The ICSID Rules and Regulations have been modified on four different occasions since their adoption in 1967, the last reform being that of 2006. Last October, the fifth round of amendments was launched with the formal invitation for States to make amendment proposals. The public received a similar invitation in January this year, lasting until 31 March.
Now that this consultation period has been closed, a list of 16 key topics has been published on ICSID’s website. The ICSID Secretariat is currently preparing background papers on each of them, explaining the basis for proposed changes, summarizing relevant considerations and proposing wording for the amendments proposed. Said papers are intended to be released in early 2018.
The three main goals of this reform are: (i) modernizing the rules in the light of case experience; (ii) making the ICSID process more time and cost effective while ensuring improved procedural standards; and (iii) making procedures more tech-friendly and progressively dematerialized.