On 3 February 2020, the Seychelles became the 162nd State party to the 1958 Convention on the Recognition and Enforcement of Foreign Arbitral Awards (the “New York Convention“).The Seychelles is the latest state to have joined the New York Convention framework following the most recent accessions of Papua New Guinea, Maldives, Cabo Verde and Sudan.
In November 2019, the Cabinet of the Office of the President of Seychelles approved the Seychelles’ accession to the New York Convention. On 3 February 2020, the Seychelles deposited its instrument of accession and, under Article XII (2) of the Convention, it will come into force for The Seychelles on 3 May 2020, 90 days thereafter.
Contracting States are able to accede to the New York Convention subject to certain reservations. According to the United Nations Commission on International Trade Law website which charts the status of the New York Convention, the Seychelles has made two reservations regarding the application of the Convention. These are: (i) that the state will apply the Convention only to recognition and enforcement of awards made in the territory of another contracting State (the so-called “reciprocity reservation”); and (ii) that the state will apply the Convention only to differences arising out of legal relationships that are considered commercial under the national law (the so-called “commercial reservation”).
For further information, please contact Nicholas Peacock, Partner, Vanessa Naish, Professional Support Consultant, Helin Laufer, Associate, or your usual Herbert Smith Freehills contact.