Relevant provisions of Third Party Funding of Arbitration come into operation
*****************************************************************************
There is now greater certainty that third party funding of arbitration in Hong Kong is not prohibited by the common law doctrines of maintenance and champerty. This can add to the attractiveness of Hong Kong as an international arbitration centre.
A Code of Practice for Third Party Funding of Arbitration was issued on December 7 last year setting out the practices and standards with which third party funders are ordinarily expected to comply in carrying on activities in connection with third party funding of arbitration. The Code serves a useful role in setting minimum standards of good practice by third party funders of arbitration and laying down safeguards for funded parties.
The Amendment Ordinance was passed by the Legislative Council to implement the recommendations made in the Report on Third Party Funding for Arbitration published by the Law Reform Commission of Hong Kong and the views of the Steering Committee on Mediation.
Ends/Friday, February 1, 2019
Issued at HKT 19:00
Issued at HKT 19:00
NNNN