On 19 January 2021, PRIME Finance published its latest draft revisions of its arbitration rules for public comment.
Three Crowns partner, Gaëtan Verhoosel, was part of the 10-member drafting group composed of dispute resolution and banking experts that assisted with the draft revisions. The draft reflects innovations in international arbitration and draws on hundreds of judgments and awards in relation to disputes in the banking and financial sectors. Key revisions in the draft include central roles for the Permanent Court of Arbitration and the PRIME Finance panel of arbitrators, empowering tribunals to rule on all situations that may arise in complex financial disputes, and ensuring the transparent, fair, and equal treatment of all parties. PRIME Finance’s mission with these revisions is to reduce uncertainty and create stability and confidence in global finance. Established in 2012 and based in the Hague, PRIME Finance is an institution that helps resolve disputes over complex financial transactions.
Specialists firms, financial institutions, arbitrators, and any interested parties are invited to contribute their comments on the draft rules, which can be found here. The consultation period is open until 22 March 2021.
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