ICSID仲裁中主权债券投资属性的分析
发布时间：2019-01-05 14:27
【摘要】：投资定义是国际投资法体系中的关键部分,它与ICSID仲裁管辖密切相关。主权债券作为一种新型的交易形式,认定其是否具有投资属性,是债券持有人可否利用ICSID仲裁的前提。但是,目前主权债券的国际法尚不发达,尤其是国际投资领域,同样涉及主权债券的案件,可能因ICSID仲裁庭的解释角度不同而出现不同裁定的现象,这在现实实务中也已显现。因为《关于解决国家与他国国民之间投资争议公约》对投资定义的缺失,投资保护协定为解决此现象而单独规定投资定义条款,但是却存在诸多不同,有的协定文本直接规定主权债券属于投资的范畴,有的明确排除主权债券,然而大多数文本对主权债券既没有明确排除,也没有明确规定。此种规定模式导致主权债券是否属于ICSID公约语境下的投资以及是否是投资保护协定中缔约国所欲保护的投资争论不休。然而,单纯依据ICSID公约或相关投资保护协定分析主权债券的投资属性都存在一定的缺陷,要么会因ICSID公约的规定而忽视东道国的意愿,要么会因投资保护协定的特殊规定而忽略ICSID公约的一般原意。因而,审查主权债券的投资属性应坚持两者都考虑,即“双重检测标准”,同时借助条约解释的相关规则,推知主权债券并没有被排除在ICSID公约语境下的投资范畴之外。随着投资保护协定的不断更新,一些协定文本会规定某些限制性条件,诸如投资需要与东道国具有领土关联性、投资需要符合东道国法律等,而这些都会对主权债券的投资属性产生直接影响。然而,主权债券由于本身的发行特点,存在一级市场和二级市场,尤其是二级市场很少在物理状态下存在于东道国境内,这使得领土关联性的判断变得困难重重。通过结合ICSID仲裁实践以及相关的学术理论,发现利用法律联系标准审查主权债券的领土关联性比较合理。同时,可以借鉴新兴投资保护协定规定的投资特征作为指引,判断主权债券是否具有明显的投资特征。
[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.
【学位授予单位】：山东科技大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：D996.4
本文编号：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.
【学位授予单位】：山东科技大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：D996.4
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