C1

Prospective affecting provision: section inserted by Courts and Civil Law (Miscellaneous Provisions) Act 2023 (18/2023), s. 124, not commenced as of date of revision.

F1[5A.— (1) This section applies to dispute resolution proceedings.

(2) The offences and torts of maintenance and champerty do not apply to dispute resolution proceedings.

(3) A third-party funding contract that meets the criteria (if any) prescribed under subsection (4) shall not, insofar as it relates to dispute resolution proceedings, be treated as contrary to public policy or otherwise illegal or void.

(4) The Minister may, for the purposes of subsection (3), by regulation prescribe criteria, including criteria relating to transparency in relation to funders and recipients, for third-party funding contracts.

(5) In this section—

"dispute resolution proceedings" means:

(a) an international commercial arbitration;

(b) any proceedings arising out of an international commercial arbitration before a court of competent jurisdiction performing any of the functions provided for in the Model Law;

(c) any appeal from a decision of a court referred to in paragraph (b);

(d) any mediation or conciliation proceedings arising out of an international commercial arbitration, proceedings or an appeal referred to in paragraph (a), (b) or (c);

"third-party funding contract" means a contract or agreement between a party or potential party to dispute resolution proceedings and a third-party funder, for the funding of all or part of the costs of the proceedings in return for a share or other interest in the proceeds or potential proceeds of the dispute resolution proceedings to which the party or potential party may become entitled.]