ICSID was the first among major international arbitral institutions to adopt a rule permitting the expedited dismissal of unmeritorious claims. Now, with the adoption of its 2022 Arbitration Rules, ICSID has amended the rule for the first time. This article examines ICSID’s early dismissal procedure from its adoption through the recent amendments, focusing ICSID’s rationale for adopting certain amendment proposals while declining others, and how the changes will affect practice moving forward. Although the primary motivation behind the rule was to protect States and the ISDS system against abuse, in practice, it has led to the full dismissal of claims in only seven cases (1%) over 17 years.The procedure may be invoked more often under the new rule, but nothing suggests that the rate of success will rise, and the overall number of claims dismissed is likely to remain very small.Thus, the procedure’s role as a protection for States remains largely symbolic. By contrast, efficiency appears to be a tangible benefit that could grow under the new regime. To that end, this article offers suggestions on how tribunals might harness the rule’s efficiency enhancing potential.