ICSID is the World Bank body which administers investor-state arbitrations. In October 2016 the ICSID Secretariat initiated the work with updating the ICSID Arbitration Rules (the last time this was done was in 2006). As part of that work, a public invitation has been circulated in order to compile views from a wide spectrum of the public, including, of course, the contracting states.
The changes that will be made to the rules depend largely on the proposals coming from the public but one stated objective is to make ICSID proceedings more time and cost effective, while still ensuring due process and equal treatment of the parties.
ICSID arbitrations are in fact governed by two sets of rules. The 1965 ICSID Convention sets the outer frames of the proceedings, while the ICSID Arbitration Rules govern the more detailed procedural issues. The Convention acts as the “constitution” of ICSID and has 161 contracting states. Since every state needs to consent to any change, the ICSID Convention is not likely to be changed anytime soon. The Arbitration Rules, however, do not need the consent of every contracting state and are therefore more flexible.