Intellectual Property under the Scrutiny of Investor-State Tribunals: Legitimacy and New Challenges Ducimetière Clara In 2009, C.S. Gibson was suggesting that: “With this early coverage of intellectual property in BITs, it is perhaps surprising that there has yet to be a publicly reported decision concerning an IPR-centered investment dispute. Given the trajectory of the modern economy, however, in which foreign investments reflect an increasing concentration of intellectual capital invested in knowledge goods protected by IPRs, this could soon change” (Gibson, ‘A Look at the Compulsory License in Investment Arbitration’, 2009). A couple of years later, the first investment cases dealing with IP issues were made public. In this context, this paper first addresses the conditions that have to be fulfilled in order to bring intellectual property claims in investment arbitration, by touching upon the question of the definition of an investment in theory and in practice. It also tries to shed light on some of the implications of recent arbitral awards touching upon this interaction between intellectual property and investment protection, from a legal and regulatory perspective. On the other hand, the specific situation of the European Union is scrutinized, and in particular the project put forward by the European Commission to adapt the dispute settlement system for the protection of investments. European Union (EU) ICSID Investment protection NAFTA TRIPS flexibilities international investment agreements (IIAs) investment court system (ICS) multilateral investment court (MIC) right to regulate 340 periodical academic journal JIPITEC 9 3 2019 266 281 2190-3387 urn:nbn:de:0009-29-48045 ducimetière2019