On 1 April 2020, the Latvian fishing company SIA North Star and its owner Peteris Pildegovics initiated an investor-State arbitration against Norway (Peteris Pildegovics and SIA North Star v. Kingdom of Norway) at the International Centre for Settlement of Investment Disputes (ICSID). This case is not only Norway’s first ever ICSID case, but also the first publicly known investor-State arbitration in which an operator of a fishing vessel has brought a claim against a coastal State for allegedly unlawful exercise of prescriptive and enforcement jurisdiction in relation to fisheries. The case raises intricate questions concerning the limits of jurisdiction ratione materiae and jurisdiction ratione personae of investment tribunals.