回顾2022香港仲裁周 | Mariel Dimsey: HKIAC - A Year in Review

HKIAC – A YEAR IN REVIEW

Distinguished guests, ladies and gentlemen,

On behalf of the Hong Kong International Arbitration Centre, may I welcome you to today’s ADR in Asia Conference, the flagship event of Hong Kong Arbitration Week. I also extend special gratitude to our speakers and panelists, here and online across the globe.

Following the tradition of the ADR in Asia Conference, I have the pleasure of sharing with you an overview of the key developments in the Hong Kong arbitral landscape over the past year, and at HKIAC in particular. The issues that lawyers, arbitrators, and institutions in Hong Kong are grappling with today are emerging issues for dispute resolution in Asia and the rest of the world, and form the topics of the different programs of the Conference today.

2022 has been a challenging year. The shift in the world’s geopolitical order, the slowdown of global economic activities, and the lingering COVID-19 pandemic weigh heavily on the Hong Kong legal market. 

• Against this backdrop, HKIAC has fortunately seen another record year. As of 21 October 2022, we have received 300 arbitration filings, which is the highest number ever seen during the same period in HKIAC's history. HKIAC has already seen more arbitration filings than the entire year in 2021. The aggregate amount in dispute is HKD 36.4 billion, an increase of 10.6% compared to the same period in 2021. Despite some external doubts, statistics show that Hong Kong continues to be a very popular seat of arbitration during this challenging time.

• HKIAC’s practice under the PRC-Hong Kong Interim Measures Arrangement continues to drive our increasing caseload. In the first three quarters of 2022, HKIAC has processed 22 applications made to Mainland courts for interim measures. The total value of assets sought to be preserved was RMB 5.1 billion or approximately USD 713 million, representing an 88.2% increase from the same period in 2021.  Since the introduction of the Arrangement in October 2019, HKIAC has processed 82 applications, preserving a total of RMB 20.5 billion or approximately USD 3 million.

• In July 2022, the Supreme People's Court of the People's Republic of China (SPC) announced that HKIAC is to be included in the China International Commercial Court or the CICC’s “One-Stop” Platform for Diversified International Commercial Dispute Resolution. This means that parties to cases administered by HKIAC with an amount in dispute over RMB 300 million or otherwise likely to be of significant influence, may apply for interim relief and/or the enforcement of arbitral awards directly to the CICC. In appropriate cases, this is a more effective alternative to the current arrangements between the Mainland and the Hong Kong SAR for interim relief and enforcement of arbitral awards. You will have heard from our event this morning that the inclusion of HKIAC into the “One-Stop” Platform further enhances HKIAC’s advantages as an arbitral seat.

• Not only does Hong Kong rely on the policy and market advantages of the Mainland, we also benefit from Hong Kong’s role as a dispute resolution jurisdiction that bridges developing and developed jurisdictions. In 2024, Hong Kong will host the ICCA Congress, the largest regular Conference in the world dedicated to international arbitration and renowned for its significant contribution to international dispute resolution. This is a testimony to Hong Kong’s international reach and shows the global arbitration community’s confidence in Hong Kong's thriving position as a legal hub for dispute resolution. As our preparation work progresses, we invite the Hong Kong arbitration community to join us in promoting this landmark event.

  
  

Turning now to the program for this year’s Conference, we will be addressing the following hot topics and answering Victoria’s question “where the future is right now?”:

• Arbitration and Alternative Fees: New Landscape, New Opportunities? In 2022, the Hong Kong arbitration community welcomed the Outcome Related Fee Structures for Arbitration ORFSA amendment bill to the Legislative Council. The bill proposed three new fee arrangements to allow lawyers to charge for arbitration cases pursuant to the principles of "no win, no fee" and "no win, low fee." The new law, which is expected to come into force late in 2022, goes a long way to increasing Hong Kong's competitiveness as a leading arbitration hub.

  
  

• Cryptocurrency Disputes - The Case for Arbitration in Asia: Last year, this Conference explored what cryptocurrency is and what regulations are applicable to cryptocurrency. This year, crypto-related issues continue to draw wide attention across the world. 2022 turned out to be a torrid year for crypto: two major crypto trading platforms declared bankruptcy; a crypto hedge fund plunged into liquidation; the once popular stablecoin imploded in a matter of days, losing 95% of its market cap; and the total market capitalization of crypto has fallen 60% compared to the number last year. Along with these incidents was an increase in cryptocurrency disputes. Today, experts gather to discuss how arbitration procedures could be optimized for crypto disputes and the first learnings from disputes already underway.

  
  

• Beyond Mere Greenwashing? The Impact of ESG on International Arbitration: Environmental, social, and governance (ESG) issues increasingly dominate the global and regional legal, political and business agendas. Commercial contracts increasingly cover obligations regarding ESG issues, especially on energy transition and workers’ human rights. Given that international arbitration is many companies' preferred dispute resolution mechanism for cross-border disputes, its role in resolving ESG-related disputes will only increase. This year, we bring ESG issues to a panel discussion at the Conference for the first time.

  
  

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