Analysis And Enlightenment Of TPF Supervision In International Commercial Arbitration

In recent years,TPF arbitration has attracted extensive attention from the international community and has become a hot topic in the field of arbitration.However,due to the profit-seeking nature of TPF,the lack of proper regulation of TPF will lead to arbitration unfairness,conflict of interest,confidentiality and cost guarantee in arbitration.To maximize the positive effects of TPF and regulate its potential negative effects,the supervision of TPF in arbitration has gradually come into the perspective of various jurisdictions.At present,there are two kinds of TPF supervision modes in arbitration,one is to regulate in the form of industry autonomy,and the other is to implement mandatory intervention through legislation.After discussing the legality of TPF arbitration,Hong Kong and Singapore passed amendments to the Arbitration Ordinance and Civil Law Amendments on June 14,2017 and January 11,2017,respectively.Hong Kong,China has established an industry self-regulatory model under legislative authorization,and has specified an information disclosure system in the revised regulations.In Singapore,through the amendment of the Civil Law,supplemented by the TPF Regulations and Lawyers 'Professional Rules,a prudent and flexible regulatory system has been established.At present,third-party funding has already appeared in China's legal market,but there are no corresponding regulatory measures to regulate this phenomenon.On this basis,the latest developments of TPF in Hong Kong and Singapore become a certain reference significance for Chinese mainland.In view of the legal and professional ethics uncertainty of TPF in China,confirming the legality of TPF is still a prerequisite for the promotion of TPF in the Mainland.On the basis of confirming the legalization of international commercial arbitration,China can initially implement light-touch supervision.Guided by industry self-discipline and lawyers' professional ethics,and information disclosure as the main means,explore a TPF supervision model that is consistent with the development of the legal market in Chinese mainland.