Update: Singapore extends third-party funding framework to domestic arbitrations and SICC proceedings

From 28 June 2021, Singapore will permit third-party funding of domestic arbitration proceedings, proceedings in the Singapore International Commercial Court (SICC) and related mediation proceedings. Before this, Singapore permitted third-party funding for international arbitration proceedings and related court and mediation proceedings only (as reported in our blog post of January 2017). In making these changes, … Read more

CROSS POST: UNCITRAL PUBLISHES INITIAL DRAFT ON THE REGULATION OF THIRD-PARTY FUNDING IN INVESTOR-STATE DISPUTE SETTLEMENT

In a recent post on our Public International Law Notes blog, Christian Leathley, Amal Bouchenaki, Florencia Villaggi and Louis Thivierge consider the UNCITRAL Secretariat’s initial draft provisions on the regulation of third-party funding in Investor-State Dispute Settlement, which presents various potential models that the Working Group on Investor-State Dispute Settlement Reform may adopt for regulating … Read more

PODCAST: ICC RULES 2021 – WHAT YOU NEED TO KNOW

Following the release of the ICC’s new 2021 Arbitration Rules in draft on 9 October 2020, Craig Tevendale (Partner and UK Head of International Arbitration), Thierry Tomasi (Partner) and Vanessa Naish (Professional Support Consultant) have recorded a podcast discussing the top 5 changes to be aware of in the new Rules, being: Amendments to the … Read more

THE NEW ICC RULES 2021: WHAT YOU NEED TO KNOW

The International Chamber of Commerce (ICC) has released its 2021 Arbitration Rules in draft (the 2021 Rules). This is a “soft launch” with the current text still subject to editorial changes prior to their formal release in December. The 2021 Rules will come into force on 1 January 2021. Read more

FUNDING IN SINGAPORE AND HONG KONG: HERBERT SMITH FREEHILLS CONTRIBUTES TO LEADING PUBLICATION, ACTS ON FUNDED CASES

Third party funding is a hot topic in Asia. As noted on this blog, Singapore introduced legislation in 2017 to allow third-party funding in international arbitration and associated proceedings, including enforcement and mediation. Hong Kong’s funding legislation takes effect today. Our Singapore team is already representing clients in two significant Singapore-seated arbitrations in which the … Read more

Hong Kong funding law to take effect 1 February

Hong Kong has published its long-awaited Code of Practice for third party funders, and announced that amendments to the Arbitration Ordinance which permit funding of Hong Kong arbitrations will come fully into force on 1 February 2019. Similar amendments to the Mediation Ordinance (Cap. 620) have been deferred for further consultation. Read more

Update on the future of ISDS: the discussions within UNCITRAL Working Group III – no apparent consensus to date

After a number of years of public debate in a variety of fora, the discussion of the future development of investor-state dispute settlement (ISDS) has recently moved to the United Nations Commission on International Trade Law (UNCITRAL). UNCITRAL Working Group III (WGIII) has been given a broad mandate to identify concerns regarding ISDS, consider whether … Read more

Security for costs granted by English Court in investment treaty award challenge in which claimants are receiving third-party funding

In its recent judgment in Progas Energy Limited and ors v Pakistan [2018], the English High Court (the Court) granted Pakistan’s request for security for their costs in defending a challenge to an investment treaty award. The Court declined Pakistan’s application for security for its unpaid costs in the arbitration awarded to them by the … Read more