Archive for category Restrictions, Sanctions & Embargos
- 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.
- The time for the appointment of arbitrators has been reduced to 30 days in line with the requirements under the Malaysian Arbitration Act 2005.
- 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.
- 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 National Law Review is pleased to bring you information regarding the upcoming ICC Institute’s Economic Sanctions in the Global Economy Conference:
At a time when the global financial crisis has severely impacted trade flows and hampered world growth, what is the effect and the justification for the extraterritorial application of economic sanctions?
The long arm reach of law enforcement agencies sets global companies unprecedented challenges in terms of conflict of laws and regulatory jurisdiction. Dozens of criminal, administrative or regulatory investigations on both sides of the Atlantic are currently targeting billions of dollars worth of commercial transactions and cross-border payments. Penalties in the hundred of millions of dollars are regularly disclosed sanctioning global companies and banks for their past cross-border dealings . What is the right balance between the governments’ objective of moving to a safer world and the business reality? How are judges and arbitrators expected to…
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