ICSID仲裁中主權債券投資屬性的分析
發(fā)布時間：2019-01-05 14:27
【摘要】：投資定義是國際投資法體系中的關鍵部分,它與ICSID仲裁管轄密切相關。主權債券作為一種新型的交易形式,認定其是否具有投資屬性,是債券持有人可否利用ICSID仲裁的前提。但是,目前主權債券的國際法尚不發(fā)達,尤其是國際投資領域,同樣涉及主權債券的案件,可能因ICSID仲裁庭的解釋角度不同而出現(xiàn)不同裁定的現(xiàn)象,這在現(xiàn)實實務中也已顯現(xiàn)。因為《關于解決國家與他國國民之間投資爭議公約》對投資定義的缺失,投資保護協(xié)定為解決此現(xiàn)象而單獨規(guī)定投資定義條款,但是卻存在諸多不同,有的協(xié)定文本直接規(guī)定主權債券屬于投資的范疇,有的明確排除主權債券,然而大多數(shù)文本對主權債券既沒有明確排除,也沒有明確規(guī)定。此種規(guī)定模式導致主權債券是否屬于ICSID公約語境下的投資以及是否是投資保護協(xié)定中締約國所欲保護的投資爭論不休。然而,單純依據(jù)ICSID公約或相關投資保護協(xié)定分析主權債券的投資屬性都存在一定的缺陷,要么會因ICSID公約的規(guī)定而忽視東道國的意愿,要么會因投資保護協(xié)定的特殊規(guī)定而忽略ICSID公約的一般原意。因而,審查主權債券的投資屬性應堅持兩者都考慮,即“雙重檢測標準”,同時借助條約解釋的相關規(guī)則,推知主權債券并沒有被排除在ICSID公約語境下的投資范疇之外。隨著投資保護協(xié)定的不斷更新,一些協(xié)定文本會規(guī)定某些限制性條件,諸如投資需要與東道國具有領土關聯(lián)性、投資需要符合東道國法律等,而這些都會對主權債券的投資屬性產(chǎn)生直接影響。然而,主權債券由于本身的發(fā)行特點,存在一級市場和二級市場,尤其是二級市場很少在物理狀態(tài)下存在于東道國境內(nèi),這使得領土關聯(lián)性的判斷變得困難重重。通過結合ICSID仲裁實踐以及相關的學術理論,發(fā)現(xiàn)利用法律聯(lián)系標準審查主權債券的領土關聯(lián)性比較合理。同時,可以借鑒新興投資保護協(xié)定規(guī)定的投資特征作為指引,判斷主權債券是否具有明顯的投資特征。
[Abstract]:The definition of investment is a key part of the system of international investment law, which is closely related to the jurisdiction of ICSID arbitration. As a new type of trading form, sovereign bonds have the investment attribute or not, which is the precondition for bondholders to make use of ICSID arbitration. However, at present, the international law of sovereign bonds is still underdeveloped, especially in the field of international investment. Cases involving sovereign bonds may have different rulings due to the different interpretations of the ICSID arbitration tribunal, which has also been shown in practice. Because of the absence of an investment definition in the Convention on the settlement of Investment disputes between States and Nationals of other States, investment protection agreements provide separate investment definition provisions to address this phenomenon, but there are many differences, Some articles of agreement directly stipulate that sovereign bonds belong to the category of investment, while others explicitly exclude sovereign bonds. However, most of the texts do not explicitly exclude sovereign bonds, nor do they specify them. This model leads to the debate on whether sovereign bonds belong to the context of the ICSID Convention and whether they are the investments to be protected by the Contracting States in the Investment Protection Agreement. However, there are some defects in analyzing the investment attributes of sovereign bonds simply according to the ICSID Convention or the relevant investment protection agreements, or they will ignore the wishes of the host country because of the provisions of the ICSID Convention. Either the general intent of the ICSID Convention will be ignored by special provisions of the IPA. Therefore, the investment attributes of sovereign bonds should be considered both, that is, "double test standard", and with the help of the relevant rules of treaty interpretation, we can infer that sovereign bonds are not excluded from the investment category in the context of ICSID Convention. With the continuous updating of investment protection agreements, the texts of some agreements may impose certain restrictive conditions, such as the territorial relevance of the investment needs to the host country and the conformity of the investment needs with the laws of the host country, etc., These will have a direct impact on the investment attributes of sovereign bonds. However, due to its own issuing characteristics, sovereign bonds have a primary market and a secondary market, especially the secondary market rarely exists in the host country, which makes it difficult to judge the territorial relevance. Combined with the practice of ICSID arbitration and the relevant academic theory, it is found that the territorial relevance of sovereign bonds is reasonable by using the criterion of legal connection. At the same time, we can use the investment characteristics of emerging investment protection agreements as a guide to judge whether sovereign bonds have obvious investment characteristics.
【學位授予單位】：山東科技大學
【學位級別】：碩士
【學位授予年份】：2017
【分類號】：D996.4
本文編號：2401885
[Abstract]:The definition of investment is a key part of the system of international investment law, which is closely related to the jurisdiction of ICSID arbitration. As a new type of trading form, sovereign bonds have the investment attribute or not, which is the precondition for bondholders to make use of ICSID arbitration. However, at present, the international law of sovereign bonds is still underdeveloped, especially in the field of international investment. Cases involving sovereign bonds may have different rulings due to the different interpretations of the ICSID arbitration tribunal, which has also been shown in practice. Because of the absence of an investment definition in the Convention on the settlement of Investment disputes between States and Nationals of other States, investment protection agreements provide separate investment definition provisions to address this phenomenon, but there are many differences, Some articles of agreement directly stipulate that sovereign bonds belong to the category of investment, while others explicitly exclude sovereign bonds. However, most of the texts do not explicitly exclude sovereign bonds, nor do they specify them. This model leads to the debate on whether sovereign bonds belong to the context of the ICSID Convention and whether they are the investments to be protected by the Contracting States in the Investment Protection Agreement. However, there are some defects in analyzing the investment attributes of sovereign bonds simply according to the ICSID Convention or the relevant investment protection agreements, or they will ignore the wishes of the host country because of the provisions of the ICSID Convention. Either the general intent of the ICSID Convention will be ignored by special provisions of the IPA. Therefore, the investment attributes of sovereign bonds should be considered both, that is, "double test standard", and with the help of the relevant rules of treaty interpretation, we can infer that sovereign bonds are not excluded from the investment category in the context of ICSID Convention. With the continuous updating of investment protection agreements, the texts of some agreements may impose certain restrictive conditions, such as the territorial relevance of the investment needs to the host country and the conformity of the investment needs with the laws of the host country, etc., These will have a direct impact on the investment attributes of sovereign bonds. However, due to its own issuing characteristics, sovereign bonds have a primary market and a secondary market, especially the secondary market rarely exists in the host country, which makes it difficult to judge the territorial relevance. Combined with the practice of ICSID arbitration and the relevant academic theory, it is found that the territorial relevance of sovereign bonds is reasonable by using the criterion of legal connection. At the same time, we can use the investment characteristics of emerging investment protection agreements as a guide to judge whether sovereign bonds have obvious investment characteristics.
【學位授予單位】：山東科技大學
【學位級別】：碩士
【學位授予年份】：2017
【分類號】：D996.4
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