UNBA supports the improvement of arbitration legislation proposed by the UAA

In the process of applying the new versions of the Civil Procedure Code and the Commercial Procedure Code, a number of gaps and contradictions were identified regarding alternative dispute resolution.

In this regard, the working group of the Ukrainian Arbitration Association has identified areas for improvement and prepared draft amendments to the Law on International Commercial Arbitration (ICA) and other legislative acts to improve the arbitration legislation of Ukraine, judicial control and support of international commercial arbitration.

The proposed amendments are aimed at implementing the provisions of the 2006 UNCITRAL Model Law on International Commercial Arbitration into Ukrainian arbitration legislation, which reflect the best international practices and standards.

The ICA Law was adopted in 1994 on the basis of the 1985 Model Law. Despite the attempts of the Ukrainian legislator to implement its provisions, some terms in the ICA Law still do not correspond to the original. First, at that time, Ukrainian commercial courts were still called arbitration courts, and there was no Law on Arbitration Courts. Secondly, the Ukrainian translation was made from the Russian version of the Model Law, which in some cases contained incorrect translations. The most striking example is the use of the term «arbitral tribunal» in the ICA Law as a synonym for the term «arbitration» or to mean «arbitral tribunal». After the adoption of the Law on Arbitration Courts, the Ukrainian legislator began to consistently distinguish between the terms «arbitral tribunal» and «international arbitration» and their derivatives to delineate the scope of application of the two laws and related procedural provisions.

The Ukrainian National Bar Association expressed its belief that broader opportunities for dispute resolution in international arbitration, effective judicial control and support for international arbitration are important factors for foreign investors in making their investment decisions.

And since the changes proposed by the Ukrainian Arbitration Association will make Ukraine a more attractive arbitration destination, the UNBA has asked the Verkhovna Rada Committee on Legal Policy to initiate the submission of the draft law to the Parliament.