Draft Report Of The International Council For Commercial Arbitration On 3rd Party Funding
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The Draft Report of the International Council for Commercial Arbitration and the Queen Mary University of London Task Force on Third-Party Funding in International Arbitration: What You Need to Know
The international arbitration community has been a leader in the adoption and evolution of third-party funding. Continuing that trend, The International Council for Commercial Arbitration (“ICCA”) partnered with Queen Mary University of London (“QMUL”) in 2013 to establish a task force comprised of over 50 leading international arbitration experts (the “Task Force”) to “identify and study the issues that arise in relation to third-party funding in international arbitration, and to determine what outputs, if any, would be appropriate to address them.”
The Task Force’s work resulted in the Draft Report for Public Discussion on Third-Party Funding in International Arbitration, published on September 1, 2017 and subject to a public comment period. The Draft Report, in addition to providing a detailed background on the market, scope and mechanics of dispute funding (see Chapter 2), identifies key issues that “(1) directly affect international arbitration proceedings; and (2) are capable of being addressed at an international level.” For each issue identified, the Draft Report analyzes the competing viewpoints, and proposes a set of principles (the “Principles”).
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