The Central Bank of Malaysia Act 2009 (“Act“) designated Malaysia’s Shariah Advisory Committee on Islamic finance (“SAC“) as the authority for ascertaining Islamic law for the purposes of Islamic financial business. According to Section 2 of the Act, “Islamic financial business” encompasses “any financial business in ringgit or other currency which is subject to the … Read more
On 18 June 2019, the Vienna International Arbitral Centre (“VIAC“) received a recommendation to be recognised as a “permanent arbitration institution” (“PAI“) in Russia. Coming only a few months after the Hong Kong International Arbitration Centre (“HKIAC“) became the first foreign institution to receive PAI status, this development is yet another milestone in the rapidly … Read more
Based on the recommendations of the Sri Krishna Committee (previously discussed here), on 3 July 2019, the current Law Minister, Ravi Shankar Prasad, introduced Bill No.127 of 2019, the New Delhi International Arbitration Centre Bill 2019 (the Bill) in the Lok Sabha. The Bill replaces an ordinance issued by the previous government in March 2019 … Read more
Head of Herbert Smith Freehills’ Global Arbitration Practice, Paula Hodges QC, has officially begun her Presidency of the LCIA Court. Lauded by the legal directories as “brilliant” and the “most complete arbitration practitioner in London”, Paula has over 25 years’ experience advising clients in international disputes, particularly in the energy, telecommunications and technology sectors. Paula … Read more
On 29 March 2019, a series of amendments to Federal Law No. 382-FZ “On Arbitration (Arbitration Proceedings) in the Russian Federation” came into force. The amendments, which were predominantly introduced by Federal Law No. 531-FZ of 27 December 2018 (the “Amending Law“), are an attempt to address various issues that have arisen from the implementation … Read more
The Russian arbitration landscape is undergoing some major changes. Just a few years ago, in 2016, the arbitration regime in Russia was radically reformed with clarifications around the use of arbitration in corporate disputes, and the introduction of an accreditation regime for “permanent arbitration institutions”. While these reforms were aimed at strengthening the legitimacy of … Read more
On 4 April 2019, the Hong Kong International Arbitration Centre (HKIAC) received approval to be recognised as a “permanent arbitration institution” in Russia. The HKIAC is the first foreign institution to receive such approval, which marks an unprecedented change in the Russian arbitration landscape. Obtaining the “permanent” status means that the HKIAC will be able … Read more
In late November 2018, the Russian Arbitration Association (“RAA”) published a detailed study on the application of the New York Convention in Russia between 2008 and 2017. The Working Group of the RAA analysed 10 consecutive years of case law on the recognition and enforcement of foreign arbitral awards in the Russian courts. The study … Read more
