emergence of Cyprus as a thriving international business centre and as the
preferred place of establishment of many companies of foreign interests, Cyprus
has seen a large increase in the use of arbitration as a commercial dispute
From January to April 2015, the Financial Services Commission (“FSC”) operated the Internet-Primary Bank Task Force (“TF”), which was a joint private and public sector effort. The TF reviewed related legislative bills and system reform plans regarding the introduction of the Internet-primary bank in Korea.
On January 1, 2015, the Act on the Registration and Evaluation of Chemicals (“K-REACH”) and the Chemicals Control Act (“CCA”) took effect. In this regard, the Ministry of Environment (“MOE”) plans to provide guidelines on the violations of K-REACH and CCA, and begin to enforce regulations against the violations in the near future.
One of the most important negotiated points by parties in contract negotiations is the dispute resolution clause. If parties agree on arbitration, they often negotiate which arbitration institution or arbitration rules will apply in resolving potential disputes.