On Sunday, 20 June 2021, the Asian International Arbitration Centre (AIAC) launched its new International Arbitration Rules for public comment following extensive consultations with an international External Advisory Committee for the Revision of the AIAC Arbitration Rules (including Peter Godwin, Partner, HSF Kuala Lumpur). A copy of the draft rules can be found here.
The draft marks a significant departure from the existing arbitral practice in Malaysia and demonstrates the AIAC’s focus on modernising its arbitration rules and widening its appeal to a truly international market. The new rules incorporate the UNCITRAL Arbitration Rules and the AIAC’s standalone expedited arbitration procedure (dispensing with the need for the AIAC to maintain its current practice of referring to the UNCITRAL Arbitration Rules or maintaining its standalone Fast Track Arbitration Rules). The draft rules also introduce a new summary determination procedure, rules for appointment of the tribunal in multi-party situations, ability to commence a single arbitration under multiple contracts by submitting in parallel an application to consolidate, and provisions on third party funding. In addition, the rules contained refined provisions relating to emergency arbitrators, appointment, challenge and replacement of an arbitrator, the tribunal’s powers in the conduct of proceedings, and the scope of technical reviews of draft final awards.
The AIAC welcomes comments on the draft rules until 30 June 2021 here.
For further information, please contact Peter Godwin, Partner, Daniel Chua, Associate, Rebecca Pang, Associate or your usual Herbert Smith Freehills contact.
Herbert Smith Freehills LLP is licensed to operate as a Qualified Foreign Law Firm in Malaysia. Where advice on Malaysian law is required, we will refer the matter to and work with licensed Malaysian law practices where necessary.