Review of P.R.I.M.E. Finance Arbitration Rules
From its inception, it was envisaged that P.R.I.M.E. Finance would offer a specialised forum for finance disputes to be resolved by arbitration. The P.R.I.M.E. Finance Arbitration Rules (the Rules) were drafted accordingly.
The Rules are currently under review, with a draft now published for public comment. The aim of the exercise is to ensure the Rules are fully fit-for-purpose for users, reflecting current best practice in arbitration while preserving and expanding features of particular interest to financial market participants. To find out more, watch this short film.
Draft Revised Rules
We launched a draft set of revised Rules for public comment in January 2021. Thank you to all those who provided comments. The public consultation has now closed, but the draft remains available to download using the link to the right.
Virtual Public Consultations
Thank you to all those who attended our virtual consultations discussing features of the draft Rules. Recordings of all sessions are available.
- 9 February 2021 at 12:00 London / 13:00 CET (EMEA focus). Featuring Georges Affaki, Heikki Cantell, Martin Doe, Bernard Hanotiau, Kasper Krzeminski and Camilla Macpherson. Click here for a recording.
- 2 March 2021 at 09:00 New York / 15:00 CET (Americas focus). Featuring Georges Affaki, Christian Bergeron, Martin Doe, Grant Hanessian, Kasper Krzeminski, Carolyn Lamm and Camilla Macpherson. Click here for a recording.
- 3 March 2021 at 10:00 CET / 17:00 HKT + SGT + CST / 18:00 JST (Asia focus). Featuring Georges Affaki, Martin Doe, Kasper Krzeminski, Camilla Macpherson, Kathryn Sanger and Adrian Tan. Click here for a recording.
The review has received the following news coverage:
- Revamping of P.R.I.M.E. Finance Rules Underway by Georges Affaki, Kluwer Arbitration Blog, 20 January 2021
- Insight by Georges Affaki, AFFAKI website, 21 January 2021. Click here to download a copy.
- NautaDutilh's Arbitration Team Contributes to P.R.I.M.E. Finance Rules Revision, NautaDutilh, 22 January 2021
- Public consultation underway for new rules, HSF Notes, 27 January 2021
- P.R.I.M.E. Finance launches rules review, Global Arbitration Review, 27 January 2021
- Updates to the PRIME Finance Arbitration Rules for Complex, Cross-Border Financial Disputes by Covington & Burling LLP, Lexology, 27 January 2021
- Gaetan Verhoosel assists PRIME Finance with Rules Revision, Three Crowns LLP, 4 February 2021
- P.R.I.M.E. Finance launches public consultation on draft revised Arbitration Rules, LexisNexis interviewing Georges Affaki, Kasper Krzeminski and Camilla Macpherson, 5 February 2021
- Debate publico das alteracoes ao regulamento aplicavel as arbitragens P.R.I.M.E., Instituto dos Valores Mobiliarios, 4 February 2021
- Key issues in Arbitration and Complex Financial DIsputes, HSF Notes, 5 February 2021
- Arbitration Events, Swiss Arbitration Association, 8 February 2021
- PRIME Finance Public Consultation, CapLaw, Swiss Capital Markets Law, 9 April 2021
- Time to reconsider? Post-Brexit, now is a good opportunity for the finance sector to take a second look at the key benefits arbitration offers to resolve disputes, Bryan Cave Leighton Paisner, 21 April 2021
- The Use of International Arbitration by Financial Services Institutions: Another Look, Rina See and Steven Finizio of Wilmer Hale, September 2021
Structure of Review
A two-tier rule revision structure has been established, comprising a Drafting Group and a Consulting Group. Georges Affaki chairs the Drafting Group. Carolyn Lamm and Heikki Cantell chair the Consulting Group. A list of members of both groups follows. P.R.I.M.E. Finance is grateful to all those who are contributing their time to this project.
Members of Drafting Group and Consulting Group
- *Georges Affaki, AFFAKI, Paris (Chair)
- Yas Banifatemi, Gaillard Banifatemi Shelbaya Disputes, Paris
- Chiann Bao, Arbitrator, Hong Kong
- Felix Dasser, Homburger, Zurich
- Martin Doe, Permanent Court of Arbitration, The Hague
- Grant Hanessian, Arbitrator, New York
- *Kasper Krzeminski, Secretary-General of P.R.I.M.E. Finance, Rotterdam
- *Camilla Macpherson, Head of Secretariat of P.R.I.M.E. Finance, The Hague
- *Wendy Miles, Twenty Essex, London
- Kathryn Sanger, Herbert Smith Freehills, Hong Kong
- Gaetan Verhoosel, Three Crowns, London
- *Heikki Cantell, Nordic Investment Bank, Helsink (Co-chair)
- *Carolyn Lamm, White & Case, Washington, DC (Co-chair)
- *Paula Costa e Silva, University of Lisbon, Lisbon
- *Whitney Debevoise, Arnold & Porter, Washington, DC
- Bernard Hanotiau, Arbitrator, Brussels/Paris
- *Arthur Hartkamp, Arbitrator, the Netherlands
- *Ulf Koping-Hoggard, Svenska Handelsbanken, Sweden
- *George Liakopoulos, Piraeus Bank, Athens
- *Ali Malek QC, 3 Verulam Buildings, London
- *Romina Martinez, Scotia Bank, Mexico/Uruguay
- *Loukas Mistelis, Queen Mary University, London
- Philippe Pinsolle, Quinn Emmanuel, Geneva
- *Hon. Elizabeth Stong, US bankruptcy judge, Eastern District of New York
- Marcus van Bevern, Kantenwein, Munich
*Indicates P.R.I.M.E. Finance Expert or Staff