28 January 2021
P.R.I.M.E. Finance provides a specialist platform to resolve complex banking and financial disputes. Since its inception in 2012, the organisation has been committed to providing users with a market-leading dispute resolution experience. Following the cooperation between P.R.I.M.E. Finance and the Permanent Court of Arbitration (PCA) in December 2015, cases commenced under the P.R.I.M.E. Finance Arbitration Rules are administered by the PCA.
The current version of the P.R.I.M.E. Finance Arbitration Rules came into force in February 2016. The rules closely follow the text of the UNCITRAL Arbitration Rules but have been tailored to enhance their applicability in banking and financial disputes.
Following the development of the arbitration landscape over the past few years – particularly in the context of complex commercial arbitrations – P.R.I.M.E. Finance has released a draft of its revised arbitration rules and invited the public to comment. The changes aim to offer a comprehensive and clear set of best practice procedural rules, with particular features tailored for banking and financial arbitrations.
Some noticeable changes include enhanced efficiency and greater transparency. The draft rules contain detailed provisions on emergency arbitrator procedures, expedition, joinder and consolidation, as well as the Tribunal’s power to coordinate proceedings and provide early determination under certain circumstances. The proposed revisions also mandate the disclosure of third-party funding arrangements and encourage the publishing of arbitration awards.
The review of the existing P.R.I.M.E. Finance Arbitration Rules began in 2020 and involved pre-eminent banking experts and dispute resolution practitioners across multiple jurisdictions. Herbert Smith Freehills Partner Kathryn Sanger is a member of the Drafting Group. Partner Dr Mathias Wittinghofer is a member of P.R.I.M.E. Finance’s panel of experts.
The public consultation is open until 22 March 2021.
P.R.I.M.E. Finance’s release is available here.
For further information, please contact:
Kathryn Sanger, Partner, Herbert Smith Freehills
kathryn.sanger@hsf.com
