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Nowadays, the International Arbitration Court in Paris (“the ICC Court“) is the leading arbitration institution, deciding international commercial disputes worldwide. The new ICC Arbitration Rules have entered into effect on the 1st of January 2012 („the ICC Rules“) and they are deemed to be an undisputed improvement of its older version from 1998. The new ICC Rules guarantee a quicker deciding of complex international disputes and reflect flexibly on the requirements of disputing parties in the ICC arbitration, as well as on the requests of the arbitration community. On the whole, the legislative changes in the ICC Rules may be divided into three categories. The first category consists of adaptations, focused on acceleration of the proceedings. The second category comprises new provisions, added to the rules in order to achieve a better reflection on the requests of both disputing parties and arbitrators in the contemporary ICC arbitration. All the new provisions with their main purpose, being an increase of the use of ICC Rules in the international investment arbitration, have been included in the third category of the latest amendments. These days – after two years since their adoption, the new ICC Rules are considered an important step forward, which is true, at least from the viewpoint of improving the effectiveness of the ICC arbitration. On the other hand, they are neither shorter, nor simpler, than their older version from 1998. As a result, their detailed analysis would have to be so detailed, that even a sensitive reader could get lost in it quite easily. On the contrary, a sketchy overview of the ICC Rules could turn out as insufficient and rushed. Because of this reason, a monitoring overview of the whole skeleton of rules seems to be a more suitable choice, while reviewing the latest amendments of the ICC Rules. And it is exactly the aforementioned monitoring ‘clean-cut’ through the most important changes in the ICC Rules in all above featured categories, that the following paper is aiming at, together with explaining their purpose and meaning for the international arbitration community.
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