Applicable law — Whether Agreement between Government of Hungary and Government of Cyprus on Mutual Promotion and Protection of Investment (“BIT”) applicable in arbitration by ICSID — Article 7 of BIT and Article 42(1) of ICSID Convention — Relevance of case law in arbitration — Whether arbitral awards constituting binding precedents

Jurisdiction — Whether dispute arising out of an investment — Whether Claimants making investments in Hungary — Meaning of “investment” — Whether dispute arising “directly” out of an investment — Whether dispute with “a national of another Contracting State” — Whether “national” including juridical persons — Article 25 of ICSID Convention — Article 1 of BIT

Expropriation — Whether Amending Act and Decree amounting to expropriation — Whether contravening Article 4 of BIT

Foreign investment — Investment protection standards — Fair and equitable treatment — Unreasonable or discriminatory measures — Full security and protection — Determination — Whether Respondent’s actions violating standards — Article 3 of BIT

Damages — Applicable standards in assessment of damages for unlawful expropriation — Whether standard of BIT or customary international law applicable — Assessment of damages — Whether date of valuation date of Award or date of expropriation

Interest — Rate of interest — Whether compound interest can be awarded in investor-State arbitration

Costs — Discretion of Tribunal to order for payment of costs — Article 61(2) of ICSID Convention — Rule 28 of the ICSID Arbitration Rules