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ASIA’S ARBITRATION CENTRES: CREDIBLE ALTERNATIVES FOR RUSSIAN PARTIES?
- 1. ASIA’S ARBITRATION CENTRES: CREDIBLE ALTERNATIVES FOR RUSSIAN PARTIES? Kent Phillips, со-глава арбитражной практики и партнер в сингапурском офисе фирмы «Berwin Leighton Paisner LLP»
- 2. www.blplaw.com Page 2 © Berwin Leighton Paisner Topics for today • Context • Emergence of Hong Kong and Singapore • Key features • Arbitrating in China • Developments in Asia • Some conclusions for Russian parties
- 3. The present • Market for neutral venues • London courts – high profile cases • London, Paris, Stockholm and other European arbitral seats www.blplaw.com Page 3 © Berwin Leighton Paisner
- 4. The future? • Improvements in Russia • Sanctions and geo-political changes? • More competition between dispute resolution methods and seats • Credible alternatives in Asia www.blplaw.com Page 4 © Berwin Leighton Paisner
- 5. Arbitration in Asia • Nationalism and increasing choice • Singapore and Hong Kong pre-eminent • Global status - consistently attract cases unconnected with Hong Kong or Singapore www.blplaw.com Page 5 © Berwin Leighton Paisner
- 6. Statistics • SIAC - 222 cases for 2014, total value $4b, 70% international, parties from 58 countries • SIAC - fourth most popular institution (after LCIA, ICC and ICDR) • Singapore - third most popular seat (ICC’s statistics) • HKIAC - 260 cases for 2013, total value $2b, 90% international • Significant growth over last 5 years www.blplaw.com Page 6 © Berwin Leighton Paisner
- 7. Singapore and Hong Kong - advantages Fundamental advantages •Rule of law •Fair, neutral, independent, efficient courts •English law based •Legal profession •Language www.blplaw.com Page 7 © Berwin Leighton Paisner
- 8. Singapore and Hong Kong - advantages Arbitration specific advantages •State of the art Model Law based legislation - International Arbitration Act (Cap 143) - Arbitration Ordinance 2013 •New York Convention www.blplaw.com Page 8 © Berwin Leighton Paisner
- 9. Singapore and Hong Kong - advantages “The courts do not and must not interfere in the merits of an arbitral award and, in the process, bail out parties who have made choices that they might come to regret, or offer them a second chance to canvass the merits of their respective cases. This important proscription is reflected in the policy of minimal curial intervention in arbitral proceedings, a mainstay of the Model Law and the IAA.” Chief Justice Sundaresh Menon in AKN v ALC [2015] SGCA 18 www.blplaw.com Page 9 © Berwin Leighton Paisner
- 10. Singapore and Hong Kong - advantages • National champions - SIAC and HKIAC • International leaders – ICC, ICDR • Specialists - WIPO, SCMA • Leading arbitrators • Facilities www.blplaw.com Page 10 © Berwin Leighton Paisner
- 11. Arbitrating in China • Foreign related arbitration cases – 1500+ (2013) • Arbitration Law (1995) • New York Convention • PRC seat requires institutional arbitration • Arbitrators • Procedural differences • Language www.blplaw.com Page 11 © Berwin Leighton Paisner
- 12. Arbitrating in China: positive developments • Better institutions – CIETAC, BAC and many other ‘commissions’ • Example: CIETAC - 375 of its 1256 cases ‘international’ (2013) - HK sub-commission opened (2014) - Up-to-date rules • SPC’s initiatives to support arbitration www.blplaw.com Page 12 © Berwin Leighton Paisner
- 13. Arbitrating in China: problem areas • Local subsidiaries and domestic arbitration • Institutions are ahead of the legislation • PRC seat and foreign institutions – e.g. ICC clause Shanghai seat • CIETAC split www.blplaw.com Page 13 © Berwin Leighton Paisner
- 14. China as an international hub • Positive outlook, but lacking some fundamental advantages of Singapore and Hong Kong • Some important questions not conclusively settled, or fix is untested • International Hub? • Note: PRC specific drafting for arbitration clauses www.blplaw.com Page 14 © Berwin Leighton Paisner
- 15. Key developments in Asia - institutions • Emergency arbitrators • Expedited arbitration • Multi-party situations • Fee structures • Arb-med-arb www.blplaw.com Page 15 © Berwin Leighton Paisner
- 16. Key developments – cases of wider importance Cases of wider importance now being resolved in Asia Example: Astro v Lippo •Singapore award, not challenged or set aside •Indonesia refused to enforce •Singapore refused to enforce •Hong Kong has enforced www.blplaw.com Page 16 © Berwin Leighton Paisner
- 17. Key developments - more choice • Singapore International Commercial Court • SIAC/SIMC Arb-med-arb Protocol • CIETAC sub-commission in Hong Kong www.blplaw.com Page 17 © Berwin Leighton Paisner
- 18. Singapore and Hong Kong Singapore or Hong Kong? www.blplaw.com Page 18 © Berwin Leighton Paisner
- 19. Conclusion • Asia’s leading seats have never had more to offer • Singapore and Hong Kong have global standing • A logical choice for Russian parties www.blplaw.com Page 19 © Berwin Leighton Paisner
- 20. ASIA’S ARBITRATION CENTRES: CREDIBLE ALTERNATIVES FOR RUSSIAN PARTIES? Kent Phillips, со-глава арбитражной практики и партнер в сингапурском офисе фирмы «Berwin Leighton Paisner LLP» This document provides a general summary only and is not intended to be comprehensive. Specific legal advice should always be sought in relation to the particular facts of a given situation.
Notes de l'éditeur
- Perspective: NZ lawyer, London for 15 years, Russian cases in London courts and arbitration, Asia for 3, arbitrator and counsel
- The incumbents
- Positive developments, but will foreign parties always accept a Russia seat?
- Two of the 8 Alpha+ cities behind only London and New York Hosking example, investor state arbitrations, other centres in region not doing this Important cities - 2012 Economist Intelligence Unit – ranked Singapore and Hong Kong 3 and 4 in terms of competitiveness
- And these don’t include ICC or ad hoc
- ‘The legal principle that law should govern a nation, as opposed to being governed by arbitrary decisions of individual government officials’ - Lord Bingham Hong Kong rated 4th out of 148 countries in widely quoted index of judicial independence Singapore being 7th out of 175 countries in Transparency International’s Corruption Perceptions Index 2014 Foreign firms can be involved, high quality and increasingly specialist local profession, civil and common law experience
- Kept right up to date: “Arbitral Tribunal” example
- Well established judicial respect for arbitration - enforce arbitration agreements, leave awards alone
- Strong local arbitration communities, brings in the top international arbitrators, Lord Hoffman, Gary Born as President Rules in Russian!
- Note departures from Model Law Foreign arbitrators allowed, note fee concern, no neutral nationality rules Inquisitorial process, IBA rules increasingly accepted
- Heavily administered style Good measures: SPC’s response on enforcement/public policy exception, response to manage uncertainty from CIETAC split Progressive rules: emergency arbitrators, consolidation provisions, expedited procedures
- Broad definition of domestic EA in rules but not yet recognized in Act Note ICC’s clause is untested Conflicting court decisions now resolved by SPC, but new subcommissions of CIETAC in Shenzhen and Shanghai bring fresh doubt
- Is not attracting many cases which are unconnected with PRC Clauses: specify language, allow for offshore hearings, neutral arbitrator nationality and market fees
- SIAC has had 42+ EA – a well oiled machine Expedited is now commonplace, thresholds increasing reflecting confidence in it Extensive joinder and consolidation powers articles 27-29 of HKIAC rules SIAC and HKIAC dual track fee structures Formal processes in SIAC/SIMC protocol
- SICC emulating Commercial Court in London so familiar to Russian parties, some features common to arbitration, supporting role for it Real focus on users – entrepreneurial, hungry to attract business
- Different emphasis - HK at more radical end of innovative spectrum; SIAC merely progressive – goes for well thought out, well tested solutions (e.g. SIAC – long EA track record with 42 cases; tried and tested) HKIAC – no scrutiny of awards, SIAC light touch scrutiny Hong Kong and connections with China perceived as a strength and a weakness We do both. My personal preference is …
- Asia’s leading seats are under-rated, all the advantages of the incumbent options, few disadvantages apart from geography