Scope and Standards of Review
This chapter reviews the notion of ‘investment’ in contemporary treaties to demonstrate that the system affords to arbitrators a broad jurisdiction over a wide range of sovereign acts. It argues that the treaties typically apply broadly framed standards of review by looking at three key standards — national treatment, the minimum standard of treatment, and compensation for expropriation — which reveal the interpretive and governmental discretion that is delegated to arbitrators. The aim here is not to demarcate precisely the boundaries of arbitrator authority or the meaning of particular standards, but merely to show that within those boundaries a wide expanse of regulatory activity is subject to intensive review.
Keywords: investment treaty arbitration, arbitrator authority, national treatment, standards of treatment, expropriation, fair and equitable treatment, minimum standard of treatment, definition of investment
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