Legal Regulation of Investment Activity: Guarantees and Restrictions

The study focuses on the legal regulation of investment activity, paying particular attention to the guarantees and restrictions applied in national and international legal systems. Methodology. The research is based on a methodological framework that draws on general scientific and special legal methods, including dialectical, comparative legal, formal legal and systemic analysis. These tools enabled the content and limits of investment guarantees to be explored, as well as the legal mechanisms that restrict or balance them in various conditions. The work aims to determine the essence of investment activity as a legal phenomenon, analyse the system of guarantees protecting investors’ rights and identify the scope and legal nature of limitations imposed in the interests of national security, public order and economic stability. Particular attention is paid to the legal environment in Ukraine during martial law, as well as to the role of "soft law" instruments in shaping international investment standards. The results of the study showed that investment activity is legally regulated by a complex set of norms reflecting both private and public interests. Legal guarantees are essential for attracting investment, while legal limitations act as a safeguard in exceptional situations. The interaction between hard and soft law helps to make the investment regulatory framework more flexible and adaptive. Conclusion. In contemporary conditions, legal regulation of investment activity is not limited to creating favourable conditions for capital flow; it also encompasses mechanisms for balancing economic freedom with constitutional imperatives, such as national security, public order and environmental sustainability. Investment guarantees are essential for legal predictability and investor confidence, providing protection against arbitrary state interference, discriminatory practices and sudden regulatory changes. At the same time, legal restrictions are not necessarily negative. Rather, they reflect the state's sovereign right to regulate economic behaviour in the public interest, particularly during times of emergency such as armed conflict or economic crisis. The role of soft law in investment regulation is becoming increasingly important. In the absence of binding multilateral agreements, international advisory instruments, declarations and best practice standards provide essential normative guidance, contributing to the gradual formation of customary rules. These mechanisms help to bridge the gaps between different legal systems and promote the harmonisation of investment standards in a flexible and non-confrontational way.