The China International Economic and Trade Arbitration Commission CIETAC, China's leading arbitration body, has introduced a new arbitration scheme to deal with financial disputes. The new scheme is set out in the Financial Disputes Arbitration Rules Financial Arbitration Rules, which came into effect on 8 May 2003. The Financial Arbitration Rules are an adjunct to the CIETAC Arbitration Rules of 2000.
However, they promise a faster and cheaper means for resolving disputes in China's growing financial markets. Where the new Rules are unclear or contain no specific provision, the CIETAC Rules will apply. CIETAC remains the administrative body for both ordinary disputes arbitrated under the CIETAC Rules and for cases brought...
