On 21 March 2022, a comprehensively updated set of rules and regulations for ICSID arbitration, conciliation, and mediation proceedings was approved. The new rules and regulations will go into effect on 1 July 2022. The amendments are noteworthy in several respects. The rules have been redrafted in plain, modern, gender-neutral language and have been structurally reorganized in a user-friendly way. The substantive changes to the rules are aimed at reducing the time and cost of proceedings, ensuring greater use of technology, and increasing transparency. There are also new stand-alone rules on mediation (for all or part of a dispute) and fact-finding.
In this client alert, we highlight the key amendments to ICSID’s Institution Rules, Arbitration Rules, and the Additional Facility Rules and assess their likely impact on investor-State arbitrations.
