Third-party funding is now a routine feature of international commercial and investor-state arbitration, particularly for claimants facing years of proceedings against well-resourced state or corporate respondents. The 2022 ICSID Arbitration Rules addressed disclosure of third-party funding for the first time in the institution's history: Rule 14 imposes an ongoing obligation on parties to disclose the name and address of any third-party funder, either at registration of the request for arbitration or promptly after concluding a funding arrangement mid-proceeding.
Tribunals have broad discretion to order further disclosure regarding a funder at any stage, which can extend to the funding agreement itself, though it remains unsettled how far that transparency should go, whether a bare Rule 14 notice suffices, or whether tribunals should see the full agreement, and how to protect commercially sensitive terms.
Cases filed before July 1, 2022 remain governed by the 2006 rules, under which funding disclosure was not mandatory, creating a split regime that practitioners must navigate depending on filing date. Offshore arbitration-friendly jurisdictions such as Jersey, Guernsey, and Bermuda maintain their own, often more tightly controlled, frameworks for funder involvement, particularly in restructuring and insolvency-linked disputes.