The aftermath of the Lehman Brothers’ bankruptcy saw more than 20,000 retail investors in Hong Kong suffer losses from investments in structured products. This gave rise to political pressure on the Hong Kong Government to review its financial regulatory system and to step up its investor protection mechanisms. As one of the key outcomes of…
According to article 7 of the Swiss Private International Law (PILA), if the parties have entered into an arbitration agreement, the Swiss Court before which the action is brought shall decline its jurisdiction unless it finds that the agreement is null and void, inoperative or incapable of being performed. An initiative to amend article 7…
On 11 March 2011, the UNASUR treaty entered into force. UNASUR (the Union of South American Nations) is a regional organisation that comprises all twelve South American countries: Argentina, Bolivia, Brazil, Chile, Colombia, Ecuador, Guyana, Paraguay, Peru, Suriname, Uruguay and Venezuela. The entry into force of the treaty is an important development for the international arbitration community given some of the proposals that UNASUR is advancing, particularly in the field of investor-State arbitration.
On March 15, 2011 the Advocate General (“AG”) issued its opinion on an interesting matter which considers the relationship between EU law, a contract preceding the Republic of Slovakia’s accession into the EU and the Energy Charter Treaty and Investment Arbitration Agreement (essentially, a bilateral investment treaty applicable here). The dispute involves a contract dated…
Dear Counsel, Thank you for taking the time to present your firm’s international arbitration practice, and also for the copies of the brochure and monthly newsletter. The many recent wins by your firm and the published articles demonstrate convincingly that you are quality professionals with a high-standing in the community. I’m certain it was not…
When it comes to appeals of international arbitral awards Switzerland lives up to its reputation for order and efficiency. A recent victory in defending an appeal here prompts me to comment on the practical effects and consequences of the now well-honed Swiss system for appealing international awards rendered in my small but clearly “arbitration friendly”…
The 1981 French Arbitration Law did not contain a provision covering the form or the proof of an international arbitration agreement. The former Article 1499 of the Code of Civil Procedure (“CCP”) indirectly addressed the issue of form by stipulating, in the context of the recognition and enforcement of awards, that the existence of an…
To paraphrase Professor Henkin’s classic aphorism about international law – most parties respect most international arbitration agreements most of the time. And likewise, the international arbitral process works smoothly for most parties most of the time. Still, pathological cases arise in international arbitration, as in other contexts. Unfortunately, those aberrations command disproportionate attention, sometimes obscuring…
The International Chamber of Commerce Court of Arbitration (the ICC) is the largest arbitral institute. In addition, its Rules of Arbitration (the Rules) greatly influence the practice of arbitration, resulting in several commentaries. Over the course of 2011, these Rules are continuing to undergo revision and changes to continue to reflect current practices and trends…
Introduction: Many international commercial contracts (such as e.g., construction, distribution, sale and purchase) are governed by Swiss (substantive) law as per a choice of law provision. Often the choice of law is made in combination with an arbitration clause referring disputes to arbitration in Switzerland. The effect of international sanctions on commercial contracts has become…
Anyone considering Canada as the seat of an arbitration or as one among several jurisdictions where recognition and enforcement proceedings could be commenced should pay close attention to the Supreme Court of Canada’s March 18 decision in Seidel v. TELUS Communications Inc., 2011 SCC 15, which appears to mark a philosophical shift in Canadian arbitration…
The Arab Spring transforming the societies of the Middle East has raised more than a few questions among us in-house folk about what this will mean for dispute resolution in the region. Will civil institutions, in particular the courts, be a reliable mechanism in the coming years for upholding contractual rights, including agreements to arbitrate…
Clear tendencies towards an arbitration-friendly approach have been demonstrated by the Swedish Supreme Court during the latter part of 2010. During this term the Supreme Court has repeatedly taken an arbitration-friendly stance and emphasized that Swedish arbitration law and practice ought to be in line with international best practice in arbitration. Sweden has a long-standing…
The OECD-hosted Freedom of Investment (FOI) Roundtable is in the process of finalizing a statement regarding the role of international investment in supporting the realization of countries’ green growth objectives. The draft statement entitled “Harnessing Freedom of Investment for Green Growth” (Draft Statement) and three draft background consultation papers (Draft Papers) are available on the…
The public policy exception under Article V(2)(b) of the New York Convention is well recognised as the amorphous exception. To the extent it has been capable of definition, it has been found to embrace nebulous concepts such as a state’s most basic notions of morality and justice. No doubt it is for this reason that…
In recent years, an increasing number of parties to arbitration clauses providing for CIETAC arbitration in mainland China have chosen to take advantage of Article 4.2 of the CIETAC Rules, which allows parties to adopt “other arbitration rules” as the applicable rules of the arbitration. The underlying reason for this trend is simple: Article 4.2…
Will a court injunct arbitral proceedings if parties, before an arbitration hearing, allegedly reach a settlement agreement and a dispute subsequently arises over the existence of such an agreement? Is the tribunal functus? Recently, the Singapore High Court in Doshion Ltd v Sembawang Engineers and Constructors Pte Ltd [2011] SGHC 46 (“Doshion”) rightly held that…
Sports arbitration is becoming an increasingly important field. In Switzerland, where the Court for Arbitration for Sports is located, the Swiss Supreme Court is seeing lately nearly half of its cases coming from the CAS. Sports arbitration, however, gives rise to a specific concern with respect to the issue of consent. Often, athletes find themselves…
Gary Born has just published a great new casebook that is certain to become a standard text for international arbitration courses around the world. Everyone knows Born’s multi-volume treatise, which is invaluable as a reference tool, but hardly appropriate for the classroom. Now we have both, a great casebook to introduce the material to students…
While Russia is a signatory to the New York Convention, there is a perception amongst some practitioners and arbitration users that Russia is not an arbitration friendly jurisdiction. This viewpoint is, no doubt, due to a perceived scepticism of the Russian courts and is the driving force behind many foreign investors doing business in Russia…
The new French arbitration law, published on 14 January 2011, further reinforces Paris’ position as a leading arbitration centre. The new law, which comes thirty years after the previous 1980 law regarding domestic arbitration and the 1981 law dealing with international arbitration, maintains the distinction between domestic and international arbitration. It clarifies and enhances an…
The SIAC dispenses hospitality to the legal profession in Singapore on a regular basis, as part of its “outreach” efforts to what I suppose we can describe as its local client base. The latest of these events took place at the end of January at the Helipad — a dimly lit bar with, disappointingly, no…
On March 23, in Washington, DC, the Institute for Transnational Arbitration and the American Society of International Law will co-host a conference on “Fault Lines in International Commercial Arbitration.” Building on the American Law Institute’s draft Restatement of the U.S. Law on International Commercial Arbitration, Gary Born, Jan Paulsson, J. William Rowley, QC, Linda Silberman,…
As I discussed yesterday, an Ecuador Court has issued an $8.6 billion judgment against Chevron. I just got off a press conference call with plaintiff’s chief lawyer in Ecuador, Pablo Fajardo. He stated that the plaintiffs will seek enforcement of the Lago Agrio judgment throughout the world as soon as the Ecuador appeals process is…
