Finance arbitration

P.R.I.M.E. Finance

These Practice Notes reflect the current edition of the Panel of Recognised International Market Experts in Finance (P.R.I.M.E.) Rules that came into force on 1 January 2022.

P.R.I.M.E Finance background, structure and purpose

This Practice Note gives some background to the P.R.I.M.E. Finance Arbitration Rules to assist practitioners to understand the context, use and advantages of the rules. For more information, see Practice Note: P.R.I.M.E. Finance—background, structure and purpose.

P.R.I.M.E. Finance—commencing an arbitration

This Practice Note sets out how to commence an arbitration under the P.R.I.M.E. Finance Arbitration Rules by issuing a Notice of Arbitration. For more information, see Practice Note: P.R.I.M.E. Finance (2022)—commencing an arbitration.

P.R.I.M.E. Finance—responding

To view the latest version of this document and thousands of others like it, sign-in with LexisNexis or register for a free trial.

Powered by Lexis+®
Latest Arbitration News

Paris Court of Appeal refuses to annul ICC Award, clarifying the limits of international public policy and due process challenges (Central Bank of Iraq v Cardno Middle East Ltd)

Arbitration analysis: In this decision, the Paris Court of Appeal (the Court) dismissed the Central Bank of Iraq (CBI)’s request to annul the arbitral award on multiple grounds. First, the court found that CBI’s claim that the recognition and enforcement of the award in France would violate French international public policy was inadmissible. It held that the allegations (such as fraud and misappropriation of public funds) pertained solely to private contractual disputes rather than actual matters of international public policy. Consequently, CBI was deemed to have waived its right to raise these irregularities by failing to do so in a timely manner during the arbitral proceedings. Second, the court dismissed CBI’s claim that the sole arbitrator would have violated due process and the principle of equality of arms. The court found that CBI had been given ample opportunity to participate in the proceedings but chose not to do so. It also found that the sole arbitrator had reasonably addressed CBI’s late request to reopen the proceedings, ensuring CBI had a fair chance to present its case. Third, the court dismissed CBI’s claim that the sole arbitrator would have failed to respect his remit. It concluded that the arbitrator was not required to address every argument raised by CBI, particularly since CBI did not submit a formal claim during the arbitration process. The sole arbitrator’s conduct was consistent with the agreed scope of the arbitration. Finally, the court rejected CBI’s ground for annulment based on the alleged lack of impartiality of the sole arbitrator. The court found that the arbitrator’s actions were neutral and objective throughout the proceedings, and that CBI’s claims of bias were unfounded. Therefore, the court dismissed all of CBI’s grounds for annulment. Written by Julie Spinelli, partner at Le 16 Law (with the assistance of Emma Ruby, associate at Le 16 Law).

View Arbitration by content type :

Popular documents