As recently as 14th June 2017, Hong Kong became the latest jurisdiction to permit third-party funding in 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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