed Investment Court System: does it really solve the problems?]]></article-title>
<article-title xml:lang="es"><![CDATA[La propuesta de un Sistema de Corte de Inversiones: ¿realmente resuelve los problemas?]]></article-title>
</title-group>
<contrib-group>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Charris-Benedetti]]></surname>
<given-names><![CDATA[Juan Pablo]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
</contrib-group>
<aff id="Af1">
<institution><![CDATA[,Universidad Externado de Colombia  ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>Colombia</country>
</aff>
<pub-date pub-type="pub">
<day>00</day>
<month>04</month>
<year>2019</year>
</pub-date>
<pub-date pub-type="epub">
<day>00</day>
<month>04</month>
<year>2019</year>
</pub-date>
<numero>42</numero>
<fpage>83</fpage>
<lpage>115</lpage>
<copyright-statement/>
<copyright-year/>
<self-uri xlink:href="http://www.scielo.org.co/scielo.php?script=sci_arttext&amp;pid=S0122-98932019000100083&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.co/scielo.php?script=sci_abstract&amp;pid=S0122-98932019000100083&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.co/scielo.php?script=sci_pdf&amp;pid=S0122-98932019000100083&amp;lng=en&amp;nrm=iso"></self-uri><abstract abstract-type="short" xml:lang="en"><p><![CDATA[ABSTRACT In recent years, the foreign investment regime has been subject to an increasing volume of criticism from the public. The significant sums of money at stake and the potential impact of the awards on State's regulatory powers have placed the Investor-State Dispute Settlement (ISDS) under the spotlight. In response to this, the European Union has proposed a far-reaching reform which introduces an Investment Court System (ICS). This model constitutes an innovative dispute settlement mechanism intended to address most of the core issues of the ISDS by combining elements of the traditional ISDS with judicial features. Overall, this paper aims at analysing whether the EU's new approach constitutes an effective improvement to the traditional ISDS and the future of the international investment regime. To achieve this, the study begins with an overview of the current ISDS; followed by a synopsis of the main criticisms to the traditional ISDS; proceeded by a review of the core features of the EU's proposed ICS and its inclusion in the new generation of HAS in negotiation by the EU; and finally, provides a commentary of the main criticisms and obstacles that the introduction of the ICS is likely to encounter.]]></p></abstract>
<abstract abstract-type="short" xml:lang="es"><p><![CDATA[RESUMEN En los últimos años, el régimen de inversión extranjera ha sido objeto de un creciente número de críticas del público. Las sumas significativas de dinero en juego y el posible impacto de los laudos en los poderes regulatorios del Estado han puesto al actual Sistema de Resolución de Controversias entre Inversores y el Estado bajo la lupa. En respuesta a ello, la Unión Europea ha propuesto una reforma de gran alcance mediante la introducción de un Sistema de Corte de Inversiones (SCI). El nuevo sistema constituye un mecanismo innovador de resolución de controversias internacionales destinado a remediar los problemas centrales que acarrea el sistema actual, mediante la combinación de elementos tradicionales del arbitraje con rasgos judiciales. En este contexto, el presente escrito pretende analizar si el nuevo enfoque de la Unión Europea constituye una mejora efectiva del actual mecanismo de resolución de controversias de inversiones y del futuro del régimen de inversión internacional. Para dicho propósito, el artículo comienza con una descripción general del actual Sistema de Resolución de Controversias entre Inversores y el Estado; seguido de una sinopsis de sus principales críticas; continúa con un resumen de las principales características del Sistema de Corte de Inversiones, así como de su inclusión en la nueva generación de acuerdos internacionales de inversión en negociación por la Unión Europea; y, finalmente, hace una referencia a las principales críticas y posibles obstáculos que afrontará la introducción del nuevo Sistema de Corte de Inversiones.]]></p></abstract>
<kwd-group>
<kwd lng="en"><![CDATA[Investment Court System (ICS)]]></kwd>
<kwd lng="en"><![CDATA[Investor-State Disputes Settlement (ISDS)]]></kwd>
<kwd lng="en"><![CDATA[Foreign Direct Investment (FDI)]]></kwd>
<kwd lng="en"><![CDATA[International Investment Agreement (IIA)]]></kwd>
<kwd lng="en"><![CDATA[Comprehensive Economic and Trade Agreement (CETA)]]></kwd>
<kwd lng="en"><![CDATA[Transatlantic Trade and Investment Partnership (TTIP)]]></kwd>
<kwd lng="es"><![CDATA[Sistema de Corte de Inversiones]]></kwd>
<kwd lng="es"><![CDATA[Sistema de Resolución de Controversias entre Inversores y el Estado]]></kwd>
<kwd lng="es"><![CDATA[Inversión Extranjera Directa]]></kwd>
<kwd lng="es"><![CDATA[Acuerdos Internacionales de Inversión]]></kwd>
<kwd lng="es"><![CDATA[Acuerdo Económico y Comercial Global (AECG)]]></kwd>
<kwd lng="es"><![CDATA[Asociación Transatlántica de Comercio e Inversión]]></kwd>
</kwd-group>
</article-meta>
</front><back>
<ref-list>
<ref id="B1">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Butler]]></surname>
<given-names><![CDATA[N]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Possible Improvements to the Framework of International Investment Arbitration]]></article-title>
<source><![CDATA[The Journal of World Investment &amp; Trade]]></source>
<year>2013</year>
<volume>14</volume>
</nlm-citation>
</ref>
<ref id="B2">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Collins]]></surname>
<given-names><![CDATA[D]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[The UK should include Investor State Dispute Settlement (ISDS) in its Post-Brexit International Investment Agreements]]></article-title>
<source><![CDATA[SSRN Electronic Journal]]></source>
<year>2017</year>
</nlm-citation>
</ref>
<ref id="B3">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Gleason]]></surname>
<given-names><![CDATA[E]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[International Arbitral Appeals: What are we so afraid of?]]></article-title>
<source><![CDATA[Pepperdine Dispute Resolution Law Journal]]></source>
<year>2007</year>
<volume>7</volume>
</nlm-citation>
</ref>
<ref id="B4">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Horvath]]></surname>
<given-names><![CDATA[G. J]]></given-names>
</name>
<name>
<surname><![CDATA[Berzero]]></surname>
<given-names><![CDATA[R]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Arbitrator and Counsel: The Double-Hat Dilemma]]></article-title>
<source><![CDATA[Transnational Dispute Management (TDM)]]></source>
<year>2017</year>
</nlm-citation>
</ref>
<ref id="B5">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Koeth]]></surname>
<given-names><![CDATA[W]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Can the Investment Court System (ICS) save TTIP and CETA]]></article-title>
<source><![CDATA[European Institute of Public Administration (EIPA) Working Papers]]></source>
<year>2016</year>
</nlm-citation>
</ref>
<ref id="B6">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Laird]]></surname>
<given-names><![CDATA[I]]></given-names>
</name>
<name>
<surname><![CDATA[Askew]]></surname>
<given-names><![CDATA[R]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Finality versus Consistency: Does Investor State Arbitration need an Appellate System?]]></article-title>
<source><![CDATA[The Journal of Appellate Practice and Process]]></source>
<year>2005</year>
<volume>7</volume>
</nlm-citation>
</ref>
<ref id="B7">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Lenk]]></surname>
<given-names><![CDATA[H]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[An Investment Court System for the New Generation of EU Trade and Investment Agreements: A Discussion of the Free Trade Agreement with Vietnam and the Comprehensive Economic and Trade Agreement with Canada]]></article-title>
<source><![CDATA[European Papers]]></source>
<year>2016</year>
<numero>1</numero>
<issue>1</issue>
</nlm-citation>
</ref>
<ref id="B8">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Mann]]></surname>
<given-names><![CDATA[H.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA["Possible Improvements of the Framework for ICSID Arbitration".]]></article-title>
<source><![CDATA[Comments on ICSID Discussion Paper]]></source>
<year>2004</year>
<publisher-name><![CDATA[International Institute for Sustainable Development (IISD),]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B9">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Reinisch]]></surname>
<given-names><![CDATA[A]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Will the EU's Proposal Concerning an Investment Court System for CETA and TTIP Lead to Enforceable Awards? - The Limits of Modifying the ICSID Convention and the Nature of Investment Arbitration]]></article-title>
<source><![CDATA[Journal of International Economic Law]]></source>
<year>2016</year>
<volume>19</volume>
</nlm-citation>
</ref>
<ref id="B10">
<nlm-citation citation-type="">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Stone Sweet]]></surname>
<given-names><![CDATA[A]]></given-names>
</name>
<name>
<surname><![CDATA[Chung]]></surname>
<given-names><![CDATA[M]]></given-names>
</name>
<name>
<surname><![CDATA[Saltzman]]></surname>
<given-names><![CDATA[A]]></given-names>
</name>
</person-group>
<source><![CDATA[Arbitral Lawmaking and State Power: An Empirical Analysis of Investment Arbitration]]></source>
<year></year>
</nlm-citation>
</ref>
<ref id="B11">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Tams]]></surname>
<given-names><![CDATA[C]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Is there a Need for an ICSID Appellate Structure?]]></article-title>
<source><![CDATA[SSRN Electronic Journal]]></source>
<year>2009</year>
</nlm-citation>
</ref>
<ref id="B12">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Van Harten]]></surname>
<given-names><![CDATA[G]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Arbitrator Behaviour in Asymmetrical Adjudication (Part Two): An Examination of Hypotheses of Bias In Investment Treaty Arbitration]]></article-title>
<source><![CDATA[Osgoode Hall Law Journal]]></source>
<year>2012</year>
<volume>50</volume>
</nlm-citation>
</ref>
<ref id="B13">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Webb Yackee]]></surname>
<given-names><![CDATA[J.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Toward a Minimalist System of International Investment Law]]></article-title>
<source><![CDATA[Suffolk Transnational Law Review]]></source>
<year>2009</year>
<numero>303</numero>
<issue>303</issue>
</nlm-citation>
</ref>
<ref id="B14">
<nlm-citation citation-type="journal">
<article-title xml:lang=""><![CDATA[CME Czech Republic BVV. v. Czech Republic]]></article-title>
<source><![CDATA[UNCITRAL Rules]]></source>
<year>2003</year>
</nlm-citation>
</ref>
<ref id="B15">
<nlm-citation citation-type="journal">
<article-title xml:lang=""><![CDATA[Lauder v. Czech Republic]]></article-title>
<source><![CDATA[UNCITRAL Rules]]></source>
<year>2001</year>
</nlm-citation>
</ref>
<ref id="B16">
<nlm-citation citation-type="journal">
<article-title xml:lang=""><![CDATA[SGS Société Générale de Surveillance S.A. v. Islamic Republic of Pakistan]]></article-title>
<source><![CDATA[ICSID Case No. ARB/01/13]]></source>
<year>2003</year>
</nlm-citation>
</ref>
<ref id="B17">
<nlm-citation citation-type="journal">
<article-title xml:lang=""><![CDATA[SGS Société Générale de Surveillance S.A. v. Republic of the Philippines]]></article-title>
<source><![CDATA[ICSID Case No. ARB/02/6]]></source>
<year>2004</year>
</nlm-citation>
</ref>
<ref id="B18">
<nlm-citation citation-type="journal">
<article-title xml:lang=""><![CDATA[Metalclad Corporation v. United Mexican States.]]></article-title>
<source><![CDATA[ICSID Case No. ARB(AF)/97/1]]></source>
<year>2000</year>
</nlm-citation>
</ref>
<ref id="B19">
<nlm-citation citation-type="journal">
<article-title xml:lang=""><![CDATA[S.D. Myers, Inc. v. Government of Canada]]></article-title>
<source><![CDATA[UNCITRAL Case]]></source>
<year>2000</year>
</nlm-citation>
</ref>
<ref id="B20">
<nlm-citation citation-type="journal">
<article-title xml:lang=""><![CDATA[Fábrica de Vidrios Los Andes, CA and Owens-Illinois de Venezuela v. Bolivarian Republic Venezuela]]></article-title>
<source><![CDATA[ICSID Case No. ARB/12/21]]></source>
<year></year>
</nlm-citation>
</ref>
<ref id="B21">
<nlm-citation citation-type="">
<source><![CDATA[Arbitral Rules - Investment Dispute Settlement Navigator]]></source>
<year>2017</year>
</nlm-citation>
</ref>
<ref id="B22">
<nlm-citation citation-type="">
<source><![CDATA[Process Overview]]></source>
<year>2017</year>
</nlm-citation>
</ref>
<ref id="B23">
<nlm-citation citation-type="">
<source><![CDATA[ICSID Rules]]></source>
<year>2017</year>
</nlm-citation>
</ref>
<ref id="B24">
<nlm-citation citation-type="">
<source><![CDATA[ICSID Additional Facility Rules]]></source>
<year>2017</year>
</nlm-citation>
</ref>
<ref id="B25">
<nlm-citation citation-type="">
<source><![CDATA[Trade and Development Report. United Nations]]></source>
<year>2014</year>
</nlm-citation>
</ref>
<ref id="B26">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Malmström]]></surname>
<given-names><![CDATA[C]]></given-names>
</name>
</person-group>
<source><![CDATA[Concept Paper: Investment in TTIP And Beyond - The Path for Reform.]]></source>
<year>2015</year>
<publisher-name><![CDATA[European Commission]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B27">
<nlm-citation citation-type="">
<collab>International Centre for Settlement of Investment Disputes</collab>
<source><![CDATA[Possible Improvements of the Framework for ICSID Arbitration]]></source>
<year>2004</year>
</nlm-citation>
</ref>
<ref id="B28">
<nlm-citation citation-type="">
<collab>International Centre for Settlement of Investment Disputes</collab>
<source><![CDATA[Suggested Changes to the ICSID Rules and Regulations]]></source>
<year>2005</year>
</nlm-citation>
</ref>
<ref id="B29">
<nlm-citation citation-type="">
<source><![CDATA[Report Presented Today: Consultation on Investment Protection In EU-US Trade Talks -Trade - European Commission]]></source>
<year>2017</year>
</nlm-citation>
</ref>
<ref id="B30">
<nlm-citation citation-type="">
<collab>European Commission</collab>
<source><![CDATA[]]></source>
<year></year>
</nlm-citation>
</ref>
<ref id="B31">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Malmström]]></surname>
<given-names><![CDATA[C]]></given-names>
</name>
</person-group>
<source><![CDATA[Concept Paper: Investment in TTIP And Beyond - The Path for Reform]]></source>
<year>2015</year>
<publisher-name><![CDATA[European Commission]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B32">
<nlm-citation citation-type="">
<collab>European Commission</collab>
<source><![CDATA[The EU and Vietnam Finalise Landmark Trade Deal]]></source>
<year>2017</year>
</nlm-citation>
</ref>
<ref id="B33">
<nlm-citation citation-type="">
<collab>The Shortcomings of the Proposal for an "International Court System" (ICS)</collab>
<source><![CDATA[EFILA Blog]]></source>
<year>2017</year>
</nlm-citation>
</ref>
<ref id="B34">
<nlm-citation citation-type="">
<collab>European Commission</collab>
<source><![CDATA[CETA: EU and Canada Agree on New Approach on Investment in Trade Agreement]]></source>
<year>2016</year>
</nlm-citation>
</ref>
<ref id="B35">
<nlm-citation citation-type="">
<collab>European Commission</collab>
<source><![CDATA[Memorandum: 'Key elements of the EU-Singapore trade and investment agreements'.]]></source>
<year>2018</year>
</nlm-citation>
</ref>
<ref id="B36">
<nlm-citation citation-type="">
<collab>European Commission</collab>
<source><![CDATA[Memorandum: 'Key features of the EU-Mexico trade agreement']]></source>
<year>2018</year>
</nlm-citation>
</ref>
<ref id="B37">
<nlm-citation citation-type="journal">
<article-title xml:lang=""><![CDATA[Practical Law - Arbitration Blog]]></article-title>
<source><![CDATA[Update on the European Commission's Drive for Investment Courts]]></source>
<year>2017</year>
</nlm-citation>
</ref>
</ref-list>
</back>
</article>
