ICSID Releases New Guidance Notes On The Amended ICSID Rules And Regulations

Recent Development

The International Centre for Settlement of Investment Disputes ("ICSID") amended its arbitration and conciliation rules and established new standalone rules on mediation and fact-finding ("Rules").¹ The amendments to the Rules were approved by the majority of the ICSID member states on 21 March 2022 and recently entered into force on 1 July 2022. The main purpose of the amendments was to make the Rules more accessible by modernizing and streamlining them, increasing the time and cost efficiency and reducing the environmental footprint of proceedings through the use of technology, as well as providing greater transparency. With the amendments, ICSID announced that it would release new guidance notes on the Rules ("Guidance Notes") to help practitioners navigate ICSID procedures under the Rules. The highly anticipated Guidance Notes were published on ICSID's website on 22 July 2022.²