The Singapore International Arbitration Centre (SIAC) has this week announced that it is formally commencing the process of reviewing the SIAC Arbitration Rules (the Rules) with a view to issuing an updated version in mid-2016. This update to the Rules will encompass recent developments in international arbitration practice and procedure, and attempt to better serve the needs of the businesses, financial institutions and governments that use SIAC.
The Rules were most recently updated in 2013 when changes were made primarily to reflect new governance structures, including the creation of a new Court of Arbitration. Rules on the commencement of arbitrations, extension of time limits, and powers of the arbitral tribunal to award post-award interest were also clarified in the 2013 revision. The president of the SIAC, Gary Born, has promised that the new round of revisions will be "state of the art" and will include changes to the mechanisms for consolidation, joinder and intervention. Other changes that are likely to be considered as part of the revisions process include a focus on honing the emergency arbitration process, including specific provisions for joinder and consolidation as well as addressing the expedited procedure and investment arbitration.
All revisions will be made by a newly established Rules Revision Executive Committee chaired by Born and a number of subcommittees tasked with looking at particular rules. SIAC will also consult widely and welcome comments from users and international arbitration practitioners here in Singapore and across the globe.
The commencement of this process and can be seen as a further demonstration by SIAC that it is committed to becoming the leading arbitral centre with rules that are effective and appropriate for its users. The commitment to make revisions to the Rules, particularly given that only three years have passed since the previous revisions, highlights that SIAC continues to be a pioneering institution in international arbitration.
This blog will continue to provide further updates on likely revisions as the consultation process progresses.
Should you have any questions on the proposed changes in the interim, please contact Alastair Henderson, Partner, Daniel Waldek, Senior Associate, Gitta Satryani, Senior Associate, or your usual Herbert Smith Freehills contact.
