ICSID Member States convened from April 7-10, 2019, in Washington, D.C. for a second consultation on amending ICSID’s procedural rules for resolving international investment disputes.
The meeting entailed a detailed review of the draft rules contained in Working Paper # 2: Proposals for Amendment of the ICSID Rules, which sets out revisions to ICSID’s arbitration, conciliation, and fact-finding rules, and features the full text of ICSID’s newly drafted investor-State mediation rules. Working Paper # 2 updates the earlier draft proposals published in August 2018 (Working Paper # 1).
“This was a highly productive meeting that brought us a big step forward towards finalizing ICSID’s new and improved rules,” said ICSID Secretary-General, Meg Kinnear.
Background on the Rule Amendment Process
This is the fourth time the ICSID rules have been amended, and the changes being discussed are by far the most extensive to date. The process is focused on modernizing and streamlining the rules, making procedures more time and cost efficient, and enlarging the range of dispute settlement mechanisms offered to States and investors.
ICSID Member States have also identified a number of topics that they wish to see addressed in the new rules. This includes incorporating appropriate disclosure requirements for third-party funding; further enhancing transparency through the publication of awards, decisions and orders; introducing a new provision on security for costs; and elaborating on the declaration of impartiality and independence that is required by ICSID arbitrators and conciliators.