After a five-year process involving six working papers and inputs from many states and other stakeholders, the International Centre for Settlement of Investment Disputes (“ICSID“) amended its arbitration (“Arbitration Rules“) and conciliation rules (“Conciliation Rules“), while establishing new stand-alone rules on mediation (“Mediation Rules“) and fact-finding (“Fact Finding Rules“) (together, “Rules“).1 The amendments to the Rules were approved by majority of the ICSID member states on 21 March 2022 and recently entered into force on 1 July 2022. With these amendments, ICSID aims to increase the time and cost efficiency of proceedings by streamlining them and provide greater transparency. This is the fourth time that ICSID is amending its rules, and this is its most comprehensive amendment. The preceding three amendments were respectively on 1984, 2003 and 2006.
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