Publication
Regulation Around the World: Open Finance
In this issue of Regulation Around the World we look at how regulators are developing their proposals for Open Finance.
The UK Arbitration Act 2025 receives Royal Assent
Global | Publication | March 2025
On 24 February 2025, the Arbitration Act 2025 (the 2025 Act) received Royal Assent and will come into force on a date to be confirmed. The 2025 Act will insert a number of amendments into the UK Arbitration Act 1996 (the 1996 Act) with the aim of modernising the 1996 Act in order to enhance the status of England and Wales as a leading international forum for dispute resolution.
The key reforms in the 2025 Act include: (1) the introduction of a power of summary dismissal; (2) a new rule on the governing law of an arbitration agreement; (3) a revised framework and procedure for challenges under section 67 (challenges for lack of jurisdiction); (4) clarification of court powers in support of arbitral proceedings and in support of emergency arbitrators; (5) the codification of the arbitrators’ duty of disclosure; and (6) strengthening arbitrator immunity around resignation and applications for removal.
Our fuller summary on the 2025 Act can be found here.
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