The latest Rules of the International Centre for Settlement of Investment Disputes (ICSID) take effect on 1 July 2022, following an extensive consultation process. Significant new provisions in the ICSID Arbitration Rules (2022 Arbitration Rules) and Arbitration (Additional Facility) Rules are aimed at making proceedings more efficient.
Major developments in the updated Rules are the introduction of an expedited arbitration procedure and a requirement for disclosure of third-party funding. Other new measures seek to make proceedings and their outcome more transparent, which seeks to address one of the main criticisms of Investor-State Dispute Settlement (ISDS). In an entirely new development, Rules for ICSID Mediation Proceedings (2022 Mediation Rules) are added to promote the efficient, amicable resolution of Investor-State disputes and are available to parties regardless of whether they are engaged in ICSID arbitration.