About ICSID Amendments

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, including:

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.

Current Process

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.

On February 28, 2020, the ICSID Secretariat published its fourth working paper on proposals for rule amendments (Working Paper #4). The paper builds on the proposals that were originally published in August 2018 (Working Paper #1), March 2019 (Working Paper #2) and August 2019 (Working Paper #3) and follows extensive consultations with ICSID Member States and the public.

The working papers explain the basis for a proposed change, notes relevant considerations, and suggests the potential wording or structure of amendments.

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 700 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.

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​​​​​​​​​​​​ICSID is the world’s leading institution devoted to international investment dispute settlement. It has extensive experience in this field, having administered the majority of all international investment cases. States have agreed on ICSID as a forum for investor-State dispute settlement in most international investment treaties and in numerous investment laws and contracts.

ICSID was established in 1966 by the Convention on the Settlement of Investment Disputes between States and Nationals ofOther States (the ICSID Convention). The ICSID Convention is a multilateral treaty formulated by the Executive Directors of the World Bank to further the Bank’s objective of promoting international investment. ICSID is an independent, depoliticized and effective dispute-settlement institution. Its availability to investors and States helps to promote international investment by providing confidence in the dispute resolution process. It is also available for state-state disputes under investment treaties and free trade agreements, and as an administrative registry.

ICSID provides for settlement of disputes by conciliation, arbitration or fact-finding. The ICSID process is designed to take account of the special characteristics of international investment disputes and the parties involved, maintaining a careful balance between the interests of investors and host States. Each case is considered by an independent Conciliation Commission or Arbitral Tribunal, after hearing evidence and legal arguments from the parties. A dedicated ICSID case team is assigned to each case and provides expert assistance throughout the process.