Economics, trade and finance — Investment protection — Fair and equitable treatment — Sweden–Romania Bilateral Investment Treaty, 2002 — Article 2(3) — Whether Romania breaching fair and equitable treatment protection under Treaty — Whether Romania breaching investors’ legitimate expectations — Whether Romania acting reasonably with respect to investors’ investment — Whether Romania affording investors adequate levels of transparency — Article 2(4) — Umbrella clause — Whether Romania breaching umbrella clause protection under Treaty

Arbitration — Jurisdiction — Investment protection — ICSID Convention, Article 25 — Distinction between objection to jurisdiction and objection to admissibility — Factual findings — Burden of proof — Jurisdiction ratione personae — Jurisdiction ratione materiae — Jurisdiction ratione temporis — Temporal application of bilateral investment treaty — Whether applicable to acts occurring before entry into force if dispute arose after entry into force

Arbitration — Remedies — Standard for bringing a claim for lost profits — Sufficient certainty — Whether investors would have made profits but for the international wrong — Whether trend among investment tribunals to award compound rather than simple interest — Whether a tribunal having power to issue definitive injunctive relief — Res judicata effect

Arbitration — Enforceability of Award — Whether appropriate for Tribunal to base its decisions on matters of EU law applying after Award rendered — ICSID Convention, 1965, Articles 53 and 54

Nationality — Individuals — Claimants renouncing nationality of respondent State and acquiring new nationality — Whether new nationality purely a matter for national law — Whether role for international law — Whether new nationality opposable to State of former nationality — Whether “genuine link” with State of new nationality required — Standing to being investment claim under bilateral investment treaty

Treaties — Interpretation — Sweden–Romania Bilateral Investment Treaty, 2002 — Treaties established under European Union law to which Romania and Sweden parties — Whether conflict of treaties — Whether EU law having role in interpretation of BIT — Whether EU law applying after Award rendered relevant to Tribunal’s decision making — ICSID Convention, 1965, Articles 53 and 54

Arbitration — Annulment of award — Grounds for annulment — ICSID Convention, 1965 — Article 52 — ICSID Rules of Procedure for Arbitration Proceedings, 2003 — Whether manifest excess of powers — Whether serious departure from a fundamental rule of procedure — Whether failure to state reasons

Arbitration — Arbitration award — International Centre for Settlement of Investment Disputes (“ICSID”) — ICSID Convention, 1965 — Article 54 — Recognition and enforcement of award — Distinction between enforcement and recognition proceedings — International Arbitration Act 1974 (Cth) implementing ICSID Convention in domestic law — Whether ICSID Convention excluding any claim for foreign state immunity in proceedings for recognition and enforcement of an arbitral award — Meaning of recognition and enforcement in Article 54 and execution in Article 55 of ICSID Convention — Whether Spain’s accession to ICSID Convention constituting a submission to jurisdiction of Federal Court of Australia

Relationship of international law and municipal law — Treaties — ICSID Convention, 1965 — International Arbitration Act 1974 (Cth) — Foreign States Immunities Act 1985 (Cth) — Whether Spain entitled to plead foreign State immunity — Whether ICSID Convention excluding any claim for foreign state immunity in proceedings for recognition and enforcement of an arbitral award — Meaning of recognition and enforcement in Article 54 and execution in Article 55 of ICSID Convention — Whether Spain’s accession to ICSID Convention constituting a submission to jurisdiction of Federal Court of Australia

Treaties — Interpretation — ICSID Convention, 1965 — Articles 54 and 55 — Meaning of recognition and enforcement in Article 54 and execution in Article 55 of ICSID Convention — Vienna Convention on the Law of Treaties, 1969 — Whether ICSID Convention excluding any claim for foreign state immunity in proceedings for recognition and enforcement of an arbitral award — Whether Spain’s accession to ICSID Convention constituting a submission to jurisdiction of Federal Court of Australia

State immunity — Foreign States Immunities Act 1985 (Cth) — Exceptions to immunity — Exception where foreign State agreeing by treaty to submit to jurisdiction — Spain acceding to ICSID Convention — Whether constituting submission to jurisdiction of Federal Court of Australia — Whether Spain entitled to plead foreign State immunity — Whether ICSID Convention excluding any claim for foreign State immunity in proceedings for recognition and enforcement of an arbitral award

Jurisdiction — State immunity — Foreign States Immunities Act 1985 (Cth) — Spain acceding to ICSID Convention — Whether constituting submission to jurisdiction of Federal Court of Australia — Whether Spain entitled to plead foreign State immunity — Whether Federal Court of Australia having jurisdiction — The law of Australia

Arbitration — Arbitration award — International Centre for Settlement of Investment Disputes (“ICSID”) — ICSID Convention, 1965 — Article 54 — Enforcement proceedings — Arbitration (International Investment Disputes) Act 1966 implementing ICSID Convention in domestic law

Relationship of international law and municipal law — Treaties — ICSID Convention, 1965 — Obligations of the State under ICSID Convention — European Union law — Treaty on the Functioning of the European Union — Article 351 — Duty of sincere co-operation — Whether obligations of the State under EU law interfering with enforcement of an ICSID arbitration award

Treaties — Treaty on the Functioning of the European Union — Article 351 — Obligations of Member States of the European Union — Conflicting treaty obligations — Obligations arising under pre-EU treaties — Obligations arising under EU Treaties themselves — Whether EU Treaties affecting duty of a Member State to respect rights of non-member States under prior agreement — The law of the United Kingdom

Arbitration — Arbitration award — International Centre for Settlement of Investment Disputes (“ICSID”) — ICSID Convention, 1965 — Article 54 — Enforcement proceedings — Convention on the Settlement of Investment Disputes Act 1966 giving ICSID Convention domestic effect in United States

Jurisdiction — Subject matter jurisdiction over enforcement of an ICSID Award — Foreign Sovereign Immunities Act 1976 — Act of State doctrine — Foreign sovereign compulsion doctrine — Whether act of State doctrine or foreign sovereign compulsion doctrine barring enforcement of an ICSID Award

State immunity — Jurisdiction — Petition to enforce arbitration award — Foreign Sovereign Immunities Act 1976 — Exceptions to sovereign immunity — Arbitration exception — Romania’s agreement to arbitrate — Whether Romania’s agreement to arbitrate nullified by Romania’s accession to European Union — Whether United States court having jurisdiction to enforce arbitration award

Treaties — ICSID Convention, 1965 — Sweden–Romania Bilateral Investment Treaty, 2002 — Romania’s agreement to arbitrate — Romania acceding to European Union in 2007 — Whether Romania’s agreement to arbitrate nullified by Romania’s accession to European Union — Whether United States court having jurisdiction to enforce arbitration award

Relationship of international law and municipal law — Treaties — ICSID Convention, 1965 — Obligations of the State under ICSID Convention — United States law — Convention on the Settlement of Investment Disputes Act 1966 — Section 3 — Jurisdiction of federal courts to enforce an ICSID award whilst award subject of review by a foreign sovereign — The law of the United States