投资者违法行为抗辩的裁判基础和规则优化

The Judgment Basis and Rule Optimization on Defense of Investor’s Illegal Behavior

国际投资法保护的对象是合法和真实的投资,并不包括违反东道国法律或不诚信的投资。这就要求投资者在投资准入、经营管理和争端解决阶段审慎评估投资风险、合理规划投资行为。当东道国提出投资者存在违法行为时,仲裁庭通常依据投资定义中的合法性要求等排除对案件的管辖权。但这并不意味着任何违法行为都应终止于管辖权阶段,仍需结合时间节点和严重程度等因素进行考查。鉴于此,投资者行为的条约规制应着眼于明确义务范围、引入独立的违法抗辩规则和确立行为监督机制,进而构建结构对称的权利义务体系。

International investment law protects legitimate and genuine investments and does not include investments that violate host states’laws or are in bad faith.This requires investors to carefully evaluate investment risks and rationally plan investment behaviors in the stages of investment access,management and dispute settlement.When a host state proposes that an investor has violated the law,arbitral tribunal usually excludes the jurisdiction of case based on the legality requirement in the investment definition etc.,but this does not mean that any illegal behavior should be terminated at the jurisdiction stage,which still needs to be examined in combination with factors such as point-in-time and severity.Therefore,the treaty regulation of investors’behavior should focus on clarifying the scope of investors’obligations,introducing independent illegal-defense rules and establishing behavior supervision mechanism,so as to construct a symmetrical structure of rights and obligations system.