Traditionally, compared to court proceedings, parties to finance-related transactions have been reluctant to choose arbitration as their dispute resolution mechanism. However, recent years have witnessed a potential shift in attitude due to various reasons including arbitration’s cross-border enforcement regime under instruments such as the New York Convention. Both industry associations and arbitral institutions are embracing and responding to this recent trend. For instance, P.R.I.M.E. Finance (the Panel of Recognised International Market Experts in Finance) launched P.R.I.M.E. Finance Rules in 2012, under which the Permanent Court of Arbitration will administer finance-related arbitrations. The International Swaps and Derivatives Association (ISDA) published its first edition of the Arbitration Guide in 2013, with an updated version published in 2018, where a range of ISDA model arbitration clauses were set out for various arbitral institutions and seats around the globe, including a model clause for arbitrations under the auspices of the Hong Kong International Arbitration Centre (HKIAC) Administrated Arbitration Rules. In 2018, HKIAC established a Panel of Arbitrators for Financial Services Disputes, comprising arbitrators with expertise in a wide range of financial services disputes, including those in relation to structured finance. In recent years, banking and financial services related arbitrations account for over 10% of HKIAC’s annual caseload.
In this webinar, two experienced legal experts will discuss topical issues including types of structured finance contracts, arbitration’s potential role in the resolution of structured finance-related disputes, institutional rules and mechanisms for complex and multi-party contract scenarios, the prevalence of specialist arbitrators with expertise in financial services, cross-border enforcement of arbitral awards and matters to be considered when drafting arbitration clauses in relation to finance-related transactions. The speakers will also share their views on how COVID-19 has influenced arbitration’s role in the structured finance industry more broadly.
Kingsley Ong is a partner of Eversheds Sutherland’s Hong Kong office. He leads the firm’s structured finance, debt capital markets and restructuring and insolvency practices in Asia.
In addition to structuring and restructuring complex finance transactions, Kingsley has also sat as arbitrator (sole and co-arbitrator) in institutional administered arbitrations. Legal directories have described him as “the pre-eminent practitioner… for unwinding complex structured products” (Legal 500, 2020) and “extremely familiar with market practice” (Chambers 2020).
Kingsley is admitted to practise law in Hong Kong, England and Singapore. He is also a Hong Kong Notary Public, FCIArb and FHKIArb. He serves as the Secretary General of Asia Pacific Structured Finance Association (APSA), an Adjunct Associate Professor at the Law Faculty of the University of Hong Kong, a Senior Fellow of CFRED at The Chinese University of Hong Kong, and an External Examiner for The Hong Kong Institute of Bankers (HKIB).
Connect with Kingsley on LinkedIn: www.linkedin.com/in/kingsleyong
Wesley Pang is a partner of Eversheds Sutherland’s global Litigation & Dispute Management Group. He is based in Hong Kong, where he leads the International Arbitration practice in Asia.
Wesley has over a decade of experience in advising clients on commercial and investor-State disputes under various arbitration institutional rules and ad hoc proceedings.
Prior to joining Eversheds Sutherland, Wesley was Managing Counsel of HKIAC. He also worked for several years in the litigation and international arbitration groups of a major US law firm in their New York, Paris and London offices.
Wesley is admitted to practice law in New York and is a Registered Foreign Lawyer (New York, USA) in Hong Kong.
Connect with Wesley on LinkedIn: www.linkedin.com/in/wesleyhpang
The Law Society of Hong Kong has awarded this seminar 1.5 Continuing Professional Development (CPD) points.