The P.R.I.M.E. Finance Arbitration Rules were revised in 2021 and the 2022 edition came into force on 1 January 2022, applying to arbitrations commenced on or after that date (the P.R.I.M.E. Finance rules; the Rules). The Rules also include model clauses and a model submission agreement. Section V of the P.R.I.M.E. Finance Arbitration Rules (the P.R.I.M.E. Finance Rules) deals with the form and effect of arbitral awards, applicable law, currency of awards, settlement, termination and post award procedures. Requirements of an award It is common for the tribunal to deliver a single, final award but there is no obligation to do so. The tribunal may choose to make separate awards on different issues at different times. The form of the award is stipulated in art 39 of the P.R.I.M.E. Finance Rules and it must: • be made in writing • be carried out without delay by the parties • state the reasons on which the award is based unless the parties have agreed that no reasons are to be given by the tribunal

The P.R.I.M.E. Finance Arbitration Rules were revised in 2021 and the 2022 edition came into force on 1 January 2022, applying to arbitrations commenced on or after that date (the P.R.I.M.E. Finance rules; the Rules). The Rules also include model clauses and a model submission agreement. This Practice Note considers how to commence an arbitration under the P.R.I.M.E. Finance Rules. Where a dispute arises, parties will need to refer to the relevant documentation to review the dispute resolution clause(s). Where a clause or agreement specifies arbitral proceedings, it is important to check: • the institution or rules under which the arbitration is to proceed (see Understanding institutional and ad hoc arbitration—overview) • any limitation period (either contractual or statutory) within which the arbitration must be started (see Practice Notes: Limitation periods

The P.R.I.M.E. Finance Arbitration Rules were revised in 2021 and the 2022 edition came into force on 1 January 2022, applying to arbitrations commenced on or after that date (the P.R.I.M.E. Finance Rules; the Rules). The Rules also include model clauses and a model submission agreement. This Practice Note considers the role of costs under the P.R.I.M.E Finance Rules. The main provisions for costs are contained in Section VI of the P.R.I.M.E. Finance Rules. Scope of costs The tribunal will determine the costs of the arbitration in a final award or termination order or any other decision (art 48.1). Costs of arbitration include (art 48.2): • fees of the arbitral tribunal (art 49) • reasonable expenses incurred by arbitrators including any value added or sales tax levied on their fees • reasonable costs of expert advice as well as costs of other assistance including fees of any tribunal secretaries • legal and other costs incurred by parties including expenses of witnesses and experts to the extent that the tribunal determines the costs

The P.R.I.M.E. Finance Arbitration Rules were revised in 2021 and the 2022 edition came into force on 1 January 2022, applying to arbitrations commenced on or after that date (the P.R.I.M.E. Finance Rules; the Rules). The Rules also include model clauses and a model submission agreement. This Practice Note considers expediting arbitration proceedings under the P.R.I.M.E. Finance Rules. The P.R.I.M.E. Finance Rules offer expedited proceedings under Article 17 of the Rules. Expedited proceedings may be initiated: • if the amount in dispute does not exceed €4,000,000 at the time the response to the

The P.R.I.M.E. Finance Arbitration Rules were revised in 2021 and the 2022 edition came into force on 1 January 2022, applying to arbitrations commenced on or after that date (the P.R.I.M.E. Finance Rules; the Rules). The Rules also include model clauses and a model submission agreement. The P.R.I.M.E. Finance Rules provide a comprehensive structure for an arbitral process including a model arbitration clause for contracts, model submission agreement and the procedure for the commencement and conduct of an arbitration, the procedure for the appointment of arbitrators and provisions for making awards and awarding costs. The P.R.I.M.E. Finance Rules are also intended to provide flexibility to allow the arbitral tribunal to tailor proceedings as appropriate. Arbitration clause A model arbitration clause is annexed to the P.R.I.M.E. Finance Rules (Annex A). In reviewing the standard clause, parties should consider in particular: • whether to submit to any other alternative dispute resolution option (eg mediation) prior to commencing arbitration proceedings • the number of arbitrators (usually one or three) • the place of the arbitration,

The P.R.I.M.E. Finance Arbitration Rules were revised in 2021 and the 2022 edition came into force on 1 January 2022, applying to arbitrations commenced on or after that date (the P.R.I.M.E. Finance Rules; the Rules). The Rules also include model clauses and a model submission agreement. This Practice Note considers how to respond to a notice of arbitration under the P.R.I.M.E. Finance Rules. The respondent must communicate a response to the notice of arbitration to the Permanent Court of Arbitration (PCA) within 30 days of receipt

The P.R.I.M.E. Finance Arbitration Rules were revised in 2021 and the 2022 edition came into force on 1 January 2022, applying to arbitrations commenced on or after that date (the P.R.I.M.E. Finance rules; the Rules). The Rules also include model clauses and a model submission agreement. This Practice Note considers the powers of arbitral tribunals appointed under the P.R.I.M.E. Finance Rules. The tribunal has a general power to conduct proceedings in a way that it considers appropriate provided that the parties are treated with equality and the parties are each given a reasonable opportunity to present their case. In exercising its discretion, the tribunal must avoid unnecessary delay and expense and deliver a fair and efficient process for resolving the dispute (art 16.1). Place, location, language and rule of law Among other things, the tribunal has the power, if the parties have not previously agreed, to determine: • the legal place (seat) of arbitration (art 18) • the location of any hearings (art 18) • the language of the arbitration (art 19), and

Banking & Finance analysis: Camilla Macpherson, head of secretariat at P.R.I.M.E. Finance, discusses P.R.I.M.E. Finance’s Annual Report 2022, the key highlights from the first decade of P.R.I.M.E. Finance’s launch and looks ahead to 2023.

Banking & Finance analysis: Head of Secretariat for the Panel of Recognised International Market Experts in Finance (P.R.I.M.E. Finance), Camilla Macpherson, discusses P.R.I.M.E. Finance’s Annual Report 2023 and the key highlights from P.R.I.M.E. Finance’s work in 2023, and looks ahead to 2024.

The P.R.I.M.E. Finance Foundation has reported that it has appointed new board members. This includes Heikki Cantell, Samallie Kiyingi and Keith Noyes, who will sit on the Management Board, and Rick Grove and Jonathan Ross, who have been appointed to its Advisory Board with effect from 8 October 2024.

The Panel of Recognised International Market Experts in Finance (P.R.I.M.E. Finance) and the Permanent Court of Arbitration (PCA) have published a press release relating to an event they jointly hosted at the Paris Arbitration Week, on the topic of arbitrating finance disputes. The panel of experts gave a range of perspectives from the viewpoint of judges, counsel, corporate officers and arbitrators and examined the advantages of adopting the updated P.R.I.M.E. Finance Arbitration Rules, which are specially adapted for the resolution of complex financial disputes.

The Panel of Recognised International Market Experts in France (P. R.I.M.E. Finance) has announced its upcoming Amsterdam conference, scheduled for 16 May 2025 at De Nederlandsche Bank's offices. The conference will bring together leading practitioners, experts, judges and academics to address key developments in financial markets dispute resolution. The programme will feature comprehensive analysis of cross-jurisdictional case law developments, insights from the International Swaps and Derivatives Association (ISDA) 39th annual general meeting, current trends in international financial arbitration and emerging market considerations. A senior policy maker or judiciary member will be invited to provide a keynote address.