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The draft Investment Chapter of the Comprehensive Economic and Trade Agreement (CETA) between the European Union (EU) and Canada includes an umbrella clause, on EU's proposal. Nevertheless, the inclusion in the final text of such a clause appears to be uncertain. Furthermore, the wording of the umbrella clause, proposed by the EU, fails to address all uncertainties regarding the effects and scope of application of umbrella clauses still existing in jurisprudence. Conversely, the inclusion in the draft Investment Chapter of a transfer provision, accompanied with safeguard provisions in case of serious balance-of-payments difficulties and external financial difficulties, does not seem to be a contested issue between the Member States and Canada. A new development at the EU level might make investment protection matters more complicated: following the opening of the negotiation on a free trade agreement with the us, some Member States (such as Germany) oppose investment arbitration tout court at least in the prospective EU-US CETA. [ABSTRACT FROM AUTHOR]