Features and Advantages of Guangzhou Court of Financial Arbitration

Background of establishment of Guangzhou Court of Financial Arbitration

In July 2011, upon joint research, Guangzhou Arbitration Commission and Guangdong offices of central financial regulatory authorities decided that, by taking China’s Guangzhou Arbitration Commission as a platform, Guangzhou Court of Financial Arbitration would be jointly established by Guangdong offices of central financial regulatory authorities, Guangzhou Municipal Office of Financial Work, Finance Association and Lawyers Association, with the active participation of financial enterprises and the mobilization of social forces, in order to provide a platform for giving full play to the role of the arbitration system in providing guarantee for economic development.

Specialized financial arbitration rules

By relying on the Arbitration Law and international practices, drawing on the advanced arbitration achievements in China, and taking into account the characteristics of financial disputes, China’s Guangzhou Arbitration Commission has written a special chapter “Special Provisions on Financial Arbitration” in its Arbitration Rules, as specialized rules on the resolution of financial disputes, further clarifying the parties’ arbitration rights and obligations, reflecting the characteristics of efficiency and convenience, and maximizing the protection of the parties’ procedural interests.

Team of excellent arbitrators

By following the principle of “credibility first”, fully implementing the practice of “expert adjudication”, and attaching importance to the training of professional arbitrators, China’s Guangzhou Court of Financial Arbitration has successfully built a financial arbitrator team consisting of elites from banking, insurance, securities, futures, and other sectors to ensure high-quality and efficient case conclusion.

Economical and reasonable fee schedule

“Half the fee for mediation and withdrawal”. Subject to the arbitration fee schedule established by the Legislative Affairs Office of the State Council, China’s Guangzhou Court of Financial Arbitration has developed a groundbreaking policy, “half fee for mediation and withdrawal”: the arbitration fee will be halved if the request for arbitration/statement of claim is withdrawn or the dispute is resolved through mediation in a financial arbitration case.

Sound preservation mechanism

Guangzhou Court of Financial Arbitration has established a good mechanism for communication and connection with the preservation court. After receiving complete materials supporting an application for preservation measures submitted by Guangzhou Court of Financial Arbitration, the court may take timely preservation measures, as if it has received an application for preservation measures directly made by the parties, which may effectively prevent the debtor from maliciously transferring assets and lay a good foundation for later enforcement.

High-quality and efficient case handling style

Quality first and efficiency in mind. China’s Guangzhou Court of Financial Arbitration adheres to a high-quality and efficient case handling style to build itself as a reassuring court of financial arbitration to its clients. It ensures that every case handled by it may withstand the test by history and the challenge from the parties and is handled at minimum costs of time and energy.

Expert Consultation Committee. China’s Guangzhou Court of Financial Arbitration has set up an Expert Consultation Committee to advise on difficult or highly controversial cases to further guarantee the fairness and authority of case handling.

Wide enforceability

Effective awards of China’s Guangzhou Court of Financial Arbitration may not only be smoothly enforced by domestic courts, but also recognized and enforced in the 160 member countries and regions of the Convention on the Recognition and Enforcement of Foreign Arbitral Awards (i.e., the New York Convention), which coincides with the trend of internationalization and globalization of economic development.

Take the lead in trying online arbitration

In order to meet the needs for fast, efficient, and economical dispute resolution in modern times, by making full use of modern technologies, China’s Guangzhou Arbitration Commission has taken the lead in promoting online arbitration, so that all arbitration procedures may be completed on the online arbitration platform of China’s Guangzhou Arbitration Commission (URL: http://odr.gzac.org/arbSite/main.action). It has developed supporting Online Arbitration Rules, as well as special rules for credit card disputes, small-amount online shopping disputes, and online loan disputes.

The online arbitration platform is opened to serve lawyers. After registration, a lawyer may file a case, submit materials, select the arbitration tribunal, inquire about the progress of the case, download the arbitration documents, and use other functions online, resolving disputes efficiently and conveniently “without leaving home”.

Specialized website - China Commercial Arbitration Website (URL: http//www.ccarb.org/). The public may log on to the website for the latest information about arbitration and the information about the latest developments of arbitration institutions.

Interactive WeChat public platform - the WeChat official account of China’s Guangzhou Arbitration Commission (gzac_gziac). Follow the WeChat official account, and we will share with you arbitration cases, hot legal issues, law books and information about recent events.