Introduction

Current calls for a debate over reform of the Investor-State Dispute Settlement (ISDS) system are based upon a flawed premise. Specifically, they assume as a starting point that there already exists an ISDS "system" or "regime" that is capable of being reformed (let alone treated as a single entity). The reality is that there is no system or regime of investor protection or ISDS at present. There is no unified body of applicable law, only a fragmented collection of bilateral and regional treaties negotiated based on individualized circumstances over the span of several ...