Just recently Gary Born, President of the Singapore International Arbitration Centre (“SIAC”) Court of Arbitration, outlined the focus of the 2016 review of the SIAC Arbitration Rules. The Rules revision was announced in 2015 with the new rules being launched in May 2016.
The most recent revision to the SIAC Arbitration Rules was in 2013, mainly to reflect SIAC’s new governance structures, including the restructuring of the SIAC Board of Directors and the creation of the SIAC Court of Arbitration. The 2016 revision of the SIAC Rules will likely include substantive changes, including new rules on multiple contracts, consolidation and joinder, as well as improvements to the existing emergency arbitrator and expedited procedures.
It also appears likely that SIAC will be introducing a new set of SIAC Investment Arbitration Rules, which are intended to provide an efficient alternative to the ICSID Rules and UNCITRAL Rules that States can adopt in their bilateral investment agreements or in other instruments. The SIAC Investment Arbitration Rules will contain provisions on early dismissal of meritless claims, transparency of arbitral proceedings and third party funding.
Within the past year, our team was involved in a ten month investment arbitration through ICSID that was ultimately determined to be “frivolous”. Needless to say the lack of an early dismissal mechanism within the ICSID rules proved costly and frustrating. Our team here at Parker Poe looks forward to reviewing these new investment provisions.