Danielle Morris and Sam Winter-Barker discuss the recently updated rules and regulations regarding International Centre for Settlement of Investment Disputes proceedings in an article published by Law360.
Excerpt: On March 21, a comprehensively updated set of rules and regulations for International Centre for Settlement of Investment Disputes arbitration, conciliation and mediation proceedings was approved.[1] The new rules and regulations will go into effect on July 1.
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 article, we highlight the key amendments to ICSID's institution rules, arbitration rules and the additional facility rules and assess their likely effect on investor-state arbitrations.[2]
