Third-party Funding For Research On Legal Issues In International Commercial Arbitration

Third-party funding(TPF)has been particularly developed in the field of international commercial arbitration in recent years.Although third-party funding is a new type of investment that inevitably has capital profitability,it also has a reasonable value to promote fairness and justice.In recent years,some countries or regions have already adopted corresponding legislations,and major arbitration institutions have modified their arbitration rules to follow the development of TPF.Third-party funding has brought about many impacts on the international commercial arbitration proceeding,and even challenged the basic principles of arbitration like the confidentiality.In order to better regulate the application of third-party funding in international commercial arbitration,we can take some measures like setting third-party investor access standards,stipulating mandatory disclosure obligations,clarifying the application of the rule of privilege,setting the confidentiality obligations of third-party funders,and reasonably determining the allocation of arbitration fees and security for cost to give better guidance to TPF.For China,it is necessary to seize the opportunity of the revision of the Arbitration Law and confirm the third-party funding of international commercial arbitration in legislation.At the same time,give full play to the role of arbitration institutions,and use arbitration rules to guide and regulate the adoption of third-party funding in international commercial arbitration.Judicial practice should also adopt a more open attitude towards third-party funding of international commercial arbitration.The industry organizations of third party funders also need to fully regulate themselves.