P.R.I.M.E. Finance stands for the Panel of Recognized International Market Experts in Finance. The institution was established to help resolve, and to assist judicial systems in the resolution of, disputes concerning complex financial transactions. P.R.I.M.E. Finance has the support of key international regulatory bodies and is complementary to the on-going financial market regulatory reform process.
Our core activities, and three pillars upon which P.R.I.M.E. Finance is based, include:
- dispute resolution services, including arbitration, mediation and expert opinions, determinations and risk assessment;
- judicial support and education; and
- the compilation of a central database of international precedents and source materials.
With support from the Dutch authorities and the enthusiastic commitment of its experts, P.R.I.M.E. Finance, a Dutch not-for-profit foundation, officially opened for business in January of 2012. Its first case and fee quickly followed. P.R.I.M.E. Finance, as one of seven international arbitration centers, was also acknowledged by the International Swaps and Derivatives Association (ISDA) in the 2013 ISDA Arbitration Guide. The Guide provides a range of model arbitration clauses tailored for use with the industry standard 1992 and 2002 ISDA Master Agreements. P.R.I.M.E. Finance has also developed forms of amendment agreements to modify existing 1992 or 2002 ISDA Master Agreements to provide for arbitration in accordance with the P.R.I.M.E. Finance Arbitration Rules. These amendment agreements contemplate the same arbitral seats as set forth in the ISDA Arbitration Guide. In the future, P.R.I.M.E. expects to publish a similar form (in Japanese) for arbitrations to be conducted in Tokyo.
Through its service of developing specialized complex financial products and arbitration programs for the judiciary, both in advanced and developing economies, P.R.I.M.E. Finance, together with the International Bar Association, provides training, issues supporting expert advice and engages in relevant research. Judicial training programs are currently being developed on four continents, while an award for “Best Newcomer” at the GAR arbitration awards ceremony in Stockholm and nominations for several innovation awards have also been achieved. Additionally, a “P.R.I.M.E. Finance Fellowship” has been created at the Netherlands Institute for Advanced Study (NIAS) to promote research in the field of law relevant to the activities of P.R.I.M.E. Finance.
Its mission is to foster a more stable global economy and financial marketplace by reducing legal uncertainty and systemic risk, and, especially in emerging markets, promoting the rule of law. P.R.I.M.E. Finance’s Advisory Board is chaired by The Rt Hon The Lord Woolf of Barnes, CH, former Lord Chief Justice of England and Wales, and its Management Board is chaired by Professor Jeffrey Golden, a Governor and Honorary Fellow of the London School of Economics and Political Science, retired founding partner of Allen & Overy LLP’s US law practice and the former senior partner in that firm’s global derivatives practice. A guiding principal of the organization is independence, which will distinguish it from industry associations and other financial market participants.
Cooperation with Permanent Court of Arbitration
The Permanent Court of Arbitration (PCA) and P.R.I.M.E. Finance entered into a cooperation agreement on 7 December 2015. This collaboration followed authorization by the PCA’s Administrative Council for the PCA to administer all arbitrations under the P.R.I.M.E. Finance Arbitration Rules. P.R.I.M.E. Finance’s filing address is the Peace Palace in The Hague. The arbitrations may take place anywhere in the world, and may be facilitated by the PCA’s host country agreements with a number of its member states. In addition, under the UNCITRAL Rules, as adapted for P.R.I.M.E. Finance, the Secretary General of the PCA may act as appointing authority for P.R.I.M.E. Finance in cases where the parties cannot agree on the appointment of arbitrators.