国际投资仲裁中的投资者责任:促成过错与理性投资者标准  

Investor Liability in International Investment Arbitration:Contributory Fault and Reasonable Investor Standard

作　　者：黄丽萍 Huang Liping

机构地区：[1]华南理工大学法学院(知识产权学院)

出　　处：《环球法律评论》2022年第3期179-192,共14页Global Law Review

基　　金：2021年中国博士后科学基金面上资助课题“母国法院在管辖跨国投资者侵权责任中对国内法的域外适用”(2021M691057)的研究成果。

摘　　要：在国际投资仲裁中,投资者责任被动地以投资者对东道国的请求为前提,并表现为东道国责任减免的消极形式。这广泛依赖促成过错理论和理性投资者标准。前者只适用于责任或赔偿数额的确定,构成要件包括投资者因被申请方违法行为遭受损害、投资者有不当行为且与损害之间有因果关系并对损害有实质且重要的促成作用;后者根源于理性人标准,其既是判定投资者过错和合理期待的标准,也影响仲裁庭管辖权和仲裁请求准入性。现有投资者责任的仲裁实践存在诸多问题:第一,基本概念和因果关系要件的理解存在偏差,需要后续由仲裁庭进行澄清或在国际投资条约中作出界定;第二,投资者行为标准过于原则化,可在国际投资条约中纳入理性投资者标准的具体化要求,允许仲裁庭采用缔约方公认的跨国投资规制相关的公约和标准作为合理性标准;第三,投资者责任认定结果有不确定性,需要国际投资条约提供裁量指引,可建立与投资者不当行为严重性相匹配的结构化责任,并根据缔约方的规范需要对特定类型的投资者过错采用相对固定的责任分摊比例。As a mechanism created for remedying the damage of foreign investors against their host governments,international investment arbitration plays a minor but increasingly important role of investor accountability.On the premise that an investor claims against the host state,investor liability could passively be found in the negative form of diminishing the liability of the host state or absolving the host state of liability,instead of a direct burden on the liable investor.For that purpose,the theory of contributory fault and the standard of a reasonable investor have been widely invoked.The contributory fault theory is well embodied in both domestic and international laws,especially Article 39 of the ILC Draft Articles on Responsibility of States for Internationally Wrongful Acts.In the five cases of successful application of the theory so far,it has been applied in the determination of liability or quantification under specific conditions,including a breach by the respondent that caused damage to the claimant,an investment misconduct,a causal relationship between the investment misconduct and the damage in dispute,and a material and significant contribution of the misconduct to the damage.The standard of a reasonable investor has not only been taken as a standard for deciding an investor’s fault and legitimate expectation but also affected the jurisdiction of a tribunal and the admissibility of arbitration claims.Derived from the“reasonable person”standard under the domestic law of torts,it has been evolving to create a duty of due diligence,reasonable care and other related obligations for investors.Despite these theoretical grounds and developments,the arbitral practice of investor liability showed some problems.Firstly,there are misunderstandings of the basic concept as well as the causality element,which require clarification or correction by subsequent investment tribunals or definitions by international investment agreements.In particular,a causality analysis in the determination of investor liability

关 键 词：国际投资仲裁 投资者责任 促成过错 理性投资者 理性人 

分 类 号：D997.4[政治法律—国际法学]