International Business Transactions
In October 2018, the Financial Action Task Force (FATF), an intergovernmental organization in charge of anti-money laundering (AML) and counter-terrorist financing regulations, announced that it would issue guidelines on virtual asset by June 2019. A virtual asset is a digital representation of value that can be traded, transferred, or used for payment or investment purposes, which does not have the status of legal tender in any jurisdiction.
Third-party litigation funding (TPF) is a rapidly expanding industry composed of speculative investors who finance legal claims in exchange for influence over case management and a contingency in the recovery. The potentially high damage awards (recently averaging $500 million per dispute) characteristic of investor-state arbitration (ISDS) under the bilateral investment treaty (BIT) regime have made it a new and highly attractive market for TPF.
On March 6, 2018, the Court of Justice of the European Union (CJEU) issued its judgment in Slovak Republic v. Achmea BV, concluding that the Treaty on the Functioning of the European Union (TFEU) precluded a provision in a bilateral investment treaty (BIT) between two member states of the Europe Union (EU) authorizing investor-state arbitration.