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International arbitration is increasingly confronted with issues related to public interests. As such, the arbitrator can be considered a regulator. This situation is evident in investment arbitration, where the arbitrator is directly confronted with public interests. The hypothesis is not so textbook in international commercial arbitration in cases where arbitrators refer to a transnational public order. Furthermore, the task of regulation by an arbitrator is revealed by the production of genuine arbitral precedent, a real, although contested, phenomenon.