This article argues that State autonomy in setting the level of protection for permissible regulatory aims can be better operationalised in the investment treaty regime. The article draws on comparative insights from WTO law, where it is established that WTO members have the right to determine the level of protection for permissible regulatory aims, although significant disciplines are placed on the means used to achieve those aims. It is then argued that investment treaties are, properly interpreted, consistent with the idea that States retain autonomy to determine the level of protection for permissible regulatory aims. Finally, the article proposes removing from the fair and equitable treatment and indirect expropriation standards proportionality balancing stricto sensu, as this undermines State autonomy in setting the level of protection. Overall, this article argues for a partial reorientation of investment law, in which non-discriminatory measures that pursue a permissible regulatory aim, including at a particular level, should not amount to a breach of a treaty where a State uses the means that involve the least possible restriction of the competing interests protected by relevant investment treaty obligations.

中文翻译：

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自主设定国际投资法的监管保护水平

本文认为，国家在为允许的监管目标设定保护水平方面的自主权可以在投资条约制度中更好地实施。本文借鉴了 WTO 法律的比较见解，其中规定 WTO 成员有权确定允许的监管目标的保护水平，尽管在用于实现这些目标的手段上设置了重要的纪律。然后有人争辩说，正确解释投资条约与国家保留自主权来确定允许的监管目标的保护水平的想法是一致的。最后，文章提出从公平公正待遇和间接征收标准中去除比例制衡严格意义上的，因为这破坏了国家在设定保护水平方面的自主权。总体而言，本文主张对投资法进行部分重新定位，其中追求允许的监管目标的非歧视性措施，包括在特定层面，不应构成违反条约，如果一国使用涉及尽可能减少相关投资条约义务保护的竞争利益。