The exponential increase both in the number of international agreements relating to foreign investment1 and in investor-State arbitration has placed arbitral tribunals at the intersection of ever more complex legal and policy questions. In adjudicating a dispute, tribunals often must gauge the compliance vel non of host-State regulations enacted to address legitimate policy concerns with the host-State's obligations under a particular investment treaty. In some cases, the policy motivation behind a regulation will be grounded in, or overlap with, the promotion and...
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