Today ICSID released an update to the proposed amendment of its procedural rules for resolving international investment disputes.
Working Paper #2: Proposals for Amendment of the ICSID Rules builds on the proposals that were originally published in August 2018.
Since publishing the first Working Paper last summer, ICSID has organized over fifty public consultations and has received over a hundred written submissions from States and the public. A compendium of written comments is available for download on the ICSID website.
The proposed changes are the most comprehensive in ICSID’s history, encompassing the existing rules for arbitration, conciliation and fact-finding, and introducing a new set of mediation rules.
Numerous changes are suggested to reduce the time and cost of proceedings; for example, making electronic filing the default and enhancing case management by tribunals. Under the proposals, parties would also be able to opt into an expedited arbitration process that would reduce the length of proceedings by half.
The proposals also address a range of topics that have been raised by States, legal professionals and other stakeholders since the rule amendment project began in late 2016. These topics include transparency in the conduct and outcome of proceedings (for example, publication of awards, decisions and orders); disclosure requirements for third-party funders; and enhanced declarations of independence and impartiality for arbitrators.
ICSID is consulting with its Member States on the latest proposals at a meeting in Washington, D.C., from April 7-9th, 2019.
Downloads and Resources:
• Working Paper #2: Proposals for Amendment of the ICSID Rules features the complete redrafted rules along with an explanation of the changes.
• The consolidated draft rules are also available to download as a standalone document in English, French and Spanish.
• A compendium of State of public comments brings together all written submissions on the proposals since August 2018.
Further background on the ICSID rule amendment project is available in English, French and Spanish at:
• English: https://icsid.worldbank.org/en/amendments
• French: https://icsid.worldbank.org/fr/amendments
• Spanish: https://icsid.worldbank.org/sp/amendments