ICSID Rules Amendment

On 21 March 2022, the Members States to the ICSID Convention approved a long-awaited update to the ICSID Rules and Regulations for resolving international investment disputes. This is the first amendment to the ICSID Rules since 2006, and the most extensive modernization of ICSID procedures in the Centre’s history. The updated rules are the outcome of six working papers over 5 years of collaboration with State officials, legal counsel, adjudicators, businesses representatives, and civil society.

The update of the rules for arbitration, mediation, conciliation, and fact-finding incorporates innovations designed to make ICSID cases more efficient, broaden access to ICSID’s facilities and services, and ensure greater transparency in the conduct and outcome of proceedings. The amendments came into effect on 1 July 2022 and are applicable to arbitrations commenced from that date onwards. ICSID is publishing extensive guidance notes for those using the rules over the next few months.

The innovations introduced in the 2022 Rules and Regulations cover: (i) measures designed to make cases more efficient, (ii) new expedited arbitration rules, (iii) rules that enhance the transparency of ICSID orders, decisions, and awards, (iv) broader access to ICSID’s specialized rules and services, (v) new rules for mediation and fact-finding, and (vi)disclosure of third-party funding, among others.

The panel will address:

• What to expect of how these rules will operate in practice?
• What are the key areas of difference between the 2006 and the 2022 Rules?
• Whether the amendments are modernizing ICSID procedures and encourage broader engagement with investor-State dispute settlement?
• Whether the amendments are responsive to problems identified by critics of the ISDS system?