One hat or two hats?: Guidelines for the regulation of double-hatting in investment arbitrations

Abstract

The phenomenon of double-hatting, that is, the exercise of multiple roles by professionals in the field of arbitration, can have a significant impact on the necessary qualities of independence and impartiality that every arbitrator must have. The regulation of this phenomenon brings back to the table the recurrent discussion on conflicts of interest derived from the inevitable interaction in the group of professionals involved in investment arbitration. The inclusion of articles expressly addressing this phenomenon in recent international treaties and the discussion that has been held about its express regulation in the "Draft Code of Conduct for adjudicators in investor-state dispute settlement" prepared by the ICSID and UNCITRAL Secretariats, leads us to propose some guidelines for such regulation.