On November 4, 2014, the China Council for the Promotion of International Trade and the China International Economic and Trade Arbitration Commission jointly promulgated the new amendments to the Arbitration Rules of the China International Economic and Trade Arbitration Commission (hereinafter, the "New Arbitration Rules"), which will go into effect on January 1, 2015. The New Arbitration Rules are highlighted as follows.
The New Arbitration Rules are highlighted as follows.
- Article 23 entitled "Security and Interim Measures" of the New Arbitration Rules introduces an "emergency arbitrator system" by specifically stipulating the following: "a party may apply to the Arbitration Court of the Arbitration Commission for emergency interim relief," "an emergency arbitrator may decide on the necessary or appropriate emergency interim relief measures to be taken," and "a party may apply for emergency interim relief before the arbitration tribunal is set up."
- Article 14 entitled "Arbitration under Multiple Agreements" and Article 18 entitled "Additional Parties" are added to the New Arbitration Rules, and the provisions about "consolidated arbitration" are amended so that that arbitration efficiency may be enhanced and unnecessary arbitration costs can be avoided while party autonomy is respected.
- Chapter VI entitled "Special Provisions for Arbitration in Hong Kong" is added to the New Arbitration Rules to provide clear stipulations regarding issues such as the applicability to Hong Kong arbitrations, the laws applicable to the arbitration venue and proceedings, the rendition of a decision on jurisdiction, the selection of arbitrators, interim measures and emergency relief, and arbitration cost.
- The cost of a simple proceeding is increased from RMB2 million to RMB5 million.