The Concept of Investor's Legitimate Expectations in Investment Arbitration: its Nature and Scope

The master's thesis is devoted to the analysis of the concept of legitimate expectations of a foreign investor and the limits of its application in the practice of investment arbitration. In the first chapter, the author examines the concept of a standard of fair and equitable treatment in international investment law, as well as its constituent elements. In the second chapter, the author examines the concept of legitimate expectations of a foreign investor and its application in the practice of investment arbitration, as well as analyzes the grounds for the emergence of legitimate expectations and their characteristics. The third chapter presents the regulation of the concept of legitimate expectations in national law. Based on the results of the research, the author concludes that there are three grounds for forming legitimate expectations and several criteria for recognizing the investor's expectations as legitimate. However, due to the ambiguities and gaps in resolving this issue, it is proposed to establish a test or standard for determining the investor's expectations as legitimate.