By Manu Misra, Doctoral Candidate at Bocconi University, Milan
According to the 2015 International Arbitration Survey conducted by the QMUL School of International Arbitration, the worst characteristics of international arbitration include cost, delay and inefficiency. On 1 February 2016, the Singapore International Arbitration Centre (‘SIAC’) introduced a draft set of bespoke rules (‘the SIAC Rules’) for investment arbitration, the final version of which are set to be released later this year following an extended public consultation process. The SIAC Rules, originally drafted by the SIAC’s Rule-Revision Subcommittee on Investment Arbitration, contain a number of innovations which seek to address some of the current criticisms of the investment arbitration system such as inefficiency and inadequacy of rules relating to third-party funding and amicus curiae submissions.
Continue reading The Draft SIAC Investment Arbitration Rules: Key Themes & Innovations
By Shashi K. Dholandas, International Case Director for the AAA-ICDR in New York City
Canadians rightfully pride themselves on playing an integral role in the ever advancing development of international procedural rules and arbitral institutions. Canada was the first country to adopt the UNCITRAL Model Law on International Commercial Arbitration in 1986 and its nationals continue to champion the implementation of cutting edge institutional dispute resolution tools such as emergency arbitrator, joinder, and consolidation mechanisms; mechanisms which are becoming commonplace through their adoption in one form or another by arbitral institutions around the world.
Continue reading Canada’s Balancing Act: Ad Hoc v. Institutionally Administered Arbitration – What’s Next?
By Celeste Estefania Salinas Quero, Legal Counsel for the Stockholm Chambers of Commerce
On 26 April 2016, the Arbitration Institute of the Stockholm Chamber of Commerce (“SCC”) released for public consultation drafts of the 2017 Arbitration Rules and 2017 Rules for Expedited Arbitrations (“draft rules”). The drafts, which update the 2010 SCC Rules, are the result of a one and half-years of work by a special committee composed of international and local practitioners, academics, SCC Board and Secretariat members (“Committee”). The Committee was divided into three sub-committees that in parallel and coordinately revised the SCC Rules and worked with special provisions for investor-state disputes.
Continue reading Draft SCC Rules for consultation: What’s new?
By Stella Petritsi, a Solicitor at Thomas Cooper in Piraeus, Greece
Despite broad interpretation of “investment” in Bilateral Investment Treaties (“BITs”), an ICSID tribunal (“the Tribunal”) found on 9 April 2015 that the purchase of Greek Government Bonds did not constitute an “investment” in Greece. Whether under the Slovakia – Greece BIT, the Greece – Cyprus BIT or the ICSID Convention. Lacking jurisdiction on that basis, the Tribunal dismissed claims brought by Poštová banka (“Postova”), a Slovak bank, and its majority shareholder Istrokapital SE (“Istrokapital”), a company incorporated in Cyprus, against the Hellenic Republic (“Greece”).
Continue reading Greek economic crisis: are sovereign bonds protected “investments” under Bilateral Investment Treaties? ICSID Case No. ARB/13/8
By Anna-Maria Tamminen, a Managing Associate at Hannes Snellman in Helsinki, Finland
I had the pleasure of attending the meeting of the ICC Commission on Arbitration and ADR in Paris in mid-April. At the meeting, Ms. Hannah Tümpel, the former Manager of the ICC’s ADR Centre gave a powerful talk entitled “Some Thoughts on the Future of ADR”. According to Hannah, there is keen demand among the members of the ICC for wider use of mediation and we, as dispute resolution lawyers, should embrace that demand instead of continuing to debate how to curb time and costs in arbitration.
Continue reading Mediation – the new “international arbitration” for our generation?