On Third-party Funding Information Disclosure Rules In International Commercial Arbitration

In recent years,the application of the third party funding system has gradually penetrated into the field of litigation to the field of international arbitration,and arbitration occupies an important proportion in dispute settlemen.The emergence of third-party funding provides financial support for the arbitration parties to help them reduce their burden,so it is widely used in international commercial arbitration.At present,third-party funding has been recognized by most countries and international arbitration institutions in the world,and recognized it has a certain legal status.Its existence has been concerned and disputed by scholars,and at the same time,some practical difficulties also arise in concrete practice,which have triggered the international community to think on its regulation.This paper focuses on the information disclosure issues involved in practical issues.The emergence of information disclosure stems from conflicts of interest between subjects,which complicates the obligations of arbitrators in international commercial arbitration and affects the fairness and transparency in the arbitration process.The disclosure of third-party funding information is the legal obligation of arbitrators in the countries and arbitration institutions that currently formulate information disclosure rules.The existing disclosure rules include only arbitrators and funders.Given the existence of the funders in the third-party funding agreement,which is not included in the regulation,the disclosure rules are limited.These limitations mainly include that the disclosure content is single and rough,the disclosure obligation is not mandatory,and the provisions in violation of the disclosure obligation are not targeted.Therefore,the disclosure rules of the third-party funding system have important research significance.The first part is an overview and inquiry of third-party funding and information disclosure.This paper focus on the concept of third-party funding in a broad and narrow sense,and explores the origin and development of third-party funding,and analyzes the causes and current situation of third-party funding shifting from litigation to arbitration.The second part is to discuss the formulation of the third-party funding information disclosure rules.This article mainly discusses the positive and negative opinions of scholars from all walks of life on the disclosure rules,as well as the scope and standards of the information disclosure rules,and tries the views and opinions of this paper.The third part is to sort out the mode of formulating rules for third-party funding information disclosure and summarize the advantages and disadvantages of various rule modes.At the same time,the most suitable third-party funding information disclosure rule model for China is selected.The fourth part analyzes the feasibility and necessity of the third-party funding system for international commercial arbitration in Chinese mainland.Since the third-party funding system has not been introduced in Chinese mainland,it is difficult to implement the third-party funding system to some extent.However,this paper believes that the international development of the system is the general trend,so it is necessary to introduce the system for the development of arbitration in China.The last part is the construction of the third-party funding system for international commercial arbitration in Chinese mainland.Establish a relaxed regulatory environment in the internal environment,limit the minimum requirements for funders,and conduct pilot projects in individual regions to extend the third-party funding system in a point-to-point manner.In terms of the establishment of rules and norms,the third-party funding system is dominated by the arbitration rules under the legislative authorization and supplemented by industry autonomy.Indeed,the initial stage of the introduction of the third-party funding system will certainly induce a series of problems.We will carry out the initial light touch supervision of its supervision,and then implement the management mode from loose to tight.In the process of the system play,various conflicts of interest points are identified,and a set of evaluation standards are established according to the current national conditions,and the evaluation results can be used as the basis for the increase,change and deletion of the regulatory rules.Regulation starts from different aspects,such as the government and the industry,and then distinguishes the content priorities,giving a better environment for the third-party funding system for domestic commercial arbitration.