News date: 16 September 2014
On September 15, a regular meeting of the International Chamber of Commerce’s (ICC) Financial Institutions and International Arbitration Task Force was held in Paris. The meeting was attended by 46 participants from more than 20 countries, which represented law firms, banks and financial companies, educational institutions in the field of jurisprudence, and international non-profit organizations.
The task force’s focus is to arrange international arbitration experience in the field of financial disputes, boost the efficacy and cost-effectiveness of dispute resolution procedures for banks and other financial institutions. At present, the task force works on development of internationally applicable recommendations in financial arbitration. The final report with recommendations is expected in October 2015.
To recall, Roman Marchenko, attorney at law, Senior Partner фе Ilyashev & Partners, is the only International Chamber of Commerce’s (ICC) Financial Institutions and International Arbitration Task Force member from Ukraine.
International Chamber of Commerce is an independent non-profit international organization representing the largest international businesses, associations and companies from over 140 countries around the world. ICC’s aim is to promote the development of international trade and address the latest business issues, including the development of harmonized rules, business standards and tasks for liberalization of international trade. Members of 16 standing committees and advisory groups created according to sectoral principle and covering all business areas deal with development of harmonized standards, codes, regulations, and other mechanisms of doing business, recognized throughout the world. Among the ICC’s documents are such as Incoterms (ICC’s Uniform Trade Terms), Uniform Customs and Practice for Documentary Credits (UCP 600), ICC Rules of Arbitration, standard international contracts and many others. The ICC has the International Court of Arbitration, which played a huge role in the global recognition of arbitration as the most effective way of resolving international commercial disputes.