The Code of Conduct for Adjudicators in International Investment Disputes is a Reality!

The Code of Conduct for Adjudicators in International Investment Disputes was first proposed in 2019 by the United Nations Commission on International Trade Law (UNCITRAL). The code aims at establishing ethical and professional standards for arbitrators in investment disputes, with the goal of increasing transparency and accountability in the system.  Since its proposal, the code has undergone several rounds of consultations and revisions. Just recently on April 3, 2023, UNCITRAL Group III completed work on the draft code of conduct for arbitrators in investor-state disputes after reaching a compromise on double-hatting.  Reportedly, for the following three years after acting as an arbitrator, that arbitrator shall not act as counsel or expert witness in an ISDS case or related proceeding involving the same measure or the same or related parties involved in the arbitration where the arbitrator served. For its part, in those cases involving the same provisions of the same instrument of consent (e.g., a treaty or a contract), the prohibition period will only be one year, although the disputing parties can agree to opt out of these provisions. 

Our expert panelists will look to answer the most pressing questions on the new code:  Besides the deal brokered on double hatting, what are the main principles enshrined in the Code of Conduct recently finalized by UNCITRAL Group III that everyone should know? Are there mechanisms to ensure compliance and enforcement or is this just more soft law?  Looking ahead, what do we see next for the work of UNCITRAL Working Group III?