The ICSID Convention Rules and Regulations were adopted in 1967, and the Additional Facility Rules in 1978.
There have been four rounds of rule changes following the adoption of the rules, the last of which entered into force in April 2006. Those amendments incorporated important improvements to the system, e.g.:
These amendments have had far-reaching effects on the practice of investment arbitration, and have been widely emulated in the rules of other arbitral institutions, in newly negotiated investment treaties, and in parts of the Mauritius Convention and the UNCITRAL Rules on Transparency in Treaty-based Investor-State Arbitration.
ICSID launched the current amendment process in October 2016 and invited Member States to suggest topics that merited consideration. In January 2017, ICSID issued a similar invitation to the public inviting suggestions for rule amendments. The Secretariat has collected these comments and is preparing background papers on topics that have been identified for potential rule amendment. These background papers will explain the basis for a proposed change, note relevant considerations, and suggest the potential wording or structure of amendments. The Centre hopes to publish these papers by early 2018.
There are several goals for this round of amendments. First, the changes are intended to modernize the rules based on case experience. Given ICSID's administration of more than 600 cases, a number of lessons can be learned and they should be incorporated into the rules from time to time. Second, the amendments will make the process increasingly time and cost effective while maintaining due process and a balance between investors and States. Third, ICSID hopes that the rule amendments will make the procedure less paper-intensive, with greater use of technology for transmission of documents and case procedures.
The potential areas for amendment are discussed here.
Invitation For Comments
The ICSID Secretariat welcomes any additional preliminary suggestions concerning potential rule amendments, which can be sent to: firstname.lastname@example.org. The comments will be published on this website.