On 1 January 2017, the new Investment Arbitration Rules (Rules) of the Singapore International Arbitration Centre (SIAC) entered into force.
According to their Introduction, the Rules are “to be applied by agreement in disputes involving a State, State‐controlled entity or intergovernmental organisation, whether arising out of a contract, treaty, statute or other instrument”. The Rules can also be applied in any type of arbitration.
The Rules provide that they “have been developed with a view towards the issues unique to international investment arbitration”. Notable provisions include:
- a default list procedure for the selection of a sole arbitrator or the presiding arbitrator (Article 8);
- detailed provisions regarding challenges to arbitrators (Articles 11-15);
- a procedure for early dismissal where a claim or defence is manifestly without legal merit, outside the jurisdiction of the tribunal or inadmissible (Article 26);
- an opt-in mechanism for emergency arbitrators (Article 27 and Schedule 1); and
- provisions for submissions by non-disputing parties (Article 29).
For the SIAC Investment Arbitration Rules 2017, click here; for SIAC’s accompanying press release, click here.