New Swiss Rules of International Arbitration 2012 came into force on the 1st of June 2012.
Chamber of Commerce and Industry in Switzerland has recently published revised rules of international arbitration, which apply to the arbitration proceedings, initiated after the 1st of June, 2012.
These amendments are not substantial as the changes of the Arbitration Rules of the ICC, but no less important.
The main change in the Rules - the creation of an independent organization - the Arbitration Institute of the Swiss Chambers, which will administer all arbitration cases under the new Regulations.
Arbitration Institute of the Swiss Chambers shall be empowered to:
- To extend and reduce the processing times of arbitration proceedings;
- to decide on the disqualification of arbitrators;
- Participate in the decision-making on the arbitration costs.
The establishment of Arbitration of the Swiss Chambers promotes standardization and unification of regulations.