The Singapore International Arbitration Centre (SIAC) has launched two public consultations, one concerned with its revised 2016 Rules, and the other on their new draft Investment Arbitration Rules (IA Rules) 2016.
Draft updated 2016 Rules1
The updated Rules include new provisions on joinder and consolidation, and amendments to the emergency arbitrators and expedited procedure provisions, together with a new provision allowing for a single arbitration to determine disputes arising out of multiple contracts, introduction of a formalised case management conference procedure, revised time limits for closure of proceedings, and publication of the award only with the consent of the parties.
The consultation period closes on 29 February 2016, with the Rules due to come into force on 1 June 2016.
Draft Investment Arbitration Rules 20162
SIAC has released its draft Investment Arbitration (IA) Rules 2016 for public consultation. The proposed IA rules are intended to be an alternative to those under ICSID or UNCITRAL, and further help establish SIAC as a financial arbitration centre.
The draft IA Rules provide that the proceedings will be confidential, give the tribunal the power to order early dismissal of unmeritorious claims, require the parties to disclose the existence and details of any third party funding arrangements, and take funding arrangements into account when making costs orders. The tribunal also has jurisdiction to allow parties who are not represented in the arbitration, but are parties to the contract to make submissions in the arbitration.
The consultation period closes on 29 February 2016, with the IA Rules due to come into force on 27 May 2016.