國際投資仲裁中的規制權審查研究

Review of Regulatory Power in International Investment Arbitration

具有公法性的國際投資仲裁常涉及東道國公共利益規制權審查。但國際投資條約大多沒有關於規制權的規定，仲裁庭缺乏審查基礎，同時也未能發展出清晰的審查標準和結構化的審查方法。國際投資仲裁庭將例外條款以及投資待遇標準隱含例外作為審查基礎，借用了其他國際爭端解決機構的善意審查、裁量餘地原則或客觀評估等審查標準，以及比例分析或最低限制替代等審查方法。經比較，國際投資仲裁庭應根據自身特點，發展“適度遵從”之審查標準，以及包含適當性、必要性分析步驟的審查方法，以促進國際投資仲裁法律推理品質和裁決的一致性，推動國家規制權和投資者利益的平衡，這在全球公共衛生危機可能引發兩者沖突的背景下具有現實意義。

International Investment Arbitration frequently involves the review of host state's regulatory power in public interests. However, most international investment treaties have no rules on regulatory power. As a result, tribunals are lack of the basis of review when reviewing regulatory power and have not articulated the standard of review and the structured method of review. Based on exception clauses and implicit exceptions of investment protection standards, tribunals refer to other international disputes resolution institutions' standard of review, such as good faith review, margin of appreciation or objective assessment, and method of review, like proportionality analysis or least restrictive alternative test. By comparison, tribunals should take the special features of international investment arbitration into account, and develop its own ''due deference'' standard of review and method of review which includes suitability and necessity, in order to promote the quality of legal reasoning and the coherence of decisions of international investment arbitration and strike a balance between regulatory power and investors' interests, which is extremely important at present as the Covid-19 Pandemic may cause conflicts between host state's regulatory power and investor's interests.