On 1 Dec. 2023, the Shanghai Justice Bureau (SJB) granted registration to the Korean Commercial Arbitration Board Shanghai Center (hereinafter the “KCAB Shanghai Center”).
The KCAB Shanghai Center becomes the first foreign arbitration institution to establish a business presence in Shanghai, following the World Intellectual Property Organization (WIPO) Arbitration and Mediation Shanghai Service, the first international organization to do so.
On 23 Nov. 2023, the Standing Committee of the Shanghai Municipal People’s Congress adopted the “Regulation of the Shanghai Municipality on Promoting the Initiative for an International Commercial Arbitration Center” (上海市推进国际商事仲裁中心建设条例, hereinafter the “Regulation”).
According to Article 16 of the Regulation, after registering with the SJB and filing for recordation with the Ministry of Justice (MOJ), a well-known overseas arbitration and dispute resolution institution may set up a business office in Shanghai to conduct foreign-related arbitration business in fields such as international commerce, maritime affairs, and investment.
The KCAB Shanghai Center is the first foreign arbitration institution established in Shanghai under this provision.
Photo by Matt Zhang on Unsplash
Contributors: CJO Staff Contributors Team
