International | ICSID reviews and approves new regulations and rules

ICSID is expecting to provide agility and transparency to the proceedings it administers 
International | ICSID reviews and approves new  regulations and rules
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March 24, 2022
Key aspects 

> ICSID codifies widespread arbitral practice, especially on the use of technology and allowing holding virtual hearings.
 
> The transparency of proceedings and rulings issued by arbitral tribunals is enhanced.  
 
> The parties must disclose the existence of third-party funders of the arbitration or conciliation. 
 
>  The ICSID Additional Facility is amended to allow international organizations such as the EU to become parties to arbitration and conciliation proceedings. 
 
> The parties may resort to an "express” arbitration proceeding. 
 
 > ICSID mediation is born, and the factfinding proceeding is reviewed, which may be used independently or in support of arbitration.

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March 24, 2022