INTERNATIONAL ARBITRATION 1/3LY
NEWS IN BRIEF 43
MARKE T ACT I V I T Y
D I F C - L C I A DUB A I RE - L A UNCH The DIFC-LCIA has relaunched in newpremises in the Dubai International Financial Centre freezone. The restructured centre has the support of the Dubai government and is hoped to be the centre for the resolution of commercial disputes between parties conducting business in the region.
IND I A ’ S NEW A RB I T R AT I ON A C T IN F ORCE
In a bid to attract foreign investment, a newarbitration act has come into force in India. The Arbitration and Conciliation (Amendment) Bill, 2015 (Amendment Bill) replaced the Arbitration and Conciliation (Amendment) Ordinance, 2015 after being passed by the Lok Sabha and Rajya Sabha in December 2015. The Amendment Bill received the President’s assent on 31 December 2015 and has nowbecome an Act.
NEW A RB I T R A L INS T I T U T I ONS OPEN IN MA INL A ND CHIN A
A RB I T R A LWOMEN E S TA BL I SHE S YOUNG A RB I T R A LWOMEN PR A C T I T I ONERS (YAWP)
In December 2015, the Hong Kong International Arbitration Centre (HKIAC) opened an office in the China Shanghai Pilot Free Trade Zone. This was followed by the opening of the Singapore International Arbitration Centre (SIAC) in January 2016.
ArbitralWomen has launched YAWP, a group for young female practitioners under the age of 40 to network and share experiences with others.
RECOGNI T I ON OF T HE NEW YORK CON V EN T I ON
NEW A RB I T R AT I ON REGUL AT I ONS IN A BU DH A B I In an attempt to become a regional arbitral seat, the Abu Dhabi Global Market has enacted new arbitration regulations which are based on UNCITRALModern Law. The ADGM is an United Arabs Emirates financial freezone in the United Arab Emirates with an English common law system. C LY DE & CO N AMED ‘ L I T I G AT I ON T E AM OF T HE Y E A R ’ Clyde&Co was awarded the ‘Litigation Teamof the Year’ Award at The Lawyer Awards 2015. The firmwas also runner up in the ‘Law Firmof the Year’ and third in the ‘Real Estate Team of the Year’ awards.
Mauritius has become recognised by India as a New York Convention state, ensuring that parties can obtain enforceable arbitral awards. To date, fewer than 50 countries worldwide have been recognised in this fashion.
I R A Q S I GNS T HE I C S I D CON V EN T I ON On 17 November 2015, Iraq became the 160th signatory to the ICSID Convention. Following the signing, the Convention came into force on 17 December 2015, in accordance with its Article 68(2). CH A NGE S IN MYA NMA R On 5 January 2016, Myanmar’s parliament replaced the 72 year old arbitration legislationwith the enactment of the Arbitration Law (Union Parliament Act No. 5 of 2016) (‘Arbitration Law’). This is part of a real push to promote foreign direct investment inMyanmar and follows the recent accession to the New York Convention in 2013.
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