The question of what constitutes an “investment” under the ICSID Convention, and is thus subject to protection under that treaty, is hotly contested and far from clear. A near-universal consensus has nevertheless emerged as to what does not constitute an “investment”: “ordinary...

The reform option on the Standing Multilateral Mechanism (SMM) currently under discussion at UNCITRAL's Working Group III (WGIII) has raised a number of important, systemic concerns for the procedural reforms of investor-State dispute settlement. This paper first seeks to situate the discussions...

This article treats main approaches to the term ‘investment' under the Convention on the Settlement of Investment Disputes between States and Nationals of Other States (ICSID Convention) and international investment treaties. Discussion of different trends does not only involve a purely...