New Code Of Conduct Sets Standards For Arbitrators In Investment Arbitration

Introduction

In July 2023, the UN Commission on International Trade Law ("UNCITRAL") adopted a Code of Conduct for Arbitrators in International Investment Dispute Resolution (the "Code"). This monumental step evolved from nearly six years of deliberations initiated in 2017, when UNCITRAL tasked its Working Group III ("WGIII") with examining and formulating potential solutions for reforming Investor-State Dispute Settlement ("ISDS").

The Secretariats of the International Centre for Settlement of Investment Disputes ("ICSID") and UNCITRAL worked together to publish a draft of the Code in 2020. Throughout the following two years, ICSID and UNCITRAL released several revised versions of the Code. Because of the long-standing deliberations on the pending Multilateral Investment Court ("MIC") and the uncertainties regarding its operation, the WGIII in 2022 bifurcated its efforts into two distinct codes: one for judges and one for arbitrators. This article will cover