Shanghai has released 17 measures to strengthen financial arbitration as part of its efforts to develop as an international financial center.

The measures span six areas, aiming to make financial arbitration more professional, better coordinated, and more internationally oriented, while better meeting the needs of market participants.

1. Build a more professional financial arbitration system

Shanghai will guide arbitration institutions in developing an internationalized framework of financial arbitration rules, including dedicated rules for securities and futures, offshore finance, and other specialized areas.

The measures also seek to improve the management of arbitration fees and arbitrator remuneration, establish a specialized research mechanism for financial arbitration, and strengthen links between arbitration and mediation.

2. Expand the financial arbitration cooperation network

Shanghai will set up a dedicated coordination mechanism for financial arbitration, led by the municipal judicial and financial authorities and involving central financial regulatory bodies based in Shanghai.

The city will also strengthen arbitration cooperation with Hong Kong, improve relevant two-way support mechanisms, and promote coordinated development in arbitration across the Yangtze River Delta region.

3. Improve judicial support for arbitration

Shanghai will promote an arbitration-friendly judicial environment by improving support for arbitration institutions carrying out financial arbitration procedures in the city, optimizing interim measures and enforcement in financial arbitration cases, and increasing the efficiency of the people's courts in handling arbitration-related judicial assistance online.

The measures also aim to strengthen coordination between judicial and arbitration institutions.

4. Build a stronger pool of financial arbitration professionals

Shanghai will work to build an international team of financial arbitrators and create a roster of arbitrators with financial expertise.

It will also improve mechanisms for overseas arbitrators to participate in financial arbitration case hearings and professional exchanges in Shanghai, while setting up an expert advisory pool and targeted training programs.

5. Increase the global influence of Shanghai financial arbitration

Shanghai will support arbitration institutions in strengthening exchanges and cooperation with international organizations, institutions, and research bodies in the legal and financial sectors.

Arbitration institutions will also be encouraged to take part in the development of international rules, while arbitration institutions and law firms will be supported in expanding their overseas service networks.

6. Improve the development ecosystem for financial arbitration

Shanghai will encourage arbitration institutions to invest more in legal technology and upgrade digital arbitration service platforms.

The measures also encourage entities in offshore finance, digital finance, and related fields to choose Shanghai as the seat of arbitration. Financial-sector cluster areas are encouraged to introduce supporting policies, attract more experienced overseas arbitrators, and bring together more international financial and legal resources.

Source: Shanghai Finance