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KLRCA publishes new rules
Practical Law UK Legal Update 2-547-2965 (Approx. 3 pages)
KLRCA publishes new rules
by Practical Law Arbitration
| Published on 30 Oct 2013 • Malaysia |
The Kuala Lumpur Regional Centre for Arbitration (KLRCA) has revised its rules.
Only a year on from its last review (see Legal update, KLRCA revise arbitration rules), the Kuala Lumpur Regional Centre for Arbitration (KLRCA) has revised its arbitration rules, the i-Arbitration Rules (also known as the Islamic Rules) and KLRCA Fast Track Rules to reflect modern best practice in international arbitration.
The KLRCA Arbitration Rules (2013), which entered into force on 24 October 2013, include:
- New provisions for the appointment of emergency arbitrators.
- The power for arbitrators to grant pre-award interest.
- Strengthened confidentiality requirements to enhance privacy of proceedings.
- New provisions on the consolidation of proceedings.
- Revised schedule of fees and administrative costs.
In September 2013, the Malaysian parliament passed the Legal Profession (Amendment) Act 2013, which provides exemptions to arbitrators and arbitration practitioners from the "fly-in fly-out" prohibition in Malaysia (see Malaysia: exemption from "fly-in fly-out" prohibition for arbitrators and arbitration practitioners).