The attribution by the Treaty of Lisbon of exclusive competences to the EU in the field of protection of foreign investments has brought about an intensive debate within its institutions and Member States, on the current system of investment arbitration. The debate focuses in paticular on the capacity that have Arbitral Tribunals to challenge the regulatory powers of States -due to the broad discretion granted to them by most BITs- and the rules governing their constitution and conduct. This debate is leading to the negotiation by the EU of international agreements based on a model largely different from the agreements concluded so far by the Member States. A model that seems to look at future claims that may file investors from third countries against the EU, rather tan to the protection of European investors in those countries. The proposal for the investment protection chapter of the TTIP, recently launched by the European Commission deserves a special reference as it envisages the establishment of a new court system to resolve investment, to be comprised of a Tribunal of First Instance and an Appeal Tribunal.