ICSID today released a second compendium of comments from States and the public on proposed amendment to its procedural rules for resolving international investment disputes.
The compendium consolidates comments received from twenty-one States, organizations and individuals on the draft rules that were published in Working Paper #2: Proposals for Amendment of the ICSID Rules in March 2019. Comments are listed next to the rules that they apply to, allowing readers to easily reference the feedback received on each of the proposed rule changes. The compendium also includes links to the full submission of the commenting party.
The ICSID Secretariat is now preparing an updated draft of the amended rules ahead of a third consultation meeting with Member States in November 2019.
Background on the Rule Amendments
ICSID is modernizing and streamlining its rules for arbitration, conciliation, mediation and fact-finding. These are the most commonly used rules in investor-State dispute settlement.
The proposed rules include numerous steps to reduce the time, cost and environmental footprint of proceedings. They also address a range of issues that were raised by States and other stakeholders, including transparency, appointment and disqualification of arbitrators, security for costs, allocation of costs, consolidation of cases, and third-party funding.
Key milestones in the rule amendment process so far include:
• October 2016: ICSID begins inviting input on the topics that should be considered in the amended rules.
• August 2018: ICSID publishes the first complete set of proposed changes to the rules in Working Paper #1: Proposals for Amendment of the ICSID Rules.
• September 2018: ICSID Member States meet in Washington, D.C. to discuss the proposed rule changes.
• October 2018: ICSID launches a series of online and in-person consultations to seek input on the proposals.
• January 2019: ICSID publishes a compendium of comments received on Working Paper #1.
• March 2019: ICSID publishes a second iteration of the proposed amendments in Working Paper #2.
• April 2019: ICSID Member States convene for a second in-person consultation.
ICSID has invited feedback on the amended rules throughout the process. These are published on the ICSID website upon receipt.