The Finland Arbitration Institute (the “FAI”) and the Finland Chamber of Commerce have in 2016 proposed to the Finnish Ministry of Justice that the current Finnish Arbitration Act, dating from 1992, be overhauled to fully implement the UNCITRAL Model Law on International Arbitration (as amended in 2006). Following the discussions with the FAI and the Chamber of Commerce, the Ministry initiated an investigation as to whether amendments to the current Arbitration Act are indeed merited. As part of the investigation, the Ministry invited practising dispute resolution lawyers, academics and representatives of major Finnish corporations to attend a seminar to discuss the needs for the amendments to the current Act. The participants were further requested to submit written statements on the matter after the seminar.
Dittmar & Indrenius has yesterday, 1 October 2018, submitted a statement to the Ministry of Justice favouring the proposal of the FAI and the Chamber of Commerce to fully adopt the UNCITRAL Model Law on International Arbitration as the national Arbitration law in Finland. Dittmar & Indrenius is strongly of the view that the adoption of the Model Law will provide Finland with an invaluable, internationally accepted legislative cornerstone, upon which to build a reputation as an internationally recognised and trusted place of international arbitration. Apart from the legislative framework for arbitration, Finland already has all the other requisite attributes to serve as a hub for international arbitration, including the adoption of the New York Convention, outstanding and efficient arbitral institution, the FAI with modern and state-of-the art arbitration rules of 2013, political neutrality, respect for the rule of law, exceptional geographic location, freedom from corruption and pro-arbitration court system.
Dittmar & Indrenius is grateful for the opportunity to issue its statement on this matter of vital importance to the economy of Finland as a whole. Dittmar & Indrenius’ statement is available here (in Finnish only).