Soft Law in International Investment Arbitration

This article's purpose is to pinpoint the four elements contributing to defining the contours of soft law. More squarely, the rules enshrined in acts of soft law: i) are produced both by subjects of international law and by private entities; ii) do not arise from any of the formal sources of international law as listed in Article 38 of the Statute of the International Court of Justice; iii) are characterized by a certain proximity to law, that is by the ability to “influence” the behavior of those to whom they are directed; and, iv) are even more influential when they are able to respond to expectations shared by the international community as a whole.