List of summaries, consolidations and regulations
The Settlement of International Investment Disputes Act
The Settlement of International Investment Disputes Act implements the 1965 World Bank Convention on the Settlement of Investment Disputes between States and Nationals of Other States (ICSID) in Saskatchewan. This legislation is based on the Uniform Law Conference of Canada Act which was recommended to all provincial jurisdictions and which was the product of ongoing consultations with the Canadian international business community.
The ICSID Convention is designed to facilitate the settlement of investment disputes between governments and foreign investors, thus improving conditions for international investment.
The adoption of this Convention by Canada will assist Canadian investment internationally by providing a dependable, voluntary and uniform set of rules and precedents for dispute settlement with foreign states. Foreign investors in Canada would, in turn, enjoy similar advantages.
The conciliation and arbitration mechanisms under the Convention are entirely voluntary and are chosen by the parties at the time they enter into their initial relationship. Accordingly, there are no surprises for businesses or states in investment disputes and, indeed, the Convention will provide greater certainty for businesses involved in international business disputes.
The Settlement of International Investment Disputes Act came into force on May 19, 2006. However, the Convention will not come into effect in Canada until every jurisdiction in Canada has passed similar implementing legislation. The Act requires the Minister of Justice to publish in The Saskatchewan Gazette the day on which the Convention will come into force in Saskatchewan.