Richard Annette
Adam Russell-Knee
The Cayman Islands Monetary Authority (“CIMA”) has changed the application form for the registration of Virtual Asset Service Providers (VASPs) through the REEFS portal. Additionally, CIMA has issued an update to the Rule and Statement of...
Arbitration is a Dispute Recognition mechanism that can provide particular advantages over standard Court proceedings, for example, where the parties are based in different jurisdictions and are from different legal backgrounds. It is therefore popular for cross-border disputes.
Arbitration offers the parties a neutral choice of law governing the procedural framework of the arbitration as well as a neutral location for the dispute. The confidentiality of the proceedings is also an important advantage.
Arbitration in the Cayman Islands may also be particularly well suited for disputes governed by Cayman Islands law and / or connected to the Cayman Islands.
The legal infrastructure for arbitration in the Cayman Islands derives primarily from the Cayman Islands Arbitration Act (2012). Section 3(3) of the Cayman Islands Arbitration Act sets out the general principles upon which it is founded, namely:
- the object of arbitration is to obtain the fair resolution of disputes by an impartial arbitral tribunal without undue delay or undue expense;
- the parties should be free to agree how their disputes are resolved, subject only to such safeguards as are necessary in the public interest; and
- in matters governed by the Arbitration Act, the Cayman Islands Court should not intervene except in limited circumstances.
Arbitration in the Cayman Islands is supported by the highly regarded Financial Services Division of the Cayman Islands Grand Court. The procedural rules governing an application to the Grand Court in support of an arbitration in the Cayman Islands are set out in Order 73 of the Cayman Islands Grand Court Rules.
Stuarts’ Litigation and Dispute Resolution department has considerable experience of dealing with both domestic arbitrations and international arbitrations. Our litigation attorneys have previously acted on international arbitrations governed by ICC and LCIA rules as well as ad hoc international arbitrations. Stuarts Litigation and Dispute Resolution. department has also advised in the context of an Arbitration governed by ARIAS Arbitration Rules and on Cayman Islands law issues arising in the context of an arbitration governed by the rules of the Spanish Court of Arbitration.
In addition, the Litigation and Dispute Resolution department advises on the construction and effect of Arbitration clauses, as well as on the Enforcement of Arbitral Awards in the Cayman Islands. Recent examples of the Litigation and Dispute Resolution Department’s work includes obtaining a stay of Cayman Islands Grand Court proceedings in favour of an arbitration agreement.
See more information on Mediation and Alternative Dispute Resolution, Enforcement of Foreign Arbitral Awards and Interim Remedies and Applications.
