ERDEM-NEWSLETTER-2018-metin

135 ARBITRATION LAW Amendment of ICSID Rules and Regulations* Att. Tilbe Birengel Introduction At the 2016 Annual Meeting of the Administrative Council, the International Centre for Settlement of Investment Disputes (“ICSID”) launched an amendment process on its’ rules and regulations (“ICSID Rules and Regulations”). This has been the fourth amendment process since 1984, 2003 and 2006 1 . As per Article 6 of the ICSID Convention, the amendments will only be effective upon the approval of two-thirds of the contracting states 2 . Hence, ICSID invited contracting states and the public 3 to provide their amendment suggestions on topics worthy of consider- ation, which will be used as background papers throughout the process. Targets of the Amendment on ICSID Rules and Regulations The amendments focus on the targets of modernization of the rules, time and cost efficiency, increase in consistency during proce- dures and availability of the decisions 4 . * Article of April 2018 1 For further details on the previous amendments on the ICSID Rules and Regula- tions: https://icsid.worldbank.org/en/Pages/resources/ICSID-Convention, -Regu- lations-and-Rules.aspx (Access date: April 2018). 2 ICSID Convention,Regulations and Rules, ICSID/15 April 2006, https://icsid. worldbank.org/en/Documents/icsiddocs/ICSID%20Convention%20English.pdf (Access date: April 2018). 3 The ICSID Report on the Public Comments to Amendment of ICSID Rules and Regulations: https://icsid.worldbank.org/en/Documents/about/Public%20Com- ments%20to%20Amendment%20to%20ICSID%20Rules%20and%20Regula- tions.pdf (Access date: April 2018). 4 For further details on the amendment proposals: https://icsid.worldbank.org/en/ Documents/about/ICSID%20Rules%20Amendment%20Process-ENG.pdf (Ac- cess date: April 2018).