Abstract
This article delves into the multifaceted role of third-party funding (TPF) in international investment arbitration (ISA), scrutinizing its burgeoning influence and the attendant risks to the arbitration process's integrity. The paper underscores the imperative for legal reforms within the ICSID framework to bolster transparency and fairness by advocating for a more precise definition of TPF, enhancing evidence standards, and emphasizing the transparency of non-profit TPF. It tackles the practical challenges arising from the current ambiguities in TPF definitions and proposes reforms to mitigate the risks of conflicts of interest. The paper's objective is to ensure that arbitration processes remain efficient, fair, and free from undue influence, thereby upholding the integrity and legitimacy of international dispute resolution mechanisms and maintaining public trust in the arbitration's outcomes. This analysis is crucial for understanding the evolving landscape of TPF in ISA and for shaping the future of legal reforms that will safeguard the fairness and efficiency of arbitration proceedings in the international arena.
Published Version
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