As recently as 14th June 2017, Hong Kong became the latest jurisdiction to permit third party funding for international arbitration by passing legislation to amend the Arbitration Ordinance (Cap. 609). The amendment is likely to take effect later this year, giving time for a code of conduct for funders to be developed.
The law had previously only permitted the funding of insolvency cases, but the recent news will boost Hong Kong’s status as a centre for arbitration and help it compete with local rival Singapore (that similarly liberalised its funding regime earlier this year) and the other major global players: London, Paris, Geneva and New York.
Woodsford’s Charlie Morris takes a look at what impact this change will have on Hong Kong as a centre for international arbitration.
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