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32 J. Int'l Arb. 621 (2015)
Annulment of ICSID and Non-ICSID Investment Awards: Differences in the Extent of Review

handle is hein.kluwer/jia0032 and id is 639 raw text is: Annulment of ICSID and Non-ICSID Investment Awards: Differences in the Extent of Review Kateryna BONDAR* Annulment of investment awards is a safeguard mechanism and a threat to the enforcement of awards. It is an interesting and important topic from the point of view of comparison between awards rendered under the Arbitration Rules of the International Centre for Settlement of Investment Disputes (ICSID) and non-ICSID investment awards.' The purpose of this article is to analyse how the annulment of ICSID awards compares with the annulment of non-ICSID investment awards. In the author's opinion, the choice between the two systems should be equally informed in terms of rules and applicable standard of review. The article discusses the key distinctive features of the two mechanisms, the practice of annulment, and the differences in the scope and standard of review by ICSID annulment committees and the national courts. It aims to analyse whether the extent of review is more expansive in one system compared to the other, as well as the reasons for the differences. While describing the evolution of the standard of review, closer attention is paid to the more recent annulment decisions. 1 INTRODUCTION Annulment is an important consideration involved in choosing between different arbitration rules and procedures and enforcing any eventual award. An investor willing to pursue his investment claim through international arbitration usually has several procedural options.2 Advantages and disadvantages of the International Centre for Settlement of Investment Disputes (ICSID) Arbitration Rules (the 'ICSID Rules') and other procedural options should be considered before commencing an arbitration.While the ICSID regime is 'self-contained' and review of awards is delocalized, non-ICSID awards are subject to domestic court supervision. Annulment in the ICSID system has been used more extensively in Kateryna Bondar (LLM 2011, Harvard Law School; LLM in International Dispute Settlement (MIDS) 2014, Geneva (Hans Wilsdorf Scholar)) is Counsel in Gentium Law Group Sarl (Geneva) where she specializes in international arbitration and a PhD Candidate at the Koretsky Institute of State and Law, National Academy of Sciences (Kyiv). The author wishes to thank Dr Gabrielle Kaufmann-Kohler and Dr Reka Papp (MIDS) for their advice during the preparation of this article. Awards rendered in arbitrations between investors and states under arbitration rules other than the ICSID Rules. 2 Investment treaties usually provide an opportunity to choose between the ICSID Arbitration Rules, the Rules of the ICSID Additional Facility, UNCITRAL Arbitration Rules, the Arbitration Institute of the Stockholm Chamber of Commerce, and the International Chamber of Commerce (ICC). Bondar, Kateryna. 'Annulment of ICSID and Non-ICSID Investment Awards: Differences in the Extent of Review'. Journal of International Arbitration 32, no. 6 (2015): 621-676. 0 2015 Kluwer Law International BV, The Netherlands

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