[HK] AO Hong Kong Arbitration Ordinance
[HK] AO
Hong Kong Arbitration Ordinance
ZivilrechtZivilprozessrecht
Schiedsverfahrensrecht
(1) Without limiting section 98P, the code of practice may, in setting out practices and standards, require third party funders to ensure that—
(a) any promotional material in connection with third party funding of arbitration is clear and not misleading;
(b) funding agreements set out their key features, risks and terms, including—
(i) the degree of control that third party funders will have in relation to an arbitration;
(ii) whether, and to what extent, third party funders (or persons associated with the third party funders) will be liable to funded parties for adverse costs, insurance premiums, security for costs and other financial liabilities; and
(iii) when, and on what basis, parties to funding agreements may terminate the funding agreements or third party funders may withhold arbitration funding;
(c) funded parties obtain independent legal advice on funding agreements before entering into them;
(d) third party funders provide to funded parties the name and contact details of the advisory body;
(e) third party funders have a sufficient minimum amount of capital;
(f) third party funders have effective procedures for addressing potential, actual or perceived conflicts of interest and the procedures enhance the protection of funded parties;
(g) third party funders have effective procedures for addressing complaints against them by funded parties and the procedures allow funded parties to obtain and enforce meaningful remedies for legitimate complaints;
(h) third party funders follow the procedures mentioned in paragraphs (f) and (g);
(i) third party funders submit annual returns to the advisory body on—
(i) any complaints against them by funded parties received during the reporting periods; and
(ii) any findings by a court or arbitral tribunal of their failure to comply with the code of practice or Division 5; and
(j) third party funders provide to the advisory body any other information it reasonably requires.
(2) Without limiting subsection (1), the code of practice may—
(a) specify terms to be included, or not to be included, in funding agreements; and
(b) specify what is to be included, or not to be included, in order to have effective procedures.
(3) The code of practice—
(a) may be of general or special application; and
(b) may make different provisions for different circumstances and provide for different cases or classes of cases.
Source: HK e-legislation
Imported:
- Here are your Documents and notes
- Create a new Document or Note using the toolbar above the legal text.
- Open an existing Document or Note from the right-hand column or directly in the text.
Documents
for Schiedsverfahrensrecht
notes
for 98Q. [HK] AO
No notes available.