NEW RULES FOR FAST TRACK ARBITRATION IN FINLAND

In a new effort to boost the steadily growing popularity of arbitration as a dispute resolution mechanism in Finland, the Arbitration Institute of the Central Chamber of Commerce of Finland has published rules for fast track arbitration in Finland. The Rules for Expedited Arbitration were adopted in April 2004 and they came into force on 1 June 2004. The approaches adopted in the new rules correspond largely to the more established fast track arbitration rules in Europe. From a practitioner’s viewpoint the new institutional fast track rules are a welcomed development and are likely to further increase the attractiveness of arbitration as an alternative to litigation in Finland.