Research On The Disclosure System Of Third-party Funding In International Commercial Arbitration

With the continuous development of international commercial arbitration,a variety of new models are emerging.Third party funding has gradually expanded in the field of commercial arbitration.The third-party financing behavior originated from the field of civil arbitration,which means that the third-party funders provide financial assistance to the parties in financial difficulties,and obtain an appropriate proportion of the amount as a return after the arbitration.Although the third-party funding provides some parties with channels to realize their own interests,its inherent disadvantages can not be ignored-the third-party funding is easy to cause conflicts of interest,which directly affects the suspicion of the independence and impartiality of arbitrators,thus leading to the interruption of arbitration procedures or the invalidity of arbitration results.Although the means to solve the conflict of interest may lead to the violation of the confidentiality rules,the third-party funding is of great significance to ensure the independence and impartiality of arbitrators and improve the preservation and sharing of arbitration costs.Third party funding has its special legal status,so it is necessary to establish special laws and regulations to regulate it.Through literature reading,normative analysis and classification comparison,this paper examines the relevant legislation and rules,including those of Britain,Australia,Hong Kong and Singapore,and reviews the existing rules.It finds that the existing problems are: mandatory doubt of disclosure obligation,too narrow scope of disclosure subject,unclear content of disclosure,and failure to perform the disclosure obligation The result is not clear.From this,we can get the latest experience of constructing the disclosure system of the third-party financial assistance Arbitration: adopting the legislative form to recognize the particularity of the third-party financial assistance behavior,emphasizing the compulsory disclosure obligation,expanding the disclosure subject,clarifying the scope of disclosure,and at the same time using the industry self-discipline rules and industry ethics to self-discipline the arbitrators,parties and sponsors.China's mainland market has huge potential,but at present,the third-party funding in the mainland is still in a state of no regulation and no supervision.In order to ensure that China can properly cope with the international trend,it is necessary to establish a complete third-party funding disclosure system in China,which is also a necessary means to enhance China's international status.