The Amended ICSID Rules: An Overview

• Published date: 18 April 2022
• Subject Matter: Litigation, Mediation & Arbitration, Arbitration & Dispute Resolution, Trials & Appeals & Compensation
• Law Firm: OBLIN Attorneys at Law LLP
• Author: Mr Per Neuburger and Klaus Oblin

The International Centre for Settlement of Investment Disputes (ICSID) adopted amendments to its rules on 21 March 2022. They are set to come into force on 1 July 2022 and will apply to proceedings commenced after that date. The amendments are the culmination of a consultative process that was launched in 2016, comprised six working papers, and involved extensive consultations with ICSID Member States and stakeholders.¹

With its amended rules, ICSID aims to "modernize, simplify, and streamline the rules, while also leveraging information technology to reduce the environmental footprint of ICSID proceedings."² In addition to amending the Regulations and Rules for ICSID Convention Proceedings - including the Administrative and Financial Regulations, Institution Rules, Arbitration Rules, and Conciliation Rules - as well as the ICSID Additional Facility Rules, entirely new procedural rules for mediation and fact-finding have been introduced.

In this article, the most notable amendments to the Regulations and Rules for ICSID Convention Proceedings and the ICSID Additional Facility Rules are introduced.

What's new in the ICSID Rules?

Expedited arbitration rules

Rules on expedited arbitral proceedings have been adopted in Chapter XII of the ICSID Arbitration Rules. Consent of the parties to expedite the proceedings is required and may be offered at any time.³ The parties may opt out of an expedited arbitration at any time by jointly notifying the Tribunal and Secretary-General in writing.⁴

The tribunal shall hold a first session within 30 days after its constitution.⁵ This shall be done remotely unless the parties and the tribunal agree otherwise.⁶ Arbitration Rule 81(1) provides a procedural schedule for expedited proceedings after the first session:

• the claimant files a memorial within 60 days after the first session;
• the respondent's counter-memorial is filed within 60 days after the date of the filing of the claimant's memorial:
• neither the memorial nor the counter-memorial shall be longer than 200 pages;
• the claimant files its reply within 40 days after the filing of the respondent's counter-memorial;
• the respondent's rejoinder is filed within 40 days after the filing of the claimant's reply;
• neither the reply nor the rejoinder shall be longer than 100 pages;
• within 60 days after the last written submission is filed, the hearing is held;
• statements of the parties' costs and written submissions on costs are filed within 10 days after the last day of the...