Archive for category Law & Legislation

More Trade News in Brief – Week 11 (11 – 17 March 2013)

 
* EU-US Trade Talks to Start
 
12 March 2013, Brussels
 
The European Commission agreed the draft mandate for the Transatlantic Trade and Investment Partnership Agreement with the United States, the draft mandate will be sent to the Council for the Member States to approve.
 
Read more here.
 
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* Brazil Joins the UN CISG
 
5 March 2013, Vienna
 
Brazil becomes the 79th State Party to the United Nations Convention on Contracts for the International Sale of Goods (CISG).
 
Further information on the CISG is available on the UNCITRAL website at www.uncitral.org.
 
Check here too.
 
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* The Use of Electronic Communications in International Contracts
 
1 March 2013, Vienna
 
The United Nations Convention on the Use of Electronic Communications in International Contracts entered into force on 1 March 2013.
 
Further information on the Convention is available on the UNCITRAL website at www.uncitral.org.
 
Kindly follow the link for more.
 

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Online Training in International Arbitration

29 January 2013, Paris
 
The International Chamber of Commerce (ICC) has unveiled its new “ICC Arbitration Online Training”.
 
The official e-learning course explain the inside workings of international arbitration and the 2012 ICC Rules of Arbitration, currently caters Trade Finance and Incoterms®2010 rules.
 
View the online training demo.
 
For more information visit the ICC Arbitration online training.
 
View ICC’s general online training.
 

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ICC Published New Volume on DOCDEX

13 December 2012, Paris
 
International Chamber of Commerce (ICC) has issued a new volume containing decisions on Documentary Credit Dispute Resolution Expertise (DOCDEX – Decisions 2009-2012).
 
DOCDEX include cases based on other ICC rules kike:
Uniform Rules for Collections (URC)
Uniform Rules for Bank-to-Bank Reimbursements (URR)
Uniform Rules for Demand Guarantees (URDG)
 
The new volume is an important point of reference for bankers, lawyers, importers/exporters and other practitioners who make use of ICC rules.
 
For more information visit the ICC DOCDEX Rules.
 

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EU Approves New Rules for Credit Rating Agencies

28 November 2012
 
European Union (EU) agreed to introduce limited controls on credit ratings agencies including additional rules on sovereign debt ratings and, to prevent conflicts of interest, the limitation on cross-ownership of agencies and the entities that they rate.
 
Please read more here and here.
 

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US FATCA – Agreement Model 2

14 November 2012
 
The United States Treasury Department released a second model agreement on FATCA.
 
The second model agreement supplements direct reporting under FATCA by foreign financial institutions (FFIs) by adding the exchange of information between the respective governments, but only on request.
 
The Model Intergovernmental Agreement (Model 2) is available here:
Model 2 Agreement to Implement FATCA
 
Please find more details following the link.
 

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OECD Launched The ‘Global Recalls Portal’

19 October 2012
 
OECD launched a international portal to exchange information about unsafe products that have been taken off the market in Australia, Canada, Europe and the United States.
 
The portal, http://globalrecalls.oecd.org, will contribute to boosting consumer safety across the world.
 
For more information kindly check here.

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Trade Facilitation Implementation Guide by UNECE

September 2012
 
The United Nations Commission for Europe (UNECE), with the support of its UN Centre for Trade Facilitation and Electronic Business (UN/CEFACT), develop the Trade Facilitation Implementation Guide (TFIG) which is very utile for who are working in advocacy in the trade facilitation domain.
 
The guide gives an overview of governmental organisations that work in the field of trade facilitation, either through setting rules and standards, providing technical assistance, or by doing research.
 
More information is available here.
 

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OLAF Annual Report for 2011

3 July 2012, Brussels
 
The European Anti-Fraud Office (OLAF) published the Annual Report 2011 include samples of cases investigated by OLAF into suspected crimes against different sectors of the EU budget.
 
The report can be downloaded from here.
 
OLAF Report 2011 - Trade News in Brief
 
 
For further details click here.

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More Trade News in Brief – Week 28 (2 July – 8 July 2012)

* World Investment Report 2012
 
The UN Conference on Trade and Development (UNCTAD) launched “World Investment Report 2012: Towards a New Generation of Investment Policies”.
 
The Report contains a detailed analysis of world investment trends (global and regional) and give a special attention to  national policy developments and on the new generation of investment policies. Also, The Report provides detailed guidelines for investment policymaking.
 
The Report and accompanying detailed statistics can be downloaded from here.
 
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* Online Platform on the New York Convention Guide
 
The United Nations Commission on International Trade Law (UNCITRAL) launched of an online platform to support  the forthcoming Guide on the Convention on the Recognition and Enforcement of Foreign Arbitral Awards, 1958 (New York) known as the New York Convention.
 
For more information click here.
 
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* UNCITRAL Adopted Recommendations to Assist Arbitral Institutions
 
The United Nations Commission on International Trade Law (UNCITRAL) release the UNCITRAL Recommendations to assist arbitral institutions and other interested bodies under the UNCITRAL Arbitration Rules 2010.
 
Please check for more details here.
 
 

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Launch of the Revised KLRCA Arbitration Rules

On 2 July 2012, the latest version of the KLRCA Arbitration Rules (the “Rules”) will come into force. The Rules update the KLRCA Arbitration Rules 2010 and follow on the heels of the Arbitration Amendment Act 2011 which sought to enhance and emphasise the Malaysian courts’ non-interventionist and pro-enforcement stance in international arbitration.
 
In particular section 8 of the Act was specifically amended to explicitly state that the courts are entitled to intervene only in situations expressly provided for by the Act. Previously, it had been worded more vaguely as “[u]nless otherwise provided, no court shall intervene in any of the matters governed by this Act“.
 
A copy of the Rules can be found here. Some of the more pertinent revisions are as follows.
  1. A new Rule 2 now specifies the information, documents and fee required to register an arbitration with the KLRCA. Previously, the Rules only required that the party commencing the arbitration copy the notice of arbitration to KLRCA. It was then left to the KLRCA to follow-up and request further information.
    The aim of this revision is to reduce the time usually taken by the initiating party in submitting the necessary documentation for the KLRCA’s verification.
  2. The time for the appointment of arbitrators has been reduced to 30 days in line with the requirements under the Malaysian Arbitration Act 2005.
  3. A new Rule 5 now provide for challenges to arbitrators. Such challenges will be administered by the KLRCA and the Director will determine those challenges.
  4. Parties and the arbitral tribunal have 30 days to agree on a schedule of fees from the time of the appointment of the tribunal and to inform the KLRCA of such, failing which the KLRCA Schedule of Fees shall apply.
The Rules will automatically apply to all arbitrations commenced under the KLRCA after 2 July 2012 unless parties stipulate otherwise.
 

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