Procedural Background

This Procedural Order No. 2 establishes the transparency and confidentiality regime governing the arbitration proceedings between the Claimants and the Republic of Cyprus. Following the circulation of a draft order and subsequent discussions during the first session held on May 7, 2026, the Tribunal issued this Order to formalize the Parties' agreements and the Tribunal's determinations pursuant to the ICSID Convention and the 2022 ICSID Arbitration Rules.

Tribunal's Directions on Transparency

The Tribunal directed that, absent the Parties' consent, the Centre shall only publish excerpts of the Award and any supplementary decisions, rectifications, interpretations, revisions, or annulment decisions, in accordance with ICSID Arbitration Rule 62(4). However, the Parties expressly consented to the publication of any decision upholding jurisdiction as part of the eventual Award. Furthermore, the Tribunal ordered the publication of its orders and decisions, subject to agreed or Tribunal-directed redactions pursuant to ICSID Arbitration Rule 63.

Conversely, the Tribunal recorded the Parties' lack of consent regarding the publication of written submissions. The Tribunal further ruled that supporting documents, including exhibits, legal authorities, witness statements, and expert reports, shall remain unpublished. Hearings shall be closed to the public unless the Parties agree otherwise at least two months prior to the hearing, in which case a protocol for public access and the protection of confidential information will be established. Finally, transcripts and recordings of hearings are strictly precluded from publication by ICSID.