Banking and Financial Committee of Arbitration of Aeade
The Banking and Financial Committee (B&FC) set up within the European Association of Arbitration aims to employ arbitration to resolve potential conflicts which may arise in the banking, financial, securities and insurance sectors which the concerned parties wish to submit to the decision of said Committee.
The B&FC is an independent and impartial committee made up of Arbitrators. These Arbitrators are leading experts in the sectors covered by the Committee and are able to propose a high-quality technical and specialised solution not only for each conflict that has already occurred, but also for those which may arise in the future.
The Banking and Financial Committee is called on to examine all matters related to credit institutions (banks, saving banks, credit unions and the like), investment firms operating on the stock market (investment companies, portfolio management companies, financial consultancy firms, etc...), and insurance organisations (public limited insurance companies, mutual insurance associations, mutual social welfare associations, etc...) willing to use arbitration to resolve conflicts which they may experience with other organisations within the sector, with their clients or with third parties.
Arbitration Clause:
Any conflict derived from this contract or in relation to this contract including any matter regarding its existence, validity or termination will be definitively resolved via arbitration in (law/equity), administered by the Banking and Financial Committee of the European Association of Arbitration, Aeade, in accordance with its Regulations in force on the date on which the arbitration request is presented and the concerned parties are aware of this.
The concerned parties accept that the arbitration tribunal composed for such a purpose be made up of (one sole/three) Arbitrator(s) to be appointed by the Banking and Financial Committee from amongst the members on its list in accordance with the established procedure. The language of arbitration will be (Castilian/other) and the arbitration proceedings will be held in (Madrid/other).
Template of Ex-post Bilateral Arbitration Clause:
Mr/Mrs ... and Mr/Mrs …. (indicate names and addresses and their representation), parties in the contract described below, hereby request that the conflict which they are experiencing in relation to the aforementioned contract be subject to arbitration in (law/equity), administered by the Banking and Financial Committee of the European Association of Arbitration, Aeade, renouncing legal jurisdiction and agreeing to act in good faith with regards to such proceedings and to honour the arbitration resolutions and awards without prejudice to the eventual legal remedies available to them.
The concerned parties accept that the arbitration tribunal composed for such a purpose be made up of (one sole/three) Arbitrator(s) to be appointed by the Banking and Financial Committee from amongst the members on its list in accordance with the established procedure. The parties propose that (national/international) arbitration be applied. The language of arbitration will be (Castilian/other) and the arbitration proceedings will be held in (Madrid/other).
The parties describe below the contract from which the need for arbitration has arisen and the conflict that the parties are experiencing (give a description of the contract or legal relationship and the terms of the conflict or difference).
Features
1.- Independent and Impartial
Whilst the Banking and Financial Committee is an integral part of Aeade, it does enjoy the freedom of action. It is an independent body with no links to any other entity, association, confederation or public body. The Arbitrators who make up the B&FC, including those appointed by the parties in any given conflict, must remain independent and impartial throughout the proceedings.
2.- International
The B&FC may examine matters giving rise to national arbitration and/or to international arbitration irrespective of the nationality or place of residence of the concerned parties.
3.- Speed
The dispute shall be settled by means of an arbitration award determined by the Banking and Financial Committee Arbitrators within a period not exceeding six months from the date on which the defence was submitted, unless the parties agree otherwise.
The decision taken governing the dispute by means of the arbitration award is definitive for its purpose. No appeals shall be admitted. Such decisions may only be challenged in the limited cases as provided for by the Spanish Arbitration Law.
4.- Autonomy of the Parties and Flexibility of the Process
Parties voluntarily referring their cases to the B&FC are free to decide upon the process to be used and to choose the Arbitrators, the place in which the arbitration process will take place, the language to be used, the applicable law with regards to the grounds of the dispute, etc.
5.- Confidentiality
The Banking and Financial Committee, its Arbitrators and the parties who refer their cases for the arbitration are obliged to not disclose any information related to the conduct of the arbitration proceedings. The proceedings, the name of the parties and the arbitration award must not be disclosed to third parties without the consent of the parties.
6.- Arbitrators’ Competence
The quality of the arbitration awards issued by the B&FC is based on its Arbitrators’ competence. B&FC’s Arbitrators are specialized, renowned and experienced professionals and, as such, are the ideal professionals to resolve any dispute which may be presented to them.
The Banking and Financial Committee has at its disposal a list of Arbitrators made up of the best experts in the sectors covered by the Committee. New Arbitrators may be admitted provided that they are able to satisfactorily prove their professional competence and personal aptitude.
7.- Appointment of Arbitrators
The appointment of Arbitrators to act in the cases referred to the Banking and Financial Committee is to be made in accordance with the procedure established in its Regulations. This procedure establishes an automatic and rotary system for appointments following a rigorous, numerical and correlative order without prejudice to the principle of the parties’ freedom of choice.
The following criteria are respected when appointing Arbitrators:
- The parties may agree to appoint three Arbitrators or one sole Arbitrator.
- If the parties agree to appoint one sole Arbitrator, the parties shall jointly appoint the Arbitrator they deem to be appropriate. If the parties do not reach an agreement, the B&FC will refer the case to the Arbitrator on its list whose turn it is within the framework of the rota system.
- If the parties agree to appoint three Arbitrators, each of them may appoint one Arbitrator from the B&FC list. The third Arbitrator, who shall act as President of the arbitration tribunal, shall be appointed by the B&FC from its list in accordance with its rota system.
- The rota system of the list of Arbitrators can be altered in such instances in which the strict application of the automatic and rotational system may affect the aims of the B&FC from being fulfilled as best as can be, its impartiality or the principal of highest possible arbitration specialization. In such instances, the concerned parties may nominate candidates.
- When any Arbitrators are appointed out of numerical and correlative order, such appointments will count as being the rota turn of the Arbitrator(s) appointed.
8.- Efficiency of the Arbitration Solution
The B&FC fees are relatively low compared to other Courts of Arbitration. If we also consider the speed with which the conflict should be resolved, its efficiency is doubled.
9.- Arbitration Proceedings
The arbitration proceedings of the Banking & Financial Committee, in the absence of agreement by the concerned parties, is governed by its Regulations which are inspired by the regulations template approved by the Spanish Arbitration Club.
Banking and Financial Committee of Arbitration of Aeade Fees
Asociación Europea de Arbitraje (Aeade)
C/ Conde de Aranda, 5 - 3º Dcha. 28001 Madrid
Tel.: 914 322 800
E-mail: cbyf@aeade.org.
