On 1 January 2021, the new ICC Rules of Arbitration became effective, including new Article 11(7), requiring the disclosure of arbitration finance to avoid potential conflicts of interest. The new ICC disclosure reflects existing ICC practice (as set out in the 1 January 2019 ICC Note to Parties and Arbitral Tribunals) and the fact that many parties already disclose the fact of external financing voluntarily.
Burford Director Jeffery Commission, along with ICC Court Regional Director for Africa Diamana Diawara and Ina Popova, Debevoise & Plimpton Partner and ICC Court member, will host a complimentary webcast to examine the new ICC rule on disclosure of arbitration finance, explore the decisions of ICC tribunals on security for costs applications, and consider what the future may hold in terms of how ICC tribunals will handle decisions on applications for further disclosure, as well as decisions on costs in funded cases.
Attendees will learn:
- Background to the updated ICC Rules of Arbitration, which came into force on 1 January 2021, and observations about the role arbitration finance has played in ICC arbitrations prior to the updates
- How the new ICC rule on disclosure of arbitration finance compares with the disclosure rules introduced (or being considered) by other arbitral institutions
- Details about the 23 security for costs decisions in ICC arbitrations rendered since 1993, including the criteria applied by ICC tribunals, and the outcomes of those decisions
- What role, if any, the existence of arbitration finance has played in the decisions of ICC tribunals on security for costs applications
- How the decisions of ICC tribunals on security for costs applications compare with those of other international arbitral tribunals
- Whether ICC tribunals may be more likely to permit successful claimants to recover the costs of funding as “other costs” since respondents will now be cognizant of the use of arbitration finance (or not) very early on
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