New Singapore International Arbitration Centre ("SIAC") Arbitration Rules 2016

SIAC is now one of the most prolific and important international arbitration centres. To mark 25 years since its establishment, SIAC has announced the release of the sixth edition of its arbitration rules, the SIAC Rules 2016, which will be effective as of 1 June 2016. A summary of the highlights of the SIAC Rules 2016, with the key changes, is set out below:

Improvements to the Expedited Procedure

The Expedited Procedure under Rule 5 of the SIAC rules is a useful procedure available to parties to significantly cut down the timeframe of an arbitration in certain circumstances. Rule 5 of the SIAC Rules 2016 has been amended so that the maximum total value in dispute that can seek to utilise the Expedited Procedure is now SGD6 million (approximately £2.97 million or US$4.35 million as of today's exchange rates). This now means a party may apply to the Registrar of SIAC asking for the arbitration to be conducted under the Expedited Procedure: