1 Myriads of investment treaties require foreign investments to be made in accordance with or in conformity with the laws and regulations of the host State; this is known as a legality clause (Petersmann, 2019). The purpose of a legality clause is to limit the scope of an international investment agreement’s protection to only those investments that have been made in accordance with the laws of the host State (Protected Investment). A treaty’s inclusion of a legality clause or lack thereof may impact a tribunal’s assessment of whether or not to treat legality of...
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