Procedural decisions of the General Arbitration Tribunal of the Buenos Aires Stock Exchange are not subject to appeal | Practical Law

Procedural decisions of the General Arbitration Tribunal of the Buenos Aires Stock Exchange are not subject to appeal | Practical Law

Francisco M. Gutiérrez (Partner) and Ignacio J. Minorini Lima (Senior Associate), M. & M. Bomchil

Procedural decisions of the General Arbitration Tribunal of the Buenos Aires Stock Exchange are not subject to appeal

Published on 02 Aug 2010 • Argentina
Francisco M. Gutiérrez (Partner) and Ignacio J. Minorini Lima (Senior Associate), M. & M. Bomchil
The Argentine National Court of Appeals in Buenos Aires has confirmed the scope of the appeal remedy within arbitration proceedings before the General Arbitration Tribunal of the Buenos Aires Stock Exchange.
In Solidstate Controls Inc de Argentina SRL c/ Meyer, Federico Luis s/ Queja, rendered on 27 May 2010 and made public on 15 July 2010, the National Commercial Court of Appeals, Chamber A, seated in the City of Buenos Aires, confirmed that procedural decisions taken by the General Arbitration Tribunal of the Buenos Aires Stock Exchange, pursuant to its rules of arbitration, are not subject to appeal.
In addition, the Court of Appeals held that applicable rules of arbitration only provide for the appeal remedy with respect to awards rendered in de jure arbitration proceedings and those decisions adopted by the Proceedings Director (pursuant to Articles 63 and 37 of the Rules of Arbitration of the General Arbitration Tribunal of the Buenos Aires Stock Exchange).
This decision is relevant to the development of arbitration in Argentina as it confirms that:
  • The parties should abide by the agreed upon rules of arbitration.
  • The scope of the appeal remedy should be restrictively construed within the boundaries established by the applicable rules.