On 21 March 2022, the Member States of the International Centre
for Settlement of Investment Disputes ("ICSID") approved
a comprehensive set of amendments to ICSID's rules for
resolving disputes between foreign investors and host States (the
"Rules"). The amended Rules come into effect on 1 July
2022 and apply to ICSID proceedings filed on or after that
date.1
The current amendments reflect a more than five-year process of
consultation, negotiation and commentary, which aimed "to
modernize, simplify, and streamline the rules, while also
leveraging information technology to reduce the environmental
footprint of ICSID proceedings." Some of the amendments mirror
Debevoise's Efficiency Protocol to promote efficiency in
international arbitral proceedings.
