Introduction

Many Bilateral Investment Treaties (BITs) contain a so-called "in accordance with host state law"-clause. Such clauses can be found in various parts of BITs. Most frequently they are included in the definition of investment, but they can also be inserted in provisions on protection or admission of investment. This contribution will analyze the role of "in accordance with host state law"-clauses and try to determine their meaning and significance. It will be asked whether it makes a difference if such clauses are included in the definition of investment or if they are found in ...