UN Member States Adopt Code of Conduct for Arbitrators in Investor-State Disputes -

At its 56th annual session held in Vienna in July 2023, the United Nations Commission on International Trade Law (UNCITRAL) formally adopted the Draft Code of Conduct for Arbitrators in International Investment Dispute Resolution (the Code). More than six years in development, the Code represents the first-ever attempt to regulate the conduct of arbitrators in investor-state disputes. The Code introduces extensive disclosure obligations, along with significant restrictions on “double-hatting,” the practice of simultaneously serving as an arbitrator and party-appointed counsel or expert in matters concerning same state actions, same parties or same provisions of same treaties. How the Code will be implemented remains unclear, but there are early signs that it might be incorporated directly into the UNCITRAL Arbitration Rules. In addition, parties can always apply the Code by consent, which may become a common practice.