From 2016 to 2022, the International Centre for Settlement of Investment Disputes (ICSID) undertook a comprehensive review and amendment of its Arbitration and Conciliation Rules, in consultation with its Member States and other stakeholders. This process, aimed at reflecting best practices, improving time and cost efficiency and environmental friendliness, resulted in six Working Papers, five consultations with Member States, and the vote of the Member States to adopt the new rules on March 21, 2022.
These new rules, which came into force on July 1, 2022, apply to disputes under the ICSID Convention where consent to arbitration was given after their entry into force. For those proceedings for which consent was given before that date, the corresponding 1968, 1984 or 2006 Arbitration Rules apply.
A significant aspect of the 2022 Rules is the revised provision on provisional measures, codified in Arbitration Rule 47, reflecting existing practices and modernizing the text. This article analyzes the context and framework of provisional measures, the contents of Arbitration Rule 47, and recent case law applying the new provision.
BCDR International Arbitration Review