The non-precluded measures (‘NPM’) clause allows a state to restrict the exercise of the investor’s rights and protections provided for in international investment agreements (‘IIAs’) during emergencies. In light of the increase in investor-state disputes brought by foreign investors under investment treaties, treaty negotiators have included such a clause in recent IIAs to support the state’s position and mitigate the impact of these treaties on their regulatory powers. The nexus requirement is a key element to successfully invoke this clause in investment arbitrations and requests tribunals to adopt a standard of review. States determine the level of scrutiny and deference of the tribunal by employing different wording for this requirement, and consequently the tribunal must adopt an appropriate standard of review in each case. This article will discuss these different layers of the nexus requirement and their relevant standards of review. First, the authors describe the structure of the clause and aspects to be considered in the process of adopting an appropriate standard of review in investment arbitrations. They then analyze the standard of review for each category of the nexus requirement. The authors consider good faith, reasonableness and an abbreviated form of the proportionality test developed within WTO law as possible models for investment arbitration tribunals.

非排除措施 ('NPM') 条款允许国家在紧急情况下限制投资者行使国际投资协定 ('IIAs') 规定的权利和保护。鉴于外国投资者根据投资条约引起的投资者与国家争端的增加，条约谈判者在最近的国际投资协定中加入了这样的条款，以支持国家的立场并减轻这些条约对其监管权力的影响。关联要求是在投资仲裁中成功援引该条款并要求仲裁庭采用审查标准的关键因素。各国通过对这一要求采用不同的措辞来确定法庭的审查和尊重程度，因此法庭必须在每个案件中采用适当的审查标准。本文将讨论这些不同层次的联系要求及其相关的审查标准。首先，作者描述了条款的结构和在投资仲裁中采用适当的审查标准过程中需要考虑的方面。然后，他们分析每个类别的关系要求的审查标准。作者认为善意、合理性和 WTO 法律中制定的比例测试的缩写形式是投资仲裁法庭的可能模式。然后，他们分析每个类别的关系要求的审查标准。作者认为善意、合理性和 WTO 法律中制定的比例测试的缩写形式是投资仲裁法庭的可能模式。然后，他们分析每个类别的关系要求的审查标准。作者认为善意、合理性和 WTO 法律中制定的比例测试的缩写形式是投资仲裁法庭的可能模式。