The SIAC has just launched the 5th edition of its Rules of Arbitration (“SIAC Rules 2013“) which took effect on 1 April 2013. Amongst other things, the amendments to the previous version of the Rules give effect to the new governance structure of the SIAC. These developments had previously been announced at the SIAC Annual Appreciation Cocktail Reception 2013 (see our report here).
New Governance Structure of the SIAC
There is a new Court of Arbitration (“SIAC Court“) to oversee the case administration and arbitral appointment functions (including challenges to arbitrators) of the SIAC. The SIAC Court is led by Founder President Dr Michael Pryles. The SIAC Court comprises 16 leading arbitration practitioners from around the world, including Bahrain, Belgium, China, France, India, Japan, Singapore, the UK and the USA.
The Board of Directors will now principally be concerned with the operation and development of the SIAC’s business and its compliance with applicable laws. The new Board is chaired by Mr Lucien Wong, Chairman and Senior Partner of Allen & Gledhill LLP. The Board is made up of prominent lawyers and corporate leaders from China, India, Korea, the UK and Singapore.
Mr Minn Niang Oo continues in his role as the CEO of the SIAC with day-to-day responsibility for the conduct of its operations.
SIAC Rules 2013
The new SIAC Rules have been amended to give effect to the new governance structures and to update those rules with the latest best practices in international arbitration. The amendments include:
- The President of the SIAC Court will now perform functions of appointment of arbitrators (Rule 6); determination of applications for the expedited procedure (Rule 5) and appointment of Emergency Arbitrators (Schedule 1);
- The SIAC Court will determine jurisdictional challenges and challenges to arbitrators (Rule 13);
- Amendments to clarify certain rules, for example, on commencement of arbitration (Rule 3.3); extension of time limits under the Rules (Rule 2.5); challenge to arbitrators (Rule 12); and making of deposits by parties on estimated costs of arbitration (Rule 30.2);
- The tribunal may now consider issues not specifically raised in the pleadings. This is in line with recent case law (Rule 24(n));
- The jurisdictional challenge process prior to constitution of the tribunal has been streamlined (Rule 12 and 13);
- The tribunal is now empowered to award post-award interest in line with the latest legal developments in Singapore (Rule 28.7); and
- SIAC is expressly authorized to publish redacted awards (Rule 28.10).
Our readers may be interested in our blacklined (comparison) version of the SIAC Rules 2013 and the previous 2010 edition to see where and what changes have been made.
We welcome these developments as part of the SIAC’s continued efforts to stay at the forefront of international arbitration.