In a step forward for international arbitration, the United Nations Commission on International Trade Law (UNCITRAL) adopted a Code of Conduct for Arbitrators in International Investment Dispute Resolution on 21 July 2023, during its 56th annual session in Vienna. The adoption of this Code signals a refinement in practice and approach for international arbitrators.
Notably, this Code, which had been under development for more than half a decade, applies to investment arbitration proceedings through consent of the parties or as necessitated through the instrument of consent – typically the relevant investment treaty under which arbitration is initiated. Jenner & Block, report on the development.
The adoption of this Code is a considerable development in trade law. By providing clear guidance and binding behavioural expectations, it seeks to ensure greater integrity and transparency in resolutions of International Investment Disputes. Considering the vast sums typically involved in these disputes and the potential for consequent impact on global financial markets, this move is of immense importance not only for the involved parties, but for the worldwide financial community.
For legal professionals in large corporations and law firms, particularly those involved in international trade and investment disputes, understanding the implications of this new Code of Conduct is critical. More in-depth understanding of the Code and its nuances can assist legal teams in navigating international investment dispute resolution more efficiently, helping to prevent disputes or guide them towards satisfactory resolution.
Further information on the specifics of the new Code of Conduct and its implications for global investment arbitration practice is expected to be released. Legal professionals need to be alert to these updates, and keep an eye on any further developments on the matter to ensure they are fully informed and prepared for their cases.