Enhancing Singapore's Offerings As An International Dispute Resolution Hub With The Singapore International Commercial Court (International Committee) Bill
Date
10/17/2024 9:39:07 PM
(MENAFN- PR Newswire)
SINGAPORE, Oct. 18, 2024 /PRNewswire/ -- The Singapore International Commercial Court (International Committee) Bill was introduced for First Reading in Singapore's Parliament on 14 October 2024.
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The
Bill seeks to establish an International Committee of the Singapore International Commercial Court (SICC) in Singapore to hear prescribed civil appeals and related proceedings from prescribed foreign jurisdictions. The SICC is a division of the General Division of the High Court and part of the Supreme Court of Singapore. The SICC is designed to adjudicate transnational commercial disputes and has jurisdiction to hear and try actions which are international and commercial in nature.
The International Committee will further enhance Singapore's offerings as an international dispute resolution hub, providing parties with a transnational commercial dispute resolution option to hear their cases and appeals.
The Bill follows the signing of a bilateral Treaty
between the Government of Singapore and the Government of the Kingdom of Bahrain on 20 March 2024 to collaborate on the establishment of the Bahrain International Commercial Court.
Key Features of the Bill
The key features of the Bill are as follows:
Structure: The International Committee will be established as a standalone body to hear prescribed appeals and related proceedings from prescribed foreign jurisdictions.
Constitution: The members will comprise Judges of the Supreme Court and International Judges in the Singapore International Commercial Court (SICC), and ad hoc members drawn from the court of the foreign jurisdiction that is referring an appeal to the International Committee.
Jurisdiction: The Minister for Law will be empowered to make regulations in relation to appeals from a foreign court to the International Committee, including prescribing the types of cases that can be appealed to the International Committee from the foreign jurisdiction.
Representation: Singapore advocates and solicitors, foreign lawyers and law experts who have been registered to appear before the SICC, can appear before the International Committee.
Enforcement: A judgment or order of the International Committee will be treated as a judgment or order of the court of that foreign jurisdiction which the appeal arose from.
Finality: A decision of the International Committee is final.
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SOURCE Supreme Court of Singapore
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