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Revision of SIAC rules, 2021
Revision of SIAC rules, 2021
Introduction
Since 1996, the critical international arbitral institutions have all revised their international arbitration rules, such as the International Chamber of Commerce (ICC), the London Court of International Arbitration (LCIA), and the Singapore International Arbitration Chamber (SIAC). Specialised entities such as the World Intellectual Property Organization (WIPO) progressively join them in developing specialised arbitration regimes. International commercial arbitration is anticipated to become more popular as a result of these extensive changes.
In the third quarter of 2021, SIAC will release revised rules. The new Rules will consider current international arbitration practices and procedures to fulfil better SIAC users' interests, such as corporations, financial institutions, and governments. The SIAC Secretariat and the SIAC Court of Arbitration will jointly collaborate on the next version of the SIAC Rules.
Likely Reforms
SIAC Rules will include state-of-the-art modifications to better adapt to SIAC clients' changing requirements and profiles. The SIAC Court of Arbitration has created a Rules Review Executive Committee and Subcommittees on (i) Multiple Contracts, Consolidation, and Joinder; (ii) Expedited Procedure and Emergency Arbitration; (iii) Appointment and Challenges; (iv) Arbitral Procedure and Powers of the Tribunal (including Early Dismissal); (v) New Technology and New Procedures; and (vi) Drafting.
The 2016 Rules included many new rules addressing "early dismissal of claims and defences," "delocalisation of the seat of arbitration," and "practical improvements to the popular Expedited Procedure and Emergency Arbitration provisions." The 2020 Review is anticipated to:
- Put a premium on procedural efficiency and refine currently accelerated, summary dismissal, and emergency processes.
- Work to improve the 2016 Rules in light of the conclusions and figures in the 2019 SIAC Annual Report and comparable publications from other institutions, such as the ICC Commission on Arbitration's Report on Construction Industry Arbitration.
- Seek to align with current trends and objectives in diversity, the Equal Representation in Arbitration Pledge ("ERA Pledge"), and artificial intelligence advances (AI).
The Arbitration Rules of SIAC are the world's most advanced and user-friendly. SIAC will maintain the cutting edge of trends in international arbitration law and practice due to the Rules revision process.
Conclusion
Arbitral institutions continuously update their rules to stay contemporary with current developments and set themselves apart from their competitors. Because the 2016 SIAC Rules are one of (if not the most) creative and efficient set of rules, the 2020 Review should primarily enhance or modify the framework.
References:
https://www.mondaq.com/arbitration-dispute-resolution/973958/new-siac-rules-the-need-for-refinement
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- Since 1996, the key international arbitral institutions have all revised their international arbitration rules.
- In the third quarter of 2021, SIAC will release revised rules
- SIAC will maintain the cutting edge of trends in international arbitration law and practice as a result of the Rules revision process.
