CELIS Centre on Investment Security in Investment Arbitration

The CELIS Centre on Investment Security in Investment Arbitration (CELIS SecArb Centre) examines the growing legal interface between national security-driven investment regulation and investor-state dispute settlement. Through convenings, research, and training, the Centre brings together policymakers, arbitrators, and practitioners to navigate this emerging area of international investment law.

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Current initiatives include the CELIS × Arnold & Porter Initiative on Investment Security and Investment Arbitration, and the European–South Asian Investment Arbitration Bootcamp, delivered annually in partnership with premier South Asian and European universities.

CELIS – Arnold & Porter Initiative on Investment Security x Investment Arbitration

Launched in 2026, this joint initiative traces the legal interface between investment screening and investment arbitration across the full arc of a typical screening process — from the design of screening measures to their treatment under investment treaty standards.

Inaugural Roundtable – 10 June 2026, London

Hosted by CELIS in collaboration with Arnold & Porter Kaye Scholer LLP, the inaugural roundtable brought together policymakers, arbitrators, and academics under the Chatham House Rule to discuss emerging tensions between investment screening and investment treaty protection, and the road ahead for outbound screening and regulatory design.

Convened by Steffen Hindelang (CELIS; Uppsala University) and Joel Dahlquist (Arnold & Porter)
Format Closed-door · By invitation · Chatham House Rule
Session I Investment Screening & Investment Arbitration: Emerging Tensions
Session II Investment Screening & Investment Arbitration: The Road Ahead

 

 

 

Blog Series on Investment Screening x Investment Arbitration

The initiative launched with a 12-part blog series tracing the legal interface of investment screening and investment arbitration across the full arc of a typical screening process. Jointly edited by CELIS and Arnold & Porter, the series brought together contributions from leading scholars, practitioners, and public officials.

European–South Asian Investment Arbitration Bootcamp

Hosted annually by the CELIS Institute in collaboration with premier South Asian and European universities, the Bootcamp is an intensive five-day programme for South Asian and European public officials, in-house lawyers, and students. Combining expert lectures, practical workshops, and career-focused sessions, the Bootcamp builds capacity at the intersection of investment arbitration and economic security.

2026 Edition — National Law University, Delhi

09–13 November 2026

The 2026 Bootcamp is an intensive five-day programme hosted by CELIS in collaboration with the National Law University Delhi, bringing together South Asian and European students, in-house lawyers, and public officials. Guided by leading experts from South Asia, Europe, and North America, the programme combines expert lectures, practical workshops, and career-focused sessions, with a particular focus on economic security and the unique challenges faced by European and South Asian nations.

For any queries or further information, please feel free to reach out:

Prof. Risham Garg, NLU Delhi — risham.garg@nludelhi.ac.in

Helene Schramm, CELIS Institute — ra004@steffenhindelang.de

Course fee: INR 10,000

2025 Edition — Rashtriya Raksha University, Gandhinagar

18–22 August 2025

The 2025 Bootcamp brought together South Asian and European public officials, in-house lawyers, and students for five days of expert lectures, practical workshops, and career-focused sessions at Rashtriya Raksha University, Gandhinagar. With a special focus on economic security, participants explored the rapidly evolving landscape of investment arbitration — examining screening mechanisms, national security exceptions, and the growing intersection of investor rights and economic security frameworks.

2024 Edition — South Asian University, New Delhi

26-30 August 2024

The 2024 Bootcamp took place 26–30 August at South Asian University, New Delhi, covering the foundations of international investment law and arbitration — from core principles of investor-state dispute settlement to substantive standards of protection and recent trends in investment treaty reform. The programme combined lectures, seminars, panel discussions with practitioners, and career-focused sessions.

Research Output

Selected publications and commentary from the CELIS Centre on Investment Security in Investment Arbitration.

Global Telecom Holding S.A.E. v Canada – Investment arbitration as a potential remedy against negative FDI screening decisions?

By Kilian Wagner, University of Vienna FDI screening and international investment law Bilateral investment treaties (BITs) and specific chapters in free trade agreements include substantive standards of investment protection. These ...
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Investment Screening and the Nexperia Crisis: Would It Have Made a Difference?

Author: Frans-Paul van der Putten (Founder, ChinaGeopolitics) Introduction Five months have passed since the interventions by the Dutch ministry of Economic Affairs and the Enterprise Chamber of the Amsterdam Court ...
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Balancing Economic Security and Investment Protection – The Case of Nexperia and the China–Netherlands BIT

Authors: Steffen Hindelang (CELIS Institute), Liam McGrath (CELIS Institute), Helene Schramm (CELIS Institute) I. Introduction While the European Union and its Member States are still assessing whether to introduce a ...
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Constraints on the State’s Right to Screen Foreign Investments Prior to Market Entry

Authors: Steffen Hindelang (Uppsala University; CELIS Institute), Helene Schramm (CELIS Institute) and Liam McGrath (CELIS Institute)    Introduction  As a starting point, a State enjoys broad authority to regulate the admission of foreign investment ...
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Post-Establishment Phase: FDI Screening Decisions and the Treatment of Retroactive Measures in Investment Arbitration

Authors: Bart Wasiak (Arnold & Porter Kaye Scholer (UK) LLP) and Naina Gupta (Arnold & Porter Kaye Scholer (UK) LLP)    Introduction  Decisions concerning the screening of foreign direct investments (“FDI”) are often taken at the post-establishment phase—after ...
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Shielding Foreign Investment Screening from Challenge under Investment Treaties

Author: Dr. Joshua Paine (University of Bristol)    Introduction  This post considers how States can design international investment agreements (“IIAs”) to prevent foreign investment screening measures from being subject to successful ...
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German Administrative Courts Take the Plunge – First Rulings on German Investment Screening Procedures and their Time Frame

Authors: Dr. Roland M. Stein (BLOMSTEIN) and Henriette Wohlschläger (BLOMSTEIN)     Introduction  In light of the prevailing tense global geopolitical climate, investments are no longer regarded exclusively as catalysts for growth and innovation, but instead as ...
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Between Deadlines and Discretion: Timely Decision-Making in Investment Screening

Authors: Xueji Su (University of Macau) and Alessandro Zocchia (University of Macau)    Introduction: The Pocket Veto Phenomenon  Investment screening involves a procedurally layered process involving notification, jurisdictional assessment, inter-agency consultation, risk analysis, possible mitigation negotiations, and ...
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EU Sanctions and Investment Arbitration: An Attempt at Moving the Goalposts through Increased Securitisation?

Author: Alexandros Bakos ((Postdoctoral researcher, Hamad Bin Khalifa University, College of Law) Introduction After the Achmea and Komstroy sagas, marking the end of intra-European Union (EU) investor-state arbitration, the Union ...
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Fair and Equitable Investment Screening

Author: Dr. Bálint Kovács (University of Szeged)    Introduction  With the widespread adoption of investment screening by Western states, there is increasing evidence as to the ways in which this tool ...
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Legal Standards, Evidentiary Threshold, Transparency and Due Process in the Context of Investment Screening and Investment Disputes

Author: Jonas Hallberg I. Legal Standards and Evidentiary Threshold Security assessments of a prospective investment necessarily involve an assessment of future contingencies; the evidentiary threshold cannot therefore be set unduly ...
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Disclosure and Confidentiality in Investment Screening

Author: Dorieke Overduin (Sovereign Arbitration Advisors)    Introduction  In order to assess risks posed by foreign direct investments to national security, authorities must understand not only the target business, but also the investor, ...
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Investment Screening Between Discretion and Arbitrariness – Charting the Borderlands

Authors: Steffen Hindelang (CELIS Institute; Uppsala University), Helene Schramm (CELIS Institute) and Liam McGrath (CELIS Institute) Introduction  Foreign investment screening regimes are built on discretion. Screening decisions often turn on assessments of open-ended lists ...
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Navigating Treaty Liability for Conditional Approvals in Foreign Investment Screening

Author: Dean Merriman (Barrister at the Victorian Bar)    I. Imposition of Conditions on Foreign Investment: Anecdotes from Australia  It is well known that domestic investment screening authorities frequently are given ...
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Parallel Proceedings at the Intersection of FDI Screening and Investment Arbitration

Authors: Sally Pei (Arnold & Porter) and Joel Dahlquist (Arnold & Porter)    Introduction  States in Europe and beyond are increasingly screening incoming foreign direct investment (“FDI”). When a host State blocks ...
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An Indirect Encounter: Outbound Investment Screening and the Quiet Reach of International Investment Law

Author: Yanqin Mao (PhD Candidate, Durham Law School, Durham University)   I. When Commercial Logic Meets Economic Security On 26 March 2026, German multinational BASF inaugurated its Zhanjiang Verbund site in China’s Guangdong province. At roughly ...
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Centre Team

Executive Director

Steffen Hindelang is one of Europe's leading experts on international investment law and arbitration. He regularly acts as independent legal expert and ICSID arbitrator, with experience before ICSID, the Stockholm Chamber of Commerce, the Permanent Court of Arbitration, and national courts across multiple jurisdictions.

Visit steffenhindelang.de →

Programme Associate
Programme Associate

As the Centre develops, we will open up opportunities for individual and institutional CELIS Fellowship applications.

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