ICSID today released its latest working paper with proposed amendments to its procedural rules for resolving international investment disputes. Working Paper #4: Proposals for Amendment of the ICSID Rules reflects input received on the previous working paper published in August 2019, including feedback exchanged during a week-long consultation with ICSID Member States in November 2019.
“Through the combined efforts of Member State officials, the Secretariat, legal professionals, academics and NGOs, we have developed a new generation of ICSID rules that are at the cutting-edge of ISDS procedure,” said Meg Kinnear, Secretary-General of ICSID.
The ICSID rule amendment process has resulted in the most extensive changes to ICSID’s dispute settlement rules in over 50 years. Once in effect, the updated rules will:
• Reduce the time and cost of ICSID proceedings, including the option for an expedited arbitration process that would cut the time of an average case by half;
• Expand the range of dispute settlement mechanisms available to parties through new mediation rules and updated conciliation and fact-finding rules;
• Further enhance the transparency of ICSID cases, and address emerging trends in ISDS such as third-party funding;
• Broaden access to the Additional Facility Arbitration and Conciliation Rules, making these more widely available in international investment disputes;
• Continue to strike a balance amongst the interests of States and investors.