In October 2016, the Centre began work on further updating and modernizing the ICSID Rules and Regulations. The ICSID Secretariat launched the process by asking Member States for preliminary suggestions of topics or themes for possible amendments and to designate contact persons for the duration of the amendment process.
The Secretariat now invites others interested in the ICSID process to provide suggestions regarding potential amendments to ICSID rules. The Secretariat would be grateful for any such suggestions to be sent to [email protected] by March 31, 2017.
Among other things, the ICSID Secretariat will explore how to simplify the dispute settlement procedure to make it increasingly cost and time effective, while continuing to ensure due process and equal treatment of the parties. One of the guiding principles will be to maintain the balance between the interests of investors and States to ensure continued integrity of the process.
The Secretariat will compile background papers concerning various proposals for amendment taking into account the suggestions received. It will make proposed draft amendments available to ICSID Member States and the public, and will seek their feedback in a subsequent consultation process.
The timing of the background papers and the estimated entry into effect of any amendments will depend on the scope of the suggestions received. The last amendments, which came into effect in 2006, were adopted after a 2-year period of analysis and public consultation.