On November 12, 2015, the European Union (EU) published its proposal for investment protection and a court system under the Transatlantic Trade and  Investment Partnership Agreement (TTIP), which would replace the existing investor-state dispute settlement (ISDS) mechanism in TTIP and all future agreements. According to the press release, the proposal incorporates all “key elements” of the Commission’s draft, and “aims at safeguarding the right to regulate and create a court-like system with an appeal mechanism based on clearly defined rules, with qualified judges and transparent proceedings” as well as improving access to the system for small and medium-sized companies. EU Trade Commissioner Celia Malmström stated, “This approach will allow the EU to take a global role on the path of reform, to create an international court based on public trust.”