| |
Domestic:
1. The 11th Cross-strait Economic and Trade Arbitration Seminar (Chongqing) successfully convened
Co-hosted by China International Economic and Trade Arbitration Commission and Chinese Arbitration Association, Taipei, the 11th Cross-straits Economic and Trade Arbitration Seminar was convened in Chongqing on November 17, 2011. Since its foundation in 2001, it has been successfully held for 11 times.
http://cn.cietac.org/NewsFiles/NewsDetail.asp?NewsID=1105
2. Ninth CIETAC Cup International Commercial Arbitration Moot successfully held in Beijing
On November 22-25, 2011, the Ninth CIETAC Cup International Commercial Arbitration Moot was successfully held in Beijing. The CIETAC Cup Moot, which was participated by nearly 200 contestants representing the law schools (departments) of 25 well-known Chinese universities (departments), lasted for four days and included 57 debate sessions. After the CIETAC Cup Moot, CIETAC will sponsor the championship team to attend the Willem C. Vis International Commercial Arbitration Moot (“Vis Moot”), which is to be held in Vienna in April 2012 and in Hong Kong in March 2012.
http://cn.cietac.org/NewsFiles/NewsDetail.asp?NewsID=1108
3. Supreme People’s Court: interest rates of private lending shall not exceed four times that of the Bank
With respect to issues on disputes arising from private lending and on interest rate protection, the person in charge of the supreme people’s court said that the interest rate of the private lending can be higher than bank loans, and people’s courts at different levels can decide depending on the actual local situation, but should not exceed four times the interest rate of money borrowed from banks (including the number of interest rate). The interest rate that is greater than the limit will not be protected. The above clauses can be referred to regulations in Contract Law of the People’s Republic of China and articles VI and VII of Opinions of the Supreme People’s Court on Loan Dispute Hearing at People’s Court (Opinions). For compound interest, article VII of the Opinions sets out that creditors shall not include the interest into the principal for high return. If it is discovered that the creditor includes the interest into the principal with compound interest rate, the exceeded interest will not be protected under the limit set out in article VI. In addition, the lender shall return the actual lending and calculate the interest if the interest has been deducted from the capital. If only the interest rate of the lending instead of the overdue interest rate was agreed between the parties, and the lender claims the overdue interest shall be the same as that of the lending, it shall be upheld. If neither the interest rate of the lending nor the overdue interest rate was agreed between the parties, and lender claims that the interest rate of money borrowed from People’s Bank of China shall applied, it is to be upheld.
http://www.ccarb.org/news_detail.php?VID=20551
4. The 5th Forum on Chinese Arbitration and Justice cum the Annual Conference 2011 of the China Academy of Arbitration Law held in Guangzhou
On November 30, 2011, the grand 5th Forum on Chinese Arbitration and Justice cum the Annual Conference 2011 of the China Academy of Arbitration Law was held in Guangzhou. The amendment made to the Civil Procedure Law related to arbitration has been the most concerned topic of the industry, which is also the main topic of the Forum. The participants of the Forum include over 180 experts and scholars representing the National People’s Congress of the People’s Republic of China, Legislative Affairs Office of the State Council, the Supreme People’s Court, domestic arbitration institutions, People’s Court, higher education universities of law, enterprises, law offices and relevant government departments.
http://cn.cietac.org/NewsFiles/NewsDetail.asp?NewsID=1109
International:
1. The International Chamber of Commerce Revises its Rules of Arbitration
http://www.williamfry.ie/publication-article/the_international_chamber_of_commerce_revises_its_rules_of_arbitration.aspx
01 December 2011
The International Chamber of Commerce (ICC) has launched a much anticipated revised version of its Rules of Arbitration. The revised Rules come into effect on 1 January 2012, replacing the current ICC Rules that have been in place since 1998. They will apply to any arbitration commenced in the New Year, unless otherwise expressly agreed between the parties.
2. U.S. Supreme Court Reiterates Strong Commitment to Enforcement of Arbitration Clauses
http://ca.linexsystems.com/contents/view/3119862
01 November 2011
In its unanimous November 7, 2011, per curiam decision in KPMG LLP v. Cocchi, the U.S. Supreme Court once again admonished state and federal courts that there is an “emphatic federal policy in favor of arbitral dispute resolution.”
Investors in three funds that lost millions of dollars in the Bernard Madoff Ponzi scheme sued KPMG, the auditor of the funds, claiming that its alleged failure to use proper auditing standards resulted in the fraud remaining undetected. The investors asserted claims against KPMG in Florida state court for negligent misrepresentation; violation of the Florida Deceptive and Unfair Trade Practices Act (FDUTPA); professional malpractice; and aiding and abetting a breach of fiduciary duty.
KPMG moved to compel arbitration, citing the arbitration clause in its audit services agreement with the funds’ manager. The trial court and Florida Court of Appeal rejected the arbitration demand, holding that the investors were not parties to the audit services agreement, and that the investors’ negligent misrepresentation and FDUTPA claims were direct claims against KPMG, not merely derivative of the work performed pursuant to the audit services agreement.
3. (In Britain) Construction Act Changes
http://www.duttongregory.co.uk/site/library/legalnews/construction_act_changes.html
28 October 2011
On 1 October 2011, changes to the Housing Grants, Construction and Regeneration Act 1996 (normally called the Construction Act) came into force. The changes are contained in Part 8 of the Local Democracy, Economic Development and Construction Act 2009 and apply to all relevant contracts entered into from 1 October.
4. Workplace Mediation - A growing market
http://www.ciarb.org/news/mediation-news/workplace-mediation---a-growing-market.php
01 November 2011
Clive Lewis OBE ACIArb, Managing Director of Globis Mediation Services and leader of CIArb's 'Workplace mediation training', discusses the future of workplace and employment mediation.
Last year, some 200,000 cases went through the UK Employment Tribunal system, with claims for unfair dismissal and breach of contract featuring highly. In addition to this, the world of work is quickly changing beyond all recognition.
5. SIAC Appoints Two New Board Members from India and China
http://www.siac.org.sg/index.php?option=com_content&view=article&id=321:siac-appoints-two-new-board-members-from-india-and-china&catid=1:latest-news&Itemid=50
30 September 2011
Professor Michael Pryles, Chairman of Singapore International Arbitration Centre, is pleased to announce that Mr Nishith Desai and Ms Ariel Ye have been appointed to serve on the SIAC Board of Directors. Mr Desai and Ms Ye are leading international arbitration practitioners from India and China which are SIAC’s leading markets and their expertise will compliment the depth and breadth of experience within the SIAC Board.
|
