Since the inception of the international investment law system, investment promotion and protection have been the raison d'etre of investment treaties, and States have confined their policy space in order to attract foreign investment and protect their investors abroad. Languishing in relative obscurity until recently, the right to regulate has gradually come to the spotlight as a key component of negotiations on new generation investment agreements around the globe. States and regional organizations - including, notably, the European Union and the United States - have started to examine ways...