The P.R.I.M.E. Finance Arbitration Rules are based on the UNCITRAL Arbitration rules
P.R.I.M.E. Finance has kept closely to the original text of the UNCITRAL Arbitration rules to ensure that, in the case of any ambiguities, reference may easily be made to commentaries on those rules. Nevertheless, certain modifications have been made to make the P.R.I.M.E. Finance Arbitration Rules better suited to the financial services sector and complex financial disputes.
In addition, in 2015 P.R.I.M.E. Finance entered into a Cooperation Agreement with the Permanent Court of Arbitration in The Hague (the PCA), as a result of which arbitrations brought under the P.R.I.M.E. Finance Arbitration Rules are administered by the PCA. The subject matter expertise of PRIME Finance’s Panel of Experts has thereby been combined with the PCA’s efficiency in administering arbitrations. The PCA is the world’s oldest arbitral institution, with over a century of experience in administering complex international proceedings. Various amendments were made to the P.R.I.M.E. Finance Arbitration Rules to reflect the Cooperation Agreement.
Relevant features of the P.R.I.M.E. Finance Arbitration Rules include:
- In cases where an Appointing Authority is required, the Secretary-General of the PCA will step in to make the necessary appointments;
- Emergency Arbitral Proceedings allow a party in need of urgent provisional measures that cannot await the constitution of the arbitral tribunal to make an application for such measures. The decision on the application will be made by an Emergency Arbitrator. The relevant provisions are contained in Article 26(a) and Annex C of the Rules;
- There is a general provision for expedited proceedings in Article 2a of the Rules;
- The Referee arbitral proceedings procedure set out in Article 26b and Annex D of the Rules allow for a party in need of (an) urgent provisional measure(s) to make an application for such measure(s) in referee arbitral proceedings ("arbitraal kort geding"), as referred to in article 1043(b), paragraph 1, of the Dutch Code of Civil Procedure. Please note that this particular fast track option is only open to parties which have agreed that such referee rules shall apply, and where the seat of the arbitration is in the Netherlands;
- The parties, the arbitrators or the appointing authority may also appoint arbitrators not included on P.R.I.M.E. Finance List of Experts;
- The arbitral tribunal may, at the request of a party or at its own initiative, invite or grant leave to amicus curiae to appear;
- Articles 38 and 39 of the P.R.I.M.E. Finance Arbitration Rules provide for the regulation of the currency of the award and interest calculation respectively; and
- Under Article 40 the arbitral tribunal may, after consulting the parties, take into consideration any tax consequences of the amounts payable under the award.
For all information about the costs of arbitration under the P.R.I.M.E. Finance Rules, please refer to Annex E of the Rules.
The current version of the P.R.I.M.E. Finance Arbitration Rules is in force as of 9 February 2016. The Rules are currently being reviewed. For more information about this project, click here.
Access the current version of the Rules here: P.R.I.M.E. Finance Arbitration Rules in English (PDF)