Study On Third Party Funding In International Investment Arbitration

At present,the cost of international investment arbitration is high,and the high cost has brought great burden to the parties of arbitration.At the same time,it also has a negative impact on the international investment arbitration,a convenient and efficient dispute settlement mechanism.As a research hotspot in the field of international investment arbitration,the third-party funding has been increasing with the rapid development of international investment arbitration in the world,and it also provides a solution to the cost of international investment arbitration.From the international practice,the third-party funding system not only brings a positive role,but also brings unprecedented challenges to the field of international investment arbitration.Therefore,how to regulate the third-party funding system has become an issue of increasing concern in various jurisdictions all over the world.At present,some countries have stipulated corresponding provisions of the third-party subsidy system in their domestic laws,but their contents are different.In order to avoid as much as possible conflicts arising from third-party funding of international investment arbitration,the International Centre for Settlement of Investment Disputes(ICSID)has recently published a proposal to amend the IIC Rules.The high-profile article 21 provides for new obligations for the disclosure of information financed by third parties.In general,however,there is no uniform practice at the international level,and provisions for third-party funding by jurisdictions and international organizations are still at the trial stage and many conventions are not in force.Therefore,on the basis of the basic understanding of third-party funding,it is necessary to discuss the experience of regulation of third-party funding system in different jurisdictions,and analyze the advantages and disadvantages of the traditional and the new regulation modes at the same time.At present,there is no provision on third-party funding in our countrys legislation,only corresponding investment arbitration rules are in place,In order to avoid the influence of the third-party funding on the international investment arbitration cases,we should base on our existing legal system,improve the existing rules,and consider the legislation of the third-party funding system in due course.