Last month, the International Centre for Settlement of Investment Disputes (ICSID) published its second compendium of state and public comments on proposed amendments to its procedural rules for resolving international investment disputes. This is the latest development in ICSID’s rule amendment project which was formally launched in 2016. In August 2018, ICSID released its first working paper on the proposed amendments and subsequently published its first compendium of state and public comments in January 2019 (on which see our earlier posts here and here.)
After extensive consultations with the states and reviewing comments from the public in respect of the first working paper, ICSID released its updated working paper on the proposed amendments to the ICSID rules in March 2019. This second working paper expands on the proposals in the first working paper and contains a complete redraft of the ICSID rules.
The second working paper is made up of two volumes. Volume 1 contains the updated proposed rules. For each rule there is:
The title and number of the rule;
A box indicating whether changes have been made since the first working paper (including a hyperlink to that relevant rule);
The revised proposed rule in English, French and Spanish in redline; and
An explanation of the changes made and how they respond to comments received.
Volume 2 compiles all the updated proposals without redline and is the form of text that is currently proposed to the Member States.
In April 2019, the second working paper was discussed at a meeting of state experts in Washington DC. The aim of this meeting was to achieve a broad consensus for a final proposal that the members will vote on in October 2019.
In addition to the second working paper, ICSID has now also issued the updated compendium which consolidates the comments from twenty-one states, organisations and individuals received up to 28 June 2019.
ICSID continues to invite feedback throughout the process and any further comments received after June 2019 will be published on the ICSID website upon receipt and subsequently included in the compendium. The comments are listed next to the relevant rules and links to the full submission of the commenting party are included.
The ICSID Secretariat is now in the process of updating the amendments in advance of the third consultation meeting with the ICSID Member States in November 2019.
Sadie Buls would like to thank Maesya Roebuck for her assistance in the preparation of this article.