The Department of Legal Studies cordially invites you to the upcoming Brown Bag seminar with Professor Markus Petsche on Wednesday, February 28, 12.30 – 1.30 pm. Prof. Petsche will present his article "The Application of the Salini Test Beyond Article 25 of the ICSID Convention: Analysis of Recent Trends in Treaty and Arbitral Practice" recently published in the Journal of World Investment & Trade.
Abstract
This article explores two developments that have led to an extension of the sphere of application of the Salini test, a set of ‘objective’ requirements for the existence of an investment established by the Salini tribunal under Article 25 ICSID Convention. The first such trend consists of the formal incorporation of Salini-type criteria or ‘char- acteristics’ into treaty definitions of the term ‘investment’. The second development relates to arbitral rulings (based on Romak v Uzbekistan) in which investment tribu- nals have held that the ‘objective’ Salini criteria apply not only under Article 25 ICSID Convention, but also under treaty definitions of ‘investment’. The present contribution provides a detailed analysis of these two trends, exploring the reasons for these devel- opments and assessing the merits of the Romak case law. It also examines the practical challenges raised by these developments, including the redundancy of the traditional Salini test and the risk of inconsistent case law.
Speaker bio
Markus Petsche's main fields of academic interest include international arbitration and litigation, alternative dispute resolution, conflict of laws, international business transactions, and comparative private law. He has authored one book and numerous law review and journal articles in these areas. Prior to embarking on an academic career, Markus Petsche was a deputy counsel at the Secretariat of the International Court of Arbitration of the International Chamber of Commerce and and an associate with Gide Loyrette Nouel (Paris) where he practised international commercial and investment arbitration. Since 2016 Markus Petsche has been affiliated with the Vienna boutique law firm Petsche Pollak as an Of Counsel. He regularly acts as arbitrator and mediator in international