The first automatic exchanges of tax information took place in September 2017 and implementation will continue through 2018 based on Common Reporting Standards (CRS) among 102 countries and jurisdictions through the framework of the Global Forum on Transparency and Exchange of Information for Tax Purposes (Forum). The automatic exchange of information (AEOI) allows tax authorities to receive financial account information about their taxpayers from foreign authorities without having to send a specific request.
On November 12, 2015, the European Commission submitted to the United States its Official Proposal for the establishment of an “investment court system” in the Transatlantic Trade and Investment Partnership (TTIP) currently under negotiation. The Proposal provides for a two-tiered Tribunal to hear investor-state disputes, consisting of a Tribunal of First Instance and an Appeal Tribunal. For TTIP, the Tribunal is composed of twenty-one members, who are appointed by the European Union and the U.S.
In the Chinese calendar, 2015 was the year of the sheep: a follower rather than a leader. Yet for international investment law, 2015 was a year of transformation, signaling a possible reorientation along a new path. This Insight reflects on some of the key moments reflecting such a transformation or reorientation in treaty law and practice: the draft model bilateral investment treaties of India and Norway, the public release of the agreed text of the Trans-Pacific Partnership (TPP), and the European Commission’s proposal for a new investment court.