ERDEM-NEWSLETTER-2018-metin

136 NEWSLETTER 2018 Modernization of the Rules One of the major tasks of the amendments is modernization of the ICSID Rules and Regulations in order to incorporate the common outcomes of case law, and to reflect the common and modern practice of the arbitrators in the rules. Streamlining the appointment of arbitrators, providing more elaborated codes of conduct on the qualifications of the arbitrators and new procedures in relation to the challenge of arbitrators may be discussed. Under the subject of challenge of arbitrators, the capac- ity of the arbitrators to resign prior to the constitution of the tribunal, automatic stay of proceedings, and award of costs stemming from il- legitimate challenges are likely to be considered. Time and Cost Efficiency In order to accelerate the arbitration process the closure of the procedures, release of the awards and dissents, as well as annulment procedures may be amended to be bound by stricter time frames. In case where parties fail to pay the established advances, the time for discontinuance of a case may be expedited. In terms of cost efficiency, explicit rules governing the author- ity of the tribunals to order security of costs and stay of enforcement of awards by an ad hoc committee may be provided. In parallel to this, disclosure of third-party funders may be discussed. Accordingly, more transparency on the basis of allocation of costs may be brought, and parties may have a clearer view on the possible outcomes of the process. Increasing Consistency and Availability Since consolidation is available under the rules through the con- sent of the parties, elaboration of the consolidation of cases is con- sidered to cause significant increase in consistency. Moreover, it is considered to reduce costs that are incurred due to inconsistency. Apart from the awards, publication of decisions and orders may now be considered. Since decisions and orders contain significant