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Courtenay Barklem lawyer at University of Manchester, England, and Université de Louvain-la-Neuve, Belgium.

Titled with a Masters in Law (LLM) from Birkbeck College, University of London, England.

Finally, the paper sets out some recent arbitral awards in which arbitral tribunals have ruled on claims of indirect expropriation which highlight the limitations that this concept now imposes on states' ability to regulate.

Clauses protecting investors against expropriation have evolved to encompass indirect expropriation.

The general rule for identifying an indirect expropriation is still on a case by case basis).

In practice, protection against indirect appropriation means a foreign investor is entitled to file a claim against a host state on the grounds that the state when exercising its regulatory powers (e.g.

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El presente escrito explora los antecedentes más relevantes del concepto de expropiación indirecta, su aparición en el sistema internacional, su inclusión en Acuerdos Bilaterales de Protección y Promoción de la Inversión Extranjera y en tratados de Libre Comercio, y los efectos que ha tenido el concepto en la actividad reguladora de gobiernos.Specialist in construction law, with several advisories on numerous international disputes and arbitrations. Recibido: 10 de noviembre de 2010 - Revisado: 08 de diciembre de 2010 - Aceptado: 27 de enero de 2011 The protection of an alien's property in a host country against direct expropriation has long existed in the international arena.Since September 2007, current Human Rights Adviser at the Law Society of England and Wales. Enrique Alberto Prieto-Rios graduate as a lawyer at Rosario University in Colombia. Ph D Candidate at Birkbeck College University of London and current Director of The British and Colombian Association of Lawyers. Examples of direct expropriation include nationalization, physical seizure of assets or legislated transfer of assets to the state.However such physical takings are no longer common practice.Nowadays, expropriation comes mainly in the form of "indirect expropriation": acts and steps taken by governments which interfere with the right to the property or diminish the value of the property.Examples of direct expropriation include nationalization, physical seizure of assets by the state and forced or legislated transfer of assets to the state.