Public consultation underway for new P.R.I.M.E. Finance Arbitration Rules

P.R.I.M.E. Finance provides a specialist platform to resolve complex banking and financial disputes.  Since its inception in 2012, the organisation has been committed to providing users with a market-leading dispute resolution experience.  Following the cooperation between P.R.I.M.E. Finance and the Permanent Court of Arbitration (PCA) in December 2015, cases commenced under the P.R.I.M.E. Finance Arbitration Rules are administered by the PCA.

The current version of the P.R.I.M.E. Finance Arbitration Rules came into force in February 2016.  The rules closely follow the text of the UNCITRAL Arbitration Rules but have been tailored to enhance their applicability in banking and financial disputes.

Following the development of the arbitration landscape over the past few years – particularly in the context of complex commercial arbitrations – P.R.I.M.E. Finance has released a draft of its revised arbitration rules and invited the public to comment.  The changes aim to offer a comprehensive and clear set of best practice procedural rules, with particular features tailored for banking and financial arbitrations.

Some noticeable changes include enhanced efficiency and greater transparency.  The draft rules contain detailed provisions on emergency arbitrator procedures, expedition, joinder and consolidation, as well as the Tribunal’s power to coordinate proceedings and provide early determination under certain circumstances.  The proposed revisions also mandate the disclosure of third-party funding arrangements and encourage the publishing of arbitration awards.

The review of the existing P.R.I.M.E. Finance Arbitration Rules began in 2020 and involved pre-eminent banking experts and dispute resolution practitioners across multiple jurisdictions.  Herbert Smith Freehills Partner Kathryn Sanger is a member of the Drafting Group. Partner Dr Mathias Wittinghofer is a member of P.R.I.M.E. Finance’s panel of experts.

The public consultation is open until 22 March 2021.

P.R.I.M.E. Finance’s release is available here.

Kathryn Sanger
Kathryn Sanger
Partner, Hong Kong
+852 2101 4029
Nicholas Peacock
Nicholas Peacock
Partner, London
+44 20 7466 2803
Mathias Wittinghofer
Mathias Wittinghofer
Partner, Frankfurt
+49 69 2222 82521
Hannah Ambrose
Hannah Ambrose
Senior Associate, London
+44 20 7466 7585
Aaron Tang
Aaron Tang
Associate, Hong Kong
+852 2101 4102

The DIS Rules of Arbitration of 2018

The new arbitration rules of the German Institution of Arbitration (Deutsche Institution für Schiedsgerichtsbarkeit – “DIS”) will enter into force on 1 March 2018 (“DIS Rules 2018”).

It is the first revision of the DIS Rules since the current version was adopted in 1998 (“DIS Rules 1998”). The revision process involved nearly 300 persons sitting in three different commissions, but took only 18 months. The DIS Rules 2018 were drafted concurrently in English and German. The result: The DIS maintained and enhanced those civil law elements which were already decisive for the success of the DIS Rules 1998. But it also adopted new rules to reflect the changes and developments of international arbitration practice of the last two decades.

One of the most prominent features – as under the DIS Rules 1998 – of the DIS Rules 2018 is the promotion of early settlements (I.). Further, a newly founded body, the “Arbitration Council” will enhance the transparency and the integrity of the arbitration process (II.). Next, several new rules have been adopted in order to increase the already high efficiency, quality and expeditious character of DIS arbitration proceedings (III.). Lastly, along with the amendments of several institutional rules, the DIS Rules 2018 contain several new rules for multi-party and multi-contract arbitrations (IV.).

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