Vol. 147, No. 23 — November 6, 2013
SI/2013-115 November 6, 2013
SETTLEMENT OF INTERNATIONAL INVESTMENT DISPUTES ACT
Order Fixing November 1, 2013 as the Day on which the Act Comes into Force
P.C. 2013-1106 October 24, 2013
His Excellency the Governor General in Council, on the recommendation of the Minister of Foreign Affairs, pursuant to section 12 of the Settlement of International Investment Disputes Act, chapter 8 of the Statutes of Canada, 2008, fixes November 1, 2013 as the day on which that Act comes into force.
(This note is not part of the Order.)
The Act being brought into force implements the Convention on the Settlement of Investment Disputes between States and Nationals of Other States(ICSID Convention) in Canada. The ICSID Convention, in force since 1967, was signed by the Minister of Foreign Affairs on December 15, 2006. The Act received Royal Assent on March 13, 2008.
The general provisions of the Act are binding on the federal Crown and enable Canada to meet its obligations under the ICSID Convention. The Act applies to arbitral awards, arbitration agreements and conciliation agreements made under the ICSID Convention before or after the coming into force of the Act. It makes arbitration awards rendered pursuant to the ICSID Convention enforceable in superior courts in Canada. It provides that such courts must recognize and enforce an ICSID arbitral award as if it were the final judgment of that court and that such an award is not subject to any remedy except as set out in the ICSID Convention. In this regard, the Act clarifies that it prevails in the event of inconsistency between it and the United Nations Foreign Arbitral Awards Convention Act or the Commercial Arbitration Act.
The Act also provides immunity against legal action to the International Centre for Settlement of Investment Disputes, the body established under the ICSID Convention to administer disputes, and to individuals performing acts under the Convention on behalf of the Centre.
The Act also provides that the Governor in Council is authorized to take certain actions under the ICSID Convention, such as designating persons to serve on the ICSID Panel of Arbitrators and the ICSID Panel of Conciliators.
Section 12 of the Act states that the provisions of this Act come into force on a day to be fixed by order of the Governor in Council.
The Schedule to the Act sets out the text of the ICSID Convention.