460. Substantive protections accorded to foreign investors as a matter of treaty.

The United Kingdom is party to various bilateral investment treaties (which are termed Investment Promotion and Protection Agreements or 'IPPA's)1. There are also multilateral treaties in force that contain important investment protections2. Bilateral investment treaties typically contain guarantees that the state will accord to qualifying investors and/or their investments3 full protection and security4, fair and equitable treatment5, national6 and most favoured nation treatment7, and typically contain a prohibition of expropriation8 (unless in compliance with certain stated criteria), and a guarantee of the free transfer in relation to returns and the capital of the investment9. Bilateral investment treaties are important