New ICSID Rules Offer Broader Access, Greater Transparency and More Streamlined Proceedings
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Key takeaways:
- On 1 July 2022, a comprehensive set of amendments to the International Centre for Settlement of Investment Disputes’ suite of rules for resolving disputes between foreign investors and host States come into effect.
- The amendments reflect important recent developments in arbitration practice concerning security for costs, third-party funding, transparency and the push for “greener” arbitration proceedings. The amendments also introduce expedited arbitration, streamline filing procedures and encourage early determination of key issues to improve efficiency in arbitration proceedings.
- ICSID has also developed standalone procedural rules for mediation and fact-finding and amended its Additional Facility Rules to allow for broader access to ICSID’s rules and services.
- Given the significant shifts in the rules, parties contemplating proceedings may wish to take advice on the scope and implications of the amendments.