P.R.I.M.E. Finance stands for the Panel of Recognized International Market Experts in Finance. The institution was established to help resolve, and to assist judicial systems in the resolution of, disputes concerning complex financial transactions.
P.R.I.M.E. Finance has the support of key international regulatory bodies and is complementary to the on-going financial market regulatory reform process.
Our core activities, and three pillars upon which P.R.I.M.E. Finance is based, include:
- dispute resolution services, including arbitration, mediation and expert opinions, determinations and risk assessment;
- judicial support and education; and
- the compilation of a central database of international precedents and source materials.
With support from the Dutch authorities and the enthusiastic commitment of its experts, P.R.I.M.E. Finance, a Dutch not-for-profit foundation, officially opened for business in January of 2012. Its first case and fee quickly followed. P.R.I.M.E. Finance, as one of seven international arbitration centers, was also acknowledged by the International Swaps and Derivatives Association (ISDA) in the 2013 ISDA Arbitration Guide. The Guide provides a range of model arbitration clauses tailored for use with the industry standard 1992 and 2002 ISDA Master Agreements. P.R.I.M.E. Finance has also developed forms of amendment agreements to modify existing 1992 or 2002 ISDA Master Agreements to provide for arbitration in accordance with the P.R.I.M.E. Finance Arbitration Rules. These amendment agreements contemplate the same arbitral seats as set forth in the ISDA Arbitration Guide. In the future, P.R.I.M.E. expects to publish a similar form (in Japanese) for arbitrations to be conducted in Tokyo.
Additionally, a “P.R.I.M.E. Finance Fellowship” has been created at the Netherlands Institute for Advanced Study (NIAS) to promote research in the field of law
Developing specialized complex financial products and arbitration programs
Through its service of developing specialized complex financial products and arbitration programs for the judiciary, both in advanced and developing economies, P.R.I.M.E. Finance, with the support of the International Bar Association and the European Bank for Reconstruction and Development, provides training, issues supporting expert advice and engages in relevant research. Judicial training programs are currently being developed on five continents, while an award for “Best Newcomer” at the GAR arbitration awards ceremony in Stockholm and nominations for several innovation awards have also been achieved. Additionally, a “P.R.I.M.E. Finance Fellowship” has been created at the Netherlands Institute for Advanced Study (NIAS) to promote research in the field of law relevant to the activities of P.R.I.M.E. Finance.
Its mission is to foster a more stable global economy and financial marketplace by reducing legal uncertainty and systemic risk, and, especially in emerging markets, promoting the rule of law. P.R.I.M.E. Finance’s Advisory Board is chaired by H.E. The Hon. Sir David Baragwanath KNZM, Appellate Judge and former President, The Special Tribunal for Lebanon, Overseas Bencher, The Inner Temple; and its Management Board is chaired by Professor Jeffrey Golden, a Governor and Honorary Fellow of the London School of Economics and Political Science, retired founding partner of Allen & Overy LLP’s US law practice and the former senior partner in that firm’s global derivatives practice. A guiding principal of the organization is independence, which will distinguish it from industry associations and other financial market participants.