Empirical Perspectives on Investment Arbitration: What Do We Know? Does It Matter?

Due to the problem-centric nature of its mandate, empirical research has been relatively central in the United Nations Commission on International Trade Law (UNCITRAL) investment arbitration reform process. In this article, the authors seek to provide a state-of-the-art summary and assessment of empirical studies on the six identified concerns of states: legal cost, duration of proceedings, consistency, correctness, diversity and independence. The article asks: (1) What do we know? and (2) Does it matter? The survey of evidence reveals an emerging base of quantitative, qualitative and computational evidence for justifying some but not all concerns and understanding their causes. However, there are challenges in accessing all relevant data, modelling outcomes and evaluating whether there was normatively a problem. The article concludes by indicating that some concerns are clearly justified, others not, and others fall within an unknown category.

An Analysis of Economic Impact on IoT Industry under GDPR

The EU GDPR comes into effect on May 25, 2018. Under this regulation, stronger legislation than the existing directive can be enforced. The IoT industry, especially among various industries, is expected to be heavily influenced by GDPR since it uses diverse and vast amounts of personal information. This paper first analyzes how the IoT industry handles personal information and summarizes why it is affected by GDPR. The paper then uses the cost definition of Gordon and Loeb model to estimate how GDPR affects the cost of IoT firms qualitatively and uses the statistical and legal bases to estimate quantitatively. From a qualitative point of view, GDPR impacted the preventative cost and legal cost of the Gordon and Loeb model. Quantitative view showed that the cost of IoT firms after GDPR could increase by three to four times on average and by 18 times if the most. The study finally can be applied to situational awareness of the economic impact on the certain industry.

Introducing Fayad’s Legal Actors to UML – Adding a New Dimension to Software Modeling

Legal actors do not exist in UML, which prevents us from using UML in legal applications such as binding contracts etc. The goal is the utilization of legal users in UML to model legal applications. The idea is to introduce legal users in modelling and law applications and how to use them. Reduction in the legal cost is one of the benefits apart from simplicity and convenience.