Since its establishment in 1991, the Singapore International Arbitration Centre ("SIAC") has emerged as a leading global arbitration institution. Ranked second among the world’s top five arbitral institutions, SIAC was also determined to be the most preferred arbitral institution in the Asia-Pacific in the 2021 Queen Mary University of London and White & Case International Arbitration Survey: Adapting Arbitration to a Changing World.
Part of SIAC's competitive edge is the SIAC Rules ("2016 Rules"), currently in their sixth edition, which provide a framework to ensure that SIAC arbitrations are administered in an efficient, cost-effective and flexible manner. Per the last revision, the 2016 Rules incorporated new procedures for multi-contract disputes and provided for the joinder of additional parties, among others.
To enhance the user experience and raise the bar on efficiency, expedition and cost-effectiveness, SIAC recently launched a public consultation on the draft 7th Edition of the SIAC Rules ("Draft Rules"). The consultation will run from 22 August 2023 to 21 November 2023. Key amendments proposed include:
- the introduction of new mechanisms for preliminary determination, coordinated proceedings, and the use of a new online case management system;
- the mandatory disclosure of third-party funding relationships and arrangements;
- amendments to the rules on the constitution of the tribunal, including a new list procedure that the President of the SIAC Court ("President") may employ when appointing an arbitrator;
- changes to the Emergency Arbitration procedure to improve its efficiency, such as shortened timelines;
- changes to the Expedited Procedure, including the monetary limit on the amount in dispute; and
- other general amendments, including information security measures and providing for virtual or hybrid hearings.
For more information, click here to read our Legal Update.
