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The RF government has approved a Bill which significantly amends statutory framework for arbitration proceedings.
DATE: April 24, 2015 | AUTHOR: atlawyers
The RF government has approved a Bill which significantly amends statutory framework for arbitration proceedings. Arbitration tribunals will be established only in form of non-profit organizations which do not distribute profits among their participants, and only with the permission of the RF Ministry of Justice (exclusive of the International Commercial Arbitration Court and the Maritime Arbitration Commission at the RF Chamber of Commerce). Arbitration tribunals which do not meet these requirements will not be entitled to carry out their activities from 01.07.2016.