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A. LEGISLATION AND RULES A.1 Legislation International arbitration in Colombia continues to be governed by Section Three of Law 1563 of 2012,[1] to which there have been no legislative amendments. Legislative attempts to modify Section Three of Law 1563 have been shelved, and there is no current bill being discussed to amend it. However, there are two bills currently under discussion in the Colombian Congress related to domestic arbitration: Bill No. 8 of 2023, which…

COLOMBIA Claudia Benavides and Jesus Villegas A. LEGISLATION AND RULES A.1       Legislation Domestic and international arbitration in Colombia continues to be governed by Law 1563 of 2012 (“Law 1563”), which entered into force in October 2012. Law 1563 provides for a different set of rules depending on whether arbitration is domestic or international. Section 3 of Law 1563, which governs international arbitration, is mostly based on UNCITRAL Model Law with certain amendments. Law 1682 of…

Venezuela’s withdrawal from the ICSID Convention does not prevent foreign investors from relying on other mechanisms in order to protect their rights. On 24 January 2012, the Bolivarian Republic of Venezuela formally deposited with the International Centre for Settlement of Investment Disputes (ICSID) – an international institution depending from the World Bank ‑ its “irrevocable denunciation” of the Convention on the Settlement of Investment Disputes between States and Nationals of Other States (ICSID Convention), asserting that “Venezuela…