Bit Termination Agreement

On 5 May 27, 2020, the majority of EU Member States signed a Termination Agreement to end all bilateral investment agreements (ILOs) between two EU Member States (INTRA-EU ILOs). , including Article 4, paragraph 1, agreement reached between EU Member States on the termination of bilateral investment contracts implements the ruling of the European Court of Justice of March 2018 (Achmea case), in which the Court of Justice found that the investor-state arbitration clauses contained in bilateral investment agreements concluded within the European Union (EU internal ILO) are incompatible with the EU treaties. The treaty deals largely with two issues: (1) more details on the removal of existing internal EU bits and (2) the handling of new, pending and closed arbitration procedures. The whistleblowing agreement simply stipulates that all internal EU bits in an annex are denounced by this agreement. In addition, it states that the “Sunset” clauses contained in the internal EU bit “have no legal effect”. 2. Transactional proceedings can only be initiated within six months of the end of the bilateral investment contract covered by Article 2 or 3 of this agreement, on the basis of which the pending arbitration procedure was initiated by filing an application in accordance with paragraph 1 of this article. For these ongoing disputes, the whistleblowing agreement provides for what is called a “structured dialogue.” This “structured dialogue” allows the investor to initiate a transaction procedure with the Member State concerned, but only within six months of the end of the ILO concerned. The termination agreement provides for direct results for arbitration proceedings initiated under the EU`s internal bit. To this end, the agreement divides arbitration into three categories, based on the status of the proceedings of March 6, 2018, that is.dem date of Von Achmea.

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