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Arbitration trends in the Middle East: What to expect in 2024 and beyond
The last several years have seen rapid growth in the Middle East.
Global | Publication | February 2020
On February 14, 2020, the People's Bank of China, the China Banking and Insurance Regulatory Commission (the CBIRC), the China Securities Regulatory Commission, the State Administration of Foreign Exchange and the Shanghai Municipal Government jointly issued the Opinions on Further Accelerating the Establishment of An International Financial Centre in Shanghai and Supporting the Development of Economic and Financial Integration in the Yangtze River Delta (in Chinese 《关于进一步加快推进上海国际金融中心建设和金融支持长三角一体化发展的意见》) (the Opinions). The Opinions include various detailed measures to further promote the opening up of and the regulatory reforms in the financial sectors in Shanghai.
According to the Opinions, the newly established Lin-Gang Special Area in Shanghai will focus on the development of the financial services, science innovation and FinTech industries. Entities established within the Lin-Gang Special Area may enjoy greater convenience and flexibilities in the cross-border transfer and use of Renminbi sourced offshore through foreign direct investment, debt financing and IPO. A pilot program on Renminbi-foreign currency consolidated cash pooling will also be explored – currently, cash pooling of Renminbi and foreign currency of qualified multinational companies is still subject to two different regimes in China.
In addition to the above, various national initiatives to further open up the financial market will first be rolled out in Shanghai, specific opening-up measures include:
Apart from the detailed rules, the Opinions also explicitly provide that Shanghai will pioneer the implementation of the financial policies applicable in the various pilot free trade zones, as well as the various financial supportive rules to be promulgated by the national financial administrative authorities. It is anticipated that Shanghai will continue to take a leading role in implementing financial regulatory reforms in the country.
Publication
The last several years have seen rapid growth in the Middle East.
Publication
On May 14, 2024, Lena Haffner, Innovation Lead Germany at Norton Rose Fulbright, shared her insights on “How do you make a law firm AI ready?" at Legal Revolution 2024, one of Europe’s leading conferences in legal innovation and technology. Her lecture focused on developing a comprehensive roadmap for integrating AI into law firms, emphasizing the importance of developing a robust AI strategy and fostering an innovation-ready culture. Key topics covered in the lecture included strategic planning, skills development, multidisciplinary teamwork, and strong AI governance.
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