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Dear Colleagues,
 
It is my pleasure to share with you UNCTAD's most recent IIA Issues Note, 
which reviews developments in investor-State dispute settlement (ISDS).
 
Highlights 
A record high of 70 ISDS cases were filed in 2015. The overall number of 
publicly known ISDS claims reached 696. 
By the end of 2015, a total of 444 ISDS proceedings have been concluded, 
with 36 per cent of cases decided in favour of the State, 26 per cent in 
favour of the investor and 26 per cent of cases settled. 
Following the recent trend, a high share of new cases in 2015 (about 40 
per cent) were brought against developed countries, including many cases 
by European investors against European Union member States. 
The majority of new cases invoked bilateral investment treaties (BITs), 
most of them dating back to the 1990s. In about one third of all cases 
last year foreign investors relied upon the Energy Charter Treaty, which 
by now is the most frequently invoked treaty (87 cases), followed by the 
North American Free Trade Agreement (56 cases), and the Argentina–United 
States BIT (20 cases). 
State conduct that was most frequently challenged by investors in 2015 
included legislative reforms in the renewable energy sector, alleged 
direct expropriations of investments, alleged discriminatory treatment, 
and revocation or denial of licences or permits. 
Newly filed cases include, among others, claims related to events in 
Crimea, a mass claim arising out of the Eurozone crisis, a case concerning 
the prohibition of gaming, a first-ever claim invoking the WTO General 
Agreement on Trade in Services, and several tax-related disputes. 
In 2015, ISDS tribunals rendered at least 51 decisions, of which 31 are in 
the public domain. Most of the public decisions on jurisdiction were 
decided in favour of the State, while the majority of those on merits 
ended in favour of the investor. 
Arbitral decisions adopted in 2015 touch upon a number of important legal 
issues concerning the scope of treaty coverage, the conditions for 
bringing ISDS claims, the meaning of substantive treaty protections, the 
calculation of compensation and others. On some issues, tribunals followed 
previous decisions, while on some other issues they adopted approaches 
that departed from earlier decisions. 
Some of the prominent decisions rendered in 2015 concern investor 
nationality, ownership and control. This topic – including approaches, 
implications and policy challenges – receives in-depth coverage in 
UNCTAD’s World Investment Report 2016 scheduled to be launched on 21 June.
The IIA Conference at UNCTAD’s World Investment Forum 2016, taking place 
on 19 July 2016 in Nairobi, Kenya, offers the opportunity to discuss key 
and emerging IIA issues.
 
Please visit UNCTAD's Investment Policy Hub to learn more about the latest 
investment trends and policy developments. Key information on each of the 
696 ISDS cases is available on UNCTAD's ISDS Navigator, a comprehensive, 
user-friendly and free-of-charge database of treaty-based international 
arbitrations between investors and States.
 
With best regards,
 
James Zhan
Director, Investment and Enterprise
Head, World Investment Report team
UNCTAD
Palais des Nations, Geneva
Tel: 41229175760
www.unctad.org/diae
www.worldinvestmentreport.org