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ARTICLE · 28 SEPTEMBER 2018

Proposals For Modernising ICSID's Rules – Open For Comment Until 28 December 2018

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The International Centre for Settlement of Investment Disputes (ICSID) published a proposal for extensive changes to its rules for resolving disputes between foreign investors and states.

United KingdomLitigation, Mediation & Arbitration
Shepherd And Wedderburn LLP
Shepherd And Wedderburn LLP
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The International Centre for Settlement of Investment Disputes (ICSID) published a proposal for extensive changes to its rules for resolving disputes between foreign investors and states. Despite ICSID being one of the most utilised investment arbitration facilities, it takes on average three or more years for an award to be issued in an ICSID arbitration. The comprehensive set of reforms is aimed at modernising and enhancing the efficiency of ICSID's dispute settlement mechanism. These propose an entirely new set of mediation rules as well as updating the existing arbitration, conciliation and fact-finding rules.

Similar attempts were undertaken by other international arbitration institutions. For instance, the International Court of Arbitration of the International Chamber of Commerce (ICC) updated its rules already in December 2016. The revised rules came into force in March 2017 and – as described by Claire Stockford, partner at S + W, back in January 20171 –

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