The updated rules for arbitration, mediation, conciliation, and fact-finding are published for resolving international investment disputes, which come into effect on July 1, 2022. The objective is determined as, to make ICSID cases more efficient for parties, to broaden access to ICSID’s facilities and services, and to ensure greater public transparency in the conduct and outcome of proceedings.
Accordingly:
» Measures designed to make cases more efficient, such as mandatory case management conferences and precise deadlines for key steps. New expedited arbitration rules will also be available to parties, which reduce case times in half.
» Transparency of ICSID orders, decisions, and awards, while also assisting parties in identifying confidential information and specifying that protected personal information cannot be publicly disclosed.
» The ICSID Additional Facility: Originally established in 1978 - is now available for arbitration and conciliation proceedings where one or both disputing parties are not an ICSID Member State or a national of one.
» Regional Economic Integration Organizations (REIOs) - such as the European Union - may also be a party to proceedings to accommodate international investment agreements.
» Entirely new rules for mediation and fact-finding are also offered at ICSID which will provide parties with a time and cost-effective means to seek an amicable settlement to disputes.
» For the first time, the disclosure of third-party funding is required.
For details, please visit:
https://icsid.worldbank.org/news-and-events/communiques/icsid-releases-2022-versions-its-rules-and-regulations
June 27, 2022
Download as PDFThe updated rules for arbitration, mediation, conciliation, and fact-finding are published for resolving international investment disputes, which come into effect on July 1, 2022. The objective is determined as, to make ICSID cases more efficient for part