Earlier this month, after a five-year consultation process aimed at modernising its rules, the International Centre of Settlement of Investment Disputes (ICSID) submitted its amended rules for approval by the Administrative Council.
The Administrative Council is ICSID’s governing body and is formed by one representative from each member state.
Each member of the Administrative Council has one vote, and a two-thirds majority is required here.
Members are expected to vote by 21 March 2022 and, if approved, the updated rules will go into effect on 1 July 2022.
ICSID said that the proposed amendments are the “most wide-ranging” in its 55-year history. As we reported in November 2021, the centre was keen to simplify and streamline its rules, address inefficiencies, and incorporate many of the suggestions raised by the member states during the consultation period.
There is also a general feeling among practitioners that the amended rules should be approved, although a voting process always carries an element of uncertainty.
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