Proposals to update the Swedish Arbitration Act
The parliamentary committee appointed in 2014 to review certain issues of arbitration in Sweden has published its final report.
In line with the committee’s terms of reference, the report makes recommendations aimed at maintaining Sweden’s role as a preferred venue for international dispute resolution, and to make arbitration even more attractive for Swedish and international parties.
The report proposes new or revised language in the Swedish Arbitration Act relating to:
- Applicable substantive law
- Separate award on interim measures
- Svea Court of Appeal as exclusive forum for challenge proceedings
- Certain changes for rules on invalidity and setting aside of awards
- English may be used in challenge proceedings in Swedish court
- An exception to the rule in Article 41 of the Act, i.e. the right to bring action against a decision on compensation to the arbitrators, when the compensation has been decided by an arbitral institution.
“The proposed changes are welcome and will contribute to Sweden maintaining its role as a jurisdiction with a strong, modern legal framework for international disputes, in the end fostering the growth and development of international business”, says SCC Secretary General Annette Magnusson in a comment.
The report will be subject to review, and a bill is expected to be presented later this year.
It is proposed that the new legislation enter into force on 1July 2016.