The latest version of the ICSID draft Rules on Transparency

A step forward in the right direction?

Introduction

The International Centre for Settlement of Investment Disputes (ICSID) has released the latest version of its draft Rules on Transparency. These rules are designed to increase the transparency of ICSID arbitration proceedings and make them more accessible to the public. The draft rules have been welcomed by some as a step in the right direction, while others have criticized them for not going far enough.

The 2023 ICSID Draft Rules represent the culmination of a nearly seven-year process of review and revision to the existing 2006 Rules and will come into effect on July 1, 2023. The Draft Rules aim to provide a new framework for enhancing the transparency of ICSID arbitration procedures in response to the increasing demands of stakeholders and the general public to increase public access to international arbitration proceedings and documents.