Since our last update there have been a number of noteworthy developments in arbitration from around the globe.
The Arbitral Institutions have been busy:
- The LCIA has produced a helpful report sharing data on the cost and duration of an LCIA arbitration.
- The Commission on Arbitration and ADR of the ICC issued a report intended to inform users of arbitration of the factors that tribunals consider when allocating costs between parties to arbitration.
- The HKIAC announced the opening of a representative office in Shanghai, an important milestone for China-related arbitration, as it is the first time that an offshore institution has set up in the mainland.
Amendments to national legislation have either been made or appear likely:
- In Hong Kong, the Law Reform Commission has published a Consultation Paper recommending that third party funding should be permitted for arbitrations in Hong Kong.
- Important amendments were made to the Australian International Arbitration Act 1974 (Cth) (IAA) relating to the enforcement of foreign arbitral awards and the confidentiality of arbitral proceedings.
- The Indian Government has taken steps to implement long awaited arbitration reforms by promulgating an ordinance, the Arbitration and Conciliation (Amendment) Ordinance, 2015, amending the Arbitration and Conciliation Act 1996.
Meanwhile national courts across the globe have continued to demonstrate their support for arbitration and enforcement of arbitral awards through a policy of minimal judicial intervention; including Australia, Hong Kong, Singapore and England.