Abstract

The protection of investors' legitimate expectations under bilateral investment treaties, as part of the 'fair and equitable treatment' standard, is becoming highly criticised. The literature has often recognised that arbitral tribunals' adoption of the 'legitimate expectations' doctrine departs significantly from its origins in domestic administrative law. The use of the doctrine by arbitral tribunals is accordingly perceived as an excessive and undesirable fetter on a state's ability to achieve regulatory changes. This paper departs from these criticisms and takes a more sympathetic ...