Barcelona Traction Judgment laid down definition of “seat” under customary international law

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Other means of interpretation do not indicate a different meaning of the term “seat”

Since BIT does not operate renvoi to domestic law with respect to the term “seat”, an interpretation that takes into account its international character is preferrable

Morocco is awarded costs and interest

No expropriation absent evidence of link between measures and harm to the investment

FPS standard, while covering a state’s legal system, does not require stability of legal framework

No breach of MFN and national treatment standards absent inequality of treatment

Non-impairment overlaps with FET standard; competitor’s lobbying does not mean that measures were adopted on basis of favouritism

Taken cumulatively, challenged measures lack common link

Import duties measure enacted in line with international trade law is neither disproportionate nor discriminatory

De facto policy not to grant export licences was not transparent, but does not amount to a BIT breach absent evidence that it affected claimant’s investment

Claimant did not prove that regulatory framework sought specifically to attract investors, nor that it had relied on it when investing

Allegations of harassment and intimidation are either insufficiently established or do not reach applicable gravity threshold

Absent elaboration as to its content, BIT’s FET standard should be understood as minimum standard of treatment

Claimant has standing even if third parties bore the brunt of the impugned measures – which is ultimately a question of causality

Tribunal can exercise jurisdiction over measures governed by international trade law

State’s objection to jurisdiction is bifurcated as it is narrow and not prima facie frivolous

Background: Scrap recycling business falters after Morocco alters regulatory regime for export and import of metals

Absence of disclosure cannot by itself lead to disqualification

Disqualification requests cannot succeed on the basis of speculations

Limited role in 30-year old case cannot warrant disqualification

Applicable standard requires a manifest appearance of lack of independence or impartiality

Chair declines to recuse herself

Claimant points to Mr. Mayer’s past links with Cameroon

Majority’s reading of the Italy BIT’s war-losses clause “equates the host state with an insurer”, so says the dissenter

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