2015 was certainly an interesting year at the FAI:
– The case load was good and steady. Cases became more complex and the number of multi-party and multi-contract proceedings was on the rise.
– The monetary value of disputes as well as the proportion of international cases increased (27% of the new cases in 2015).
– The median duration of arbitrations conducted under the FAI Rules was eight months in proceedings that ended in 2015, i.e. well within the nine-month time limit for rendering the final award set forth in the FAI Rules. The median duration of cases conducted under the FAI Expedited Rules was three months.
Efficiency and Digitalization of Case Administration
– FAI arbitration users continued to praise the FAI for its efficient case administration. The FAI’s internal case administration procedures were fine-tuned to serve the users even better.
– Digitalization of case administration has begun. The FAI recognizes the need and call from arbitration users for more electronic case administration and new ways of effectively administering cases. We hope that we will be able to meet and exceed these expectations in the near future.
Commentary articles and book on the 2013 FAI Rules; UNCITRAL at FAI
– We started publishing anonymous case commentary articles addressing landmark decisions by both the FAI Board and arbitral tribunals in FAI cases.
– Mika Savola, Chair of the FAI Board, published an extensive commentary on the 2013 FAI Rules. The book titled “Guide to the Finnish Arbitration Rules”, written in English and Finnish, is a comprehensive and indispensable guide for anyone acting as counsel or arbitrator in FAI arbitration.
– FAI Administrative Procedures for cases under the 2010 UNCITRAL Arbitration Rules were published.
Quality of FAI Arbitration; Finnish Arbitration Academy; Knowledge Sharing in Arbitration
– The FAI Board continued its practice of paying particular attention to the quality of the prospective arbitrator candidates when appointing arbitrators. Arbitral awards in FAI cases were also carefully reviewed once rendered and submitted to the FAI.
– The Finnish Arbitration Academy was held for the second time. The Academy’s eight modules aimed to provide legal practitioners with experience and interest in arbitration with the necessary tools to effectively participate in arbitrations as counsels or arbitrators in accordance with current best practices and standards. 25 legal practitioners were accepted to the 2015 Academy.
– We met with many companies, law firms, and other organizations to raise awareness among them about the use of arbitration. We also met with other arbitration institutions to exchange thoughts on developments in the international arbitration market.
– We held several successful events, including the “Morning Seminar on Arbitration in Finland and Sweden” co-organized with the Arbitration Institute of the Stockholm Chamber of Commerce and the “Breakfast Discussion on Cultural Clashes in Dispute Resolution” jointly organized with the Association of Danish Law Firms, the Danish Institute of Arbitration and the OCC Institute for Arbitration and Alternative Dispute Resolution. For its part, Helsinki International Arbitration Day 2015 attracted approximately 200 arbitration practitioners from Finland and abroad to Helsinki. The event was a great success.
– We took various steps to increase the general awareness of FAI arbitration, including active participation in different events, such as the IBA Annual Conference in Vienna and the Annual IBA International Arbitration Day in Shanghai.
FAI’s New Logo and Visual Image
– We have changed our logo and visual image to one that better corresponds with our values and mindset: While we are proud of the FAI’s long and distinguished history, we are also committed to enhancing our reputation as a modern arbitration institution atop of market developments.