The second edition of the study "From Bilateral Arbitral Tribunals and Investment Courts to a Multilateral Investment Court" by Marc Bungenberg and August Reinisch is now freely available due to its open access (PDF).
The study explores the option of an institutionalized as well as multilateralised investor-state dispute settlement mechanisms. This second edition is intended to contribute to a broader discussion on the option of establishing a new international special court of investment protection. The "cornerstones" of such a new permanent court are its strict rule of law-orientation, which includes the highest demands on the judicial appointment procedure as well as on the personal integrity, independence and qualification of the judges. Second, the costs should be significantly lower compared to the status quo. Third, transparency consideration and aspects of consistency of case law should receive particular attention. Fourth, decisions of an MIC would have to be effectively enforceable. All in all, this study shows that an institutionalized form of investor-state dispute settlement is possible.