Investment arbitration in recent Spanish bits

Abstract

This paper addresses the legal issues arising from the investor-State dispute settlement procedure in the second generation of Spanish BITs. The referred subject has been envisaged by the most recent Spanish BITs, notwithstanding that our BIT model still lacks of the precision that characterizes the North-American model. Furthermore, the regulation of the investor-State arbitral procedure reflects a tension between the principles of sovereignty and favor inversionis, which has been transferred to the ICSID arbitral decisions.