New ICSID Rules: Arbitral Revolution or Much Ado About Nothing?

After years of consultations, a comprehensively revised set of ICSID rules entered into effect in July 2022. The new rules implement many of the reforms of investor-State dispute settlement preoccupying UNCITRAL Working Group III. Will the new rules inaugur a golden age of investment dispute settlement or will it be business as usual under a different rule-book cover?

The panel that addressed these issues had both deeply studied the new rules and vast experience with ICSID dispute settlement. They are authors of chapters in the 900+ page commentary on the new ICSID rules edited by Drs. Richard Happ and Stephan Wilske. The panel assessed the achievement of the new rules and highlight innovations key for every ICSID practitioner.