Recenti sviluppi sul finanziamento di terzi nell’arbitrato internazionale sugli investimenti

This article analyzes recent developments concerning third-party funding in international investment arbitration. While third-party funding has been praised as being an effective tool ensuring access to justice to impecunious parties, at the same time shadows have been reported about its possible misuses, which include conflicts of interest between funders and arbitrators, funders’ control over litigation, the fulfillment of covert purposes, or the question of who should be charged with the payment of litigation costs. In recent times, not just some of the main arbitral institutions have promoted reform projects including specific provisions on TPF, but also States have started to regulate such phenomenon in their latest investment treaties. This article takes a critical look at these new regulations to assess their effectiveness.