法律研究 | 安杰世泽国际商事争议解决 · 商事仲裁专刊（2023年4月刊）

本期执行主编：刘洪川

本期编委：安寿志，崔巍，丁震宇，万佳，王小君，王秀娟，阎冰，张丹

贸仲（CIETAC）的仲裁裁决在我国香港得到执行——仲裁庭给予当事人“合理机会”陈述其案件，而不是“充分机会”

CIETAC Arbitration Award Enforced in Hong Kong – Tribunal Provides “Reasonable Opportunity” Rather Than “Full Opportunity” for Parties to Present Their Case

2023年2月2日，香港高等法院对COG v.ES [2023] HKCFI 294案作出判决，最终驳回了ES撤销执行仲裁裁决命令的申请。

On February 2, 2023, the Hong Kong High Court delivered its decision in COG v. ES [2023] HKCFI 294, ultimately rejecting ES’s application to set aside the enforcement of the arbitration award. 

【贸仲裁决域外执行】2023年第一案：中国贸仲委缺席裁决获美国纽约南区法院承认与执行

[CIETAC Arbitration Award Foreign Execution] First Case of 2023: CIETAC Default Award Recognized and Enforced by the US District Court for the Southern District of New York

2023年2月9日，美国纽约南区联邦地区法院就High Hope Zhongtian   Corporation v. SUNBIRD USA INC.一案作出缺席判决，对中国国际经济贸易仲裁委员会〔2021〕中国贸仲京（沪）裁字第0185号裁决予以承认与执行。这是2023年美国法院第一个承认与执行中国国际经济贸易仲裁委员会裁决的案例。

On February 9, 2023, the U.S. District Court for the Southern District of New York rendered a default judgment related to High Hope Zhongtian Corporation v. SUNBIRD USA INC., recognizing and enforcing [2021] CIETAC Beijing (Shanghai) Award No. 0185 by made by China International Economic and Trade Arbitration Commission. This is the first case in 2023 where a U.S. court recognized and enforced an award made by China International Economic and Trade Arbitration Commission.

香港法院：适用中国法的仲裁条款如约定不存在的仲裁机构则应属无效

Hong Kong Court: Arbitration Clause Governed by Chinese law Should Be Deemed Invalid if the Agreed Arbitration Institution Does Not Exist

在Grand Ocean & Williams Co Limited v 江苏华西村海洋工程服务有限公司 [2023] HKCFI 86案中，香港法院认定适用中国法的仲裁条款无效，因为约定的仲裁机构“江苏仲裁委员会”在中国内地并不存在。

In Grand Ocean & Williams Co Limited v Jiangsu Huaxicun Offshore Engineering Service Co., Ltd [2023] HKCFI 86, the Hong Kong court determined that an arbitration clause governed by Chinese law was invalid because the agreed arbitration institution “Jiangsu Arbitration Commission” does not exist in China's Mainland. 

安杰世泽合伙人刘洪川、丁震宇、顾茜菲律师应邀参加Moot Shanghai国际商事模拟仲裁庭竞赛

AnJie Broad Partners Liu Hongchuan, Ding Zhenyu, and Gu Xifei Invited to Participate in Moot Shanghai International Commercial Arbitration Court Competition

2023年3月14日，第十三届Moot Shanghai国际模拟商事仲裁上海邀请赛在华东政法大学正式拉开帷幕，赛事于2023年3月14日至3月17日线下举行。安杰世泽律师事务所作为本次活动合作律所，合伙人刘洪川律师、丁震宇律师、顾茜菲律师应邀参加了首个比赛日的模拟仲裁庭竞赛。

On March 14, 2023, the 13th Moot Shanghai International Commercial Arbitration Invitational Competition officially kicked off at East China University of Political Science and Law. AnJie Broad Law Firm, as a cooperating law firm for this event, partners Liu Hongchuan, Ding Zhenyu, and Gu Xifei were invited to participate in the first day of the mock arbitration court competition. 

复旦大学法学院-安杰世泽涉外法治研究基金捐赠签约仪式暨学术潜力之星奖学金颁奖仪式顺利举办

Fudan University Law School - AnJie Broad Foreign-related Legal Research Fund Donation Signing Ceremony and Academic Potential Stars Scholarship Award Ceremony Successfully Held

2023年3月21日下午，复旦大学法学院-安杰世泽律师事务所涉外法治研究基金捐赠签约仪式暨“学术潜力之星”奖学金颁奖仪式在安杰世泽律师事务所上海办公室举行。

On the afternoon of March 21, 2023, the signing ceremony for the donation of the Fudan University Law School - AnJie Broad Law Firm Foreign-related Legal Research Fund and “Academic Potential Stars” Scholarship Award Ceremony was held at the AnJie Broad Law Firm’s Shanghai office. 

安杰世泽合伙人万佳律师受邀参加北京贸促会与塞尔维亚律所及企业交流会

AnJie Broad Partner Wan Jia Invited to Participate in the Beijing Trade Promotion Association and Serbia Law Firms and Enterprises Exchange Meeting

3月15日，塞尔维亚Kopilovic&Kopilovic律所管理合伙人Ivana Kopilovic与Greco International保险经纪公司总经理Dusanka Talic到访北京市贸促会进行访问交流。安杰世泽合伙人万佳律师受邀与北京市贸促会一同作为中方代表与塞尔维亚企业代表共同围绕商事法律服务等方面进行了深度交流。

On March 15, Ivana Kopilovic, managing partner of Serbian Kopilovic & Kopilovic Law Firm, and Dusanka Talic, general manager of Greco International Insurance Brokerage Company, visited the Beijing Trade Promotion Association for an exchange visit. AnJie Broad partner Wan Jia was invited to participate in the meeting as a Chinese representative, together with the Beijing Trade Promotion Association, and had in-depth exchanges with Serbian business representatives on commercial legal services and other aspects.

北京大学六位学子获得“安杰世泽学术潜力之星”奖学金和提名奖

Six Peking University Students Were Awarded and Nominated for the “AnJie Broad Academic Potential Stars” Scholarship

2022年度“安杰世泽学术潜力之星”奖学金收到了北京大学众多学生的积极申请，竞争激烈。安杰世泽律师事务所合伙人刘洪川和律师王世佳作为北大的校友与参加面试的同学进行了深入交流。经过评议，最终决定授予邓仁江、李舒豪、娄佳璐三名同学安杰世泽北京大学“学术潜力之星”奖学金，授予白雪、孙璐伟、郑晏陶三名同学提名奖奖学金。

The 2022 “AnJie Broad Academic Potential Stars” Scholarship received many enthusiastic applications from students of Peking University, and the competition was intense. AnJie Broad Law Firm partner Liu Hongchuan and lawyer Wang Shijia, as alumni of Peking University, had in-depth exchanges with the students who participated in the interview. After evaluation, Deng Renjiang, Li Shuhao, and Lou Jialu were awarded for the Peking University “AnJie Broad Academic Potential Stars” scholarship, and Bai Xue, Sun Luwei, and Zheng Yantao for the nomination scholarship.

清华大学三位学子获得“安杰世泽学术潜力之星”奖学金

Three Tsinghua University Students Were Awarded for the “AnJie Broad Academic Potential Stars” Scholarship

经过层层筛选，2022年11月28日安杰世泽律师事务所合伙人丁震宇律师、谢永涛律师、陈欢律师对清华大学“安杰世泽学术潜力之星”奖学金入围的九位学子进行了云面试。综合面试学子的申报材料及云面试表现，评审合伙人最终决定授予王兆毓、席雨奇、张鑫渝三位学子清华大学“安杰世泽学术潜力之星”奖学金。

After several rounds of selection, on November 28, 2022, AnJie Broad Law Firm partners Ding Zhenyu, Xie Yongtao, and Chen Huan conducted online interviews with nine candidates shortlisted for the Tsinghua University “AnJie Broad Academic Potential Stars” scholarship. Considering the candidates’ application materials and online interview performance, the review partners ultimately decided to award Wang Zhaoyu, Xi Yuqi, and Zhang Xinyu for the Tsinghua University “AnJie Broad Academic Potential Stars” scholarship.

复旦大学七位学子获得“安杰世泽学术潜力之星”奖学金和提名奖

Seven Fudan University Students Were Awarded and Nominated for the “AnJie Broad Academic Potential Stars” Scholarship

“安杰世泽学术潜力之星”奖学金收到了复旦大学许多优秀学子的申请。经过筛选，2022年11月22日下午，7位奖学金候选人先后来到安杰世泽（上海）律师事务所参加面试。担任此次奖学金面试评审的是复旦大学法学院青年教师刘思竹老师，以及安杰世泽（上海）律师事务所合伙人丁震宇律师和连晏杰律师。综合候选人的简历和面试表现，奖学金评审委员会决定授予韩时东、谢鑫雨、李若晴三位同学“安杰世泽学术潜力之星”奖学金，其他四位同学获得提名奖奖学金。

The “AnJie Broad Academic Potential Stars” scholarship received applications from many outstanding students of Fudan University. After selection, on the afternoon of November 22, 2022, seven scholarship candidates successively arrived at AnJie Broad (Shanghai) Law Firm for interviews. The reviewers for this scholarship interview were Fudan University Law School’s young teacher Liu Sizhu and AnJie Broad (Shanghai) Law Firm partners Ding Zhenyu and Lian Yanjie. Combining the candidates’ resumes and interview performances, the scholarship review committee decided to award Han Shidong, Xie Xinyu, and Li Ruqing for the “AnJie Broad Academic Potential Stars” scholarship, while the other four students for the nomination scholarship.

华东政法大学多位学生分别获得“安杰世泽学术潜力之星”奖学金和提名奖

Several East China University of Political Science and Law students Were Awarded and Nominated for the “AnJie Broad Academic Potential Stars” Scholarship

安杰世泽律师事务所在华东政法大学设立了“安杰世泽学术潜力之星”奖学金，收到了众多优秀学子的积极申请。经过简历筛选，六位素质超群的学生进入奖学金面试环节。

AnJie Broad Law Firm set up the “AnJie Broad Academic Potential Stars” scholarship program at East China University of Political Science and Law, which received many applications from outstanding students. After the selection of resumes, six students with exceptional qualities entered the scholarship interview stage. 

从一起360公司私有化引发的仲裁案看基金管理人的责任

The Responsibilities of a Fund Manager from an Arbitration Case Arising from the Privatization of a Famous Company

基金管理人违反适当性以及信息披露义务与其是否需对投资者损失承担赔偿责任的关系

【Key Issue in Arbitration】

Relationship between Fund Manager’s Breach of the Principle of Suitability and Disclosure Obligation and the Liability for Compensating Investors for their Losses

（注：本文仅为仲裁案例评析摘要，请点击“阅读原文”查看案例评析全文。）

(Note: This article is only a summary of the Arbitration Case Review, please click on the “Read More” to view the full case review.)

根据《证券投资基金法》等相关规定，私募基金管理人对投资者负有信义义务，一般认为信义义务主要包括忠实义务和勤勉义务。近年来，私募基金管理人涉仲裁纠纷案件的数量日益增长，案情多样复杂。管理人与投资者之间的纠纷涵盖募集、投资、管理、退出等多个阶段，其中涉及管理人的告知说明、谨慎尽调、按约定进行投资、勤勉尽责、维护投资者知情权、公平对待投资者、及时清算分配等多重义务，并进而引发了私募基金管理人对其责任承担问题的关注。

为此，我们以一起360公司私有化引发的仲裁案中的纠纷解决经验为例，就基金管理人被认定已违反适当管理义务和信息披露义务的情形下，其是否需要对投资者损失承担赔偿责任的问题进行探访，以期对实践中更好地理解和处理与私募基金相关的投资风险提供参考。

适当管理和信息披露是基金管理人须满足的基本义务，管理人在管理基金时应遵守双方的合同约定、有效披露有关投资的整体运作信息，并在必要时就相关事宜征得投资者的同意，但基金管理人违反上述义务并不必然导致其对投资者的损失负有赔偿责任，而需要结合案件的具体情况进行分析。

在基金管理人违反适当性义务和信息披露义务的情况下，如果投资者不能证明其实际损失与基金管理人违反义务之间存在明确、直接的因果关系，则只能认定为投资者应自行承担的“买者自负”风险。申请人若单纯基于基金管理人的越权行为，主张其应承担投资者预期可获得利益的损害赔偿请求，仲裁庭不予认可。

【Essentials and Typical Significance of Adjudication】

Proper management and information disclosure are the basic obligations of a fund manager. In the management of the fund, the fund manager shall comply with the contractual provisions between the Parties, effectively disclose information about the overall operations of investment and obtain the consent of investors concerning relevant matters when necessary. However, the Fund Manager’s breach of the aforesaid obligations does not necessarily lead to a liability to indemnify investors for losses. Instead, the specific circumstances of a case shall be analyzed carefully.

（注：因保密考虑，本文对案情及仲裁庭意见进行了一定改编和简化。）

投资者（本案申请人）、基金管理人（本案被申请人）及案外人约定各方共同设立A基金，其唯一目的是投资于360公司中概股私有化项目。私有化项目顺利完成，但由于证券市场股价波动，退出收益未能达到投资者的预期。2021年，申请人向仲裁庭提交仲裁申请，主张被申请人应赔偿其投资损失。

【Basic Facts】

The Investor (the applicant), the Fund Manager (the respondent) and a third party jointly set up Fund A for the purpose of investing in the privatization project of Share Issuance of a famous Chinese company called “360”. The privatization project was successfully completed, but the benefits gained after exit did not meet the Investor's expectations due to the fluctuations of share prices in the subsequent securities market.

(一)  管理人违反了适当性管理义务

(二)  管理人违反了信息披露义务

(三)  管理人并未违反谨慎勤勉义务、不应向投资者赔偿损失

基金管理人接受上述定价具有合理的基础，并不构成对谨慎勤勉义务的违反。尽管管理人在履职过程中存在前述信息披露不充分及部分越权行为，但没有证据证明管理人的上述行为与投资者本项仲裁请求存在因果关系。因此，仲裁庭认为申请人的主张缺乏必要的合同、事实和法律依据，故对于申请人的仲裁请求，仲裁庭不予支持。

【Opinions of the Arbitral Tribunal】

(I) The Fund Manager has breached the principle of suitability

(II) The Fund Manager has breached the information disclosure obligation

(III) The Fund Manager has not breached the duty of care and diligence and shall not compensate for the Investor’s losses

The Fund Manager’s acceptance of the pricing of a target project has a reasonable basis and does not constitute a breach of the duty of care and diligence. Although the Fund Manager disclosed the above-mentioned information inadequately and partially exceeded its authority during its performance of duties, there is no evidence to prove the existence of a causal relationship between the Fund Manager’s conduct and the Investor’s claim.

In summary, the arbitral tribunal does not support the applicant’s claim.

本案涉及的争议焦点为基金管理人是否应就与其过错行为不存在因果关系的投资者损失承担赔偿责任。

(一)  投资者若请求管理人对其投资损失承担责任，需要先证明其已经发生了实际损失。

(二)  如果无法证明基金管理人违反义务的行为与投资者损失之间存在因果关系，则基金管理人原则上无需对投资者的损失承担赔偿责任。然而，仲裁庭在实践中仍然可能根据案件的实际情况，采用公平原则对基金管理人的责任进行适当的调整，届时即使无法证明其过错行为与投资者损失存在因果关系，管理人仍然存在被裁决承担一定赔偿责任的风险。

【Expert Comments】

The key issue of the dispute is whether the fund manager shall be liable to compensate for the losses of investors for which there is no causal relationship between the investors' losses and the fund manager’s misconduct.

(I) Firstly, to request the fund manager to be liable for its investment losses, an investor needs to prove its actual losses.

(II) If it cannot prove the causal relationship between the fund manager’s misconduct and the investors’ losses, the fund manager, in principle, is not liable to compensate the investors’ losses. However, in practice, arbitral tribunals may still adopt the principle of suitability based on the actual circumstances of the case. Even if the causal relationship between the fund manager’s misconduct and the investors’ losses cannot be proved, the fund manager will still bear certain risks to be held liable for certain losses.

声 明

文章仅代表作者观点，不视为安杰世泽律师事务所正式法律意见或建议。如需转载或引用请注明出处。如有任何问题，欢迎与本所联系。