Representatives of ICSID Member States convened in Washington, D.C. from November 11 – 15, 2019, for a third consultation on amendments to the ICSID rules for resolving international investment disputes.
The meeting focused on the draft rules for arbitration, conciliation, mediation and fact-finding published in Working Paper #3: Proposals for Amendment of ICSID Rules in August 2019. Working Paper #3 builds on the proposals advanced in two earlier working papers in March 2019 and August 2018.
“Delegations expressed a clear interest in achieving concrete results in the near future,” said Meg Kinnear, Secretary-General of ICSID. “That is certainly achievable given the significant progress made at this, and earlier, consultations.”
As a next step, the ICSID Secretariat will prepare a fourth working paper that addresses the comments received during the consultation meeting and in writing.
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.