Arbitration Regulations 2015

Consultation Paper No. 12 of 2015 ARBITRATION REGULATIONS 2015

CONTENTS Section Page Part 1 : General .................................................................................................................................. 1

1. Title ....................................................................................................................................... 1

2. Legislative authority ............................................................................................................. 1

3. Application of the Regulations ............................................................................................. 1

4. Date of enactment ................................................................................................................. 1

5. Date of commencement ........................................................................................................ 1

6. Language ............................................................................................................................... 1

7. Interpretation ......................................................................................................................... 1 Part 2 : Scope of Application ............................................................................................................. 1

8. Scope of application of Regulations ..................................................................................... 1 Part 3 : Arbitration ............................................................................................................................. 2 Chapter 1 – General Provisions ......................................................................................................... 2

9. Receipt of written communications ...................................................................................... 2

10. Waiver of right to object ....................................................................................................... 2

11. Extent of court intervention .................................................................................................. 2

12. Authority of the Court to perform functions of arbitration assistance and supervision ........ 2 Chapter 2 – Arbitration Agreement ................................................................................................... 3

13. Arbitration agreement ........................................................................................................... 3

14. Arbitration agreement and substantive claim before the Court ............................................ 3

15. Death of a party ..................................................................................................................... 3 Chapter 3 – Composition of arbitral tribunal ..................................................................................... 4

16. Number of arbitrators ............................................................................................................ 4

17. Appointment of arbitrators .................................................................................................... 4

18. Grounds for challenge ........................................................................................................... 5

19. Challenge procedure ............................................................................................................. 5

20. Failure or impossibility to act ............................................................................................... 5

21. Appointment of substitute arbitrator ..................................................................................... 6

22. Liability of arbitral tribunal and others ................................................................................. 6 Chapter 4 – Jurisdiction of arbitral tribunal ....................................................................................... 6

23. Competence of arbitral tribunal to rule on its jurisdiction .................................................... 6 Chapter 5 – Interim measures and preliminary orders ....................................................................... 7

24. Power of arbitral tribunal to order interim measures ............................................................ 7

25. Conditions for granting interim measures ............................................................................. 7

26. Modification, suspension, termination .................................................................................. 7

27. Provision of security ............................................................................................................. 7

28. Disclosure ............................................................................................................................. 7

29. Costs and damages ................................................................................................................ 7

30. Recognition and enforcement of interim measures ............................................................... 8

31. Power of the Court to order interim measures ...................................................................... 8

32. Privacy of arbitration related court proceedings ................................................................... 8 Chapter 6 – Conduct of arbitration proceedings ................................................................................ 9

33. Equal treatment of parties ..................................................................................................... 9

34. Determination of rules of procedure ..................................................................................... 9

35. Seat of arbitration .................................................................................................................. 9

36. Commencement of arbitration proceedings .......................................................................... 9

37. Power of the arbitral tribunal to make consolidation orders ................................................. 9

38. Joinder of Additional Parties .............................................................................................. 10

39. Language ............................................................................................................................. 10

40. Statements of claim and defence ......................................................................................... 10

41. Hearings and written proceedings ....................................................................................... 11

42. Confidentiality of arbitration proceedings and awards ....................................................... 11

43. Default of a party ................................................................................................................ 11

44. Expert appointed by arbitral tribunal .................................................................................. 12

45. Court assistance in taking evidence .................................................................................... 12 Chapter 7 – Making of award and termination of proceedings ........................................................ 12

46. Rules applicable to substance of dispute............................................................................. 12

47. Decision making by panel of arbitrators ............................................................................. 13

48. Settlement ........................................................................................................................... 13

49. Awards on different aspects of matters ............................................................................... 13

50. Form and contents of award ................................................................................................ 13

51. Termination of proceedings ................................................................................................ 14

52. Correction and interpretation of award; additional award .................................................. 15 Chapter 8 – Recourse against award ................................................................................................ 15

53. Application for setting aside as exclusive recourse against arbitral award ......................... 15

54. Waiver of the right to being an action for setting aside ...................................................... 16 Part 4 : The Recognition and Enforcement of Awards .................................................................... 16

55. Effect of award .................................................................................................................... 16

56. Recognition ......................................................................................................................... 17

57. Grounds for refusing recognition or enforcement ............................................................... 17 Schedule

58. Interpretation ................................................................................................................ 19

1 PART 1: GENERAL

1. Title These Regulations may be cited as the "Arbitration Regulations 2015".
2. Legislative authority These Regulations are made by the Board.
3. Application of the Regulations (1) These Regulations apply in the whole of the Abu Dhabi Global Market. (2) The provisions of the UAE Civil Procedure Code (Federal Law No. 11 of 1992), or any other Federal Law in respect of arbitration, shall not apply in respect of arbitrations or arbitration awards that are subject to these Regulations.
4. Date of enactment These Regulations are enacted on the date specified by the Board in the resolution approving the adoption of these Regulations.
5. Date of commencement These Regulations come into force on the date of their publication. The Board may by rules make any transitional, transitory, consequential, saving, incidental or supplementary provision in relation to the commencement of these Regulations as the Board thinks fit..
6. Language The English text of these Regulations shall be the official original text. Any translation thereof into another language shall not be authoritative and in the event of any discrepancy between the English text of these Regulations and any other version, the English text shall prevail.
7. Interpretation Schedule 1 contains - (a) interpretative provisions which apply to these Regulations; and (b) a list of defined terms used in these Regulations. PART 2: SCOPE OF APPLICATION
8. Scope of application of Regulations Unless stated otherwise, Part 3 of these Regulations shall apply to arbitrations where the seat of the arbitration is the Abu Dhabi Global Market, or where an arbitration agreement refers to the application of these Regulations. Part 4 of these Regulations

2 shall apply to the recognition and enforcement of arbitral awards in the Abu Dhabi Global Market, irrespective of the state or jurisdiction in which they are made. PART 3: ARBITRATION Chapter 1 – General Provisions 9. Receipt of written communications Unless otherwise agreed by the parties to a dispute - (a) any written communication, notification, or proposal is deemed to have been received if it is delivered to the addressee personally or if it is delivered at his place of business, habitual residence, mailing or electronic address; if none of these can be found after making a reasonable inquiry, a written communication is deemed to have been received if it is sent to the addressee's last known place of business, habitual residence, mailing or electronic address by any means which provides a record of the attempt to deliver it; (b) the communication is deemed to have been received on the day it is so delivered; and (c) time periods specified in these Regulations, or to be agreed by the parties or determined by the arbitral tribunal in accordance with these Regulations, shall start to run on the day following the day when a notice or communication is received. If the last day of any such period is an official holiday or a non￾business day at the place where the notice or communication is received, the period shall be extended until the first business day which follows. Official holidays and non-business days occurring during the running of the period of time shall otherwise be included for the purposes of calculating the period. 10. Waiver of right to object A party which, knowingly and without a legitimate reason, fails to object to an irregularity before the arbitral tribunal in a timely manner, or if a time limit is provided in any applicable arbitration rules, within such period of time, shall be deemed to have waived its right to avail itself of such irregularity. 11. Extent of court intervention In matters governed by these Regulations, no court shall intervene except to the extent so provided in these Regulations. 12. Authority of the Court to perform functions of arbitration assistance and supervision The functions referred to in sections 14, 30, 32, 45, 53, 55, 56 and 57 of these Regulations shall be performed by the Court, while the functions referred to in sections 17(3), 17(4), 17(5), 17(6), 19(2), 20(1), 21(2), 23(4), 37(3), 38(1) and 51(5) shall be performed by the Court subject to any process agreed between the parties in the arbitration agreement.

3 Chapter 2 – Arbitration Agreement 13. Arbitration agreement (1) An arbitration agreement is an agreement by the parties to submit to arbitration all or certain disputes which have arisen or which may arise between them in respect of a defined legal relationship, whether contractual or not. An arbitration agreement may be in the form of an arbitration clause in a contract or in the form of a separate agreement. (2) Where the seat of arbitration is located outside the Abu Dhabi Global Market and neither party to the arbitration agreement has its residence or domicile in the Abu Dhabi Global Market, an arbitration agreement shall not be subject to any requirements as to its form. (3) Where at least one party to the arbitration agreement has its residence or domicile in the Abu Dhabi Global Market, an arbitration agreement shall be in writing. It can result from an exchange of written communications or be contained in a document to which reference is made in the main agreement. (4) For the purposes of subsection (3), the requirement that an arbitration agreement be in writing is met by an electronic communication if the information contained therein is accessible so as to be useable for subsequent reference; an electronic communication is any communication that the parties make by means of data messages; a data message is information generated, sent, received or stored by electronic, magnetic, optical or similar means, including, but not limited to, electronic data interchange (EDI), electronic mail, telegram, telex or telecopy. 14. Arbitration agreement and substantive claim before the Court (1) When the Court is asked to rule upon a matter which is the subject of an arbitration agreement, either before or after the arbitral tribunal is constituted, the Court must exercise judicial restraint and defer to the competence or jurisdiction of the arbitral tribunal by allowing the arbitral tribunal the first opportunity to rule upon such issues. (2) Where the Court is asked to make a determination of whether the arbitration agreement is null and void, inoperative or incapable of being performed, under this policy of judicial restraint, the Court must make no more than a prima facie determination of that issue. (3) Unless the Court, pursuant to such prima facie determination, concludes that the arbitration agreement is null and void, inoperative or incapable of being performed, the Court must dismiss or stay the action before it and refer the parties to arbitration pursuant to the arbitration agreement. (4) Where an action referred to in subsections (1) and (2) has been brought, arbitration proceedings may nevertheless be commenced or continued, and an award may be made, while the issue is pending before the Court. 15. Death of a party

4 (1) Unless otherwise agreed by the parties, an arbitration agreement is not discharged by the death of a party and may be enforced by or against the personal representatives of that party. (2) Subsection (1) does not affect the operation of any enactment or rule of law by virtue of which a substantive right or obligation is extinguished by death. Chapter 3 – Composition of arbitral tribunal 16. Number of arbitrators (1) The parties are free to determine the number of arbitrators provided that it is an odd number. (2) If there is no such determination, the number of arbitrators shall be one. 17. Appointment of arbitrators (1) No person shall be precluded by reason of his nationality from acting as an arbitrator, unless otherwise agreed by the parties. (2) The parties are free to agree on a procedure for appointing the arbitrator or arbitrators. (3) If and to the extent that there is no such agreement - (a) in an arbitration with a sole arbitrator, if the parties do not agree on the arbitrator within 30 days of one party requesting the other to do so, he shall be appointed by the authority responsible for administering the arbitration, or, where there is no such person, the Court on the request of either party; or (b) in an arbitration with three (3) arbitrators, each party shall appoint one arbitrator, and the two (2) arbitrators thus appointed shall appoint the third arbitrator, who shall be the presiding arbitrator (or chairman). If a party fails to appoint an arbitrator within 30 days of receipt of a request to do so from the other party, or if the two (2) arbitrators fail to agree on the third arbitrator within 30 days of their appointment, the appointment shall be made, upon request of a party, by the authority responsible for administering the arbitration, or, where there is no such person, the Court. (4) Where there are multiple claimants and/or multiple respondents, and where the dispute is to be referred to three (3) arbitrators, the multiple claimants, jointly, and the multiple respondents, jointly, shall each appoint one arbitrator in accordance with the appointment procedure agreed upon by the parties or, where there is no such agreement, in accordance with subsection (3)(b) and the presiding arbitrator shall be appointed in accordance with subsection (3)(b). (5) In the absence of a joint nomination pursuant to subsection (4), and where all parties are unable to agree to a method for the constitution of the arbitral tribunal, the authority responsible for administering the arbitration, or where there is no such authority, the Court, may appoint each member of the arbitral tribunal and shall designate one of them to act as president.

5 (6) A decision on a matter entrusted by subsection (3), (4) or (5) to the authority responsible for administering the arbitration, or, where there is no such person, the Court, shall not be subject to appeal. The authority responsible for administering the arbitration, or, where there is no such person, the Court, in appointing an arbitrator, shall have due regard to any qualifications required of the arbitrator by the agreement of the parties and to such considerations as are likely to secure the appointment of an independent and impartial arbitrator and, in the case of a sole or third arbitrator, shall also take into account the advisability of appointing an arbitrator of a nationality other than that of any party. 18. Grounds for challenge (1) When a person is approached in connection with his possible appointment as an arbitrator, he shall disclose any circumstances likely to give rise to justifiable doubts as to his impartiality or independence. An arbitrator, from the time of his appointment and throughout the arbitration proceedings, shall without delay disclose any such circumstances to the parties and any arbitral institution administering the arbitration. (2) An arbitrator may be challenged only if circumstances exist that give rise to justifiable doubts as to his impartiality or independence, or if he does not possess qualifications agreed to by the parties. A party may challenge an arbitrator appointed by him, or in whose appointment he has participated, only for reasons of which he becomes aware after the appointment has been made. 19. Challenge procedure (1) The parties are free to agree on a procedure for challenging an arbitrator. (2) In the absence of such agreement, a party who intends to challenge an arbitrator shall, within 30 days after becoming aware of the constitution of the arbitral tribunal or after becoming aware of any circumstance referred to in section 18(2), send a written statement of the reasons for the challenge to the arbitral tribunal. Unless the challenged arbitrator withdraws from his office or the other party agrees to the challenge, the authority responsible for administering the arbitration, or, where there is no such person, the Court shall decide on the challenge. While such a request to the authority responsible for administering the arbitration, or, where there is no such person, to the Court, is pending, the arbitral tribunal may continue the arbitration proceedings and make an award. 20. Failure or impossibility to act (1) If an arbitrator becomes as a matter of fact or law unable to perform his functions or for other reasons fails to act without undue delay, his mandate shall terminate if he withdraws from his office or if the parties agree on the termination. In the absence of such agreement or if a controversy remains concerning any of these grounds, any party may request the authority responsible for administering the arbitration, or, where there is no such person, the Court to decide on the termination of the mandate, which decision shall not be subject to appeal.

6 (2) If, under this section or section 19(2), an arbitrator withdraws from his office or a party agrees to the termination of the mandate of an arbitrator, this does not imply acceptance of the validity of any ground referred to in this section or section 18(2). 21. Appointment of substitute arbitrator (1) Where the mandate of an arbitrator terminates under section 19 or 20 or because of his withdrawal from office for any other reason or because of the revocation of his mandate by agreement of the parties or in any other case of termination of his mandate - (a) subject to any process agreed between the parties in the arbitration agreement, or thereafter, the parties may agree with the arbitrator as to his liabilities and entitlement (if any) to fees and expenses; and (b) a substitute arbitrator shall be appointed according to the rules that were applicable to the appointment of the arbitrator being replaced, unless otherwise agreed by the parties. (2) If, or to the extent that, there is no agreement in accordance with subsection (1)(a) as to the consequences of resignation, an arbitrator who resigns in the circumstances set out in subsection (1) may, upon written notice to the parties, request the authority responsible for administering the arbitration, or, where there is no such person, the Court to make an order relieving him of any liability incurred by reason of his resignation together with such order as the authority responsible for administering the arbitration, or, where there is no such person, the Court thinks appropriate with respect to his entitlement (if any) to fees and expenses, which orders shall not be subject to appeal. 22. Liability of arbitral tribunal and others No arbitrator, arbitral institution or appointing authority, or any employee, agent or officer of the foregoing shall be liable to any person for any act or omission in connection with an arbitration unless they are shown to have caused damage by conscious and deliberate wrongdoing. Chapter 4 – Jurisdiction of arbitral tribunal 23. Competence of arbitral tribunal to rule on its jurisdiction (1) The arbitral tribunal shall be accorded the first opportunity or competence to rule on the issue of whether or not it has the competence or jurisdiction to decide a dispute submitted to it for decision, including any objection with respect to the existence or validity of the arbitration agreement. (2) An arbitration agreement which forms part of a contract shall be treated as an agreement independent of, and separable from, the other terms of the contract. The arbitration agreement shall not be affected if such contract is void. (3) A plea that the arbitral tribunal does not have jurisdiction shall be raised not later than the submission of the statement of defence. A party is not precluded from raising such a plea by the fact that he has appointed, or participated in the appointment of, an arbitrator. A plea that the arbitral tribunal is exceeding the scope of its authority shall

7 be raised as soon as the matter alleged to be beyond the scope of its authority is raised during the arbitration proceedings. The arbitral tribunal may, in either case, admit a later plea if it considers the delay justified. (4) The arbitral tribunal may rule on a plea referred to in subsection (3) either as a preliminary question or in an award on the merits. If the arbitral tribunal rules on a plea as a preliminary question, any party may, subject to any process agreed between the parties, within 30 days after having received notice of that ruling, request the Court to decide the matter. The Court's decision shall not be subject to appeal. While such a request to the Court is pending, the arbitral tribunal may continue the arbitration proceedings and make an award. Chapter 5 – Interim measures and preliminary orders 24. Power of arbitral tribunal to order interim measures Unless otherwise agreed by the parties, the arbitral tribunal may, at the request of a party, grant interim measures. 25. Conditions for granting interim measures The party requesting an interim measure under section 24 shall satisfy the arbitral tribunal that - (a) harm not adequately reparable by an award of damages is likely to result if the measure is not ordered, and such harm outweighs the harm that is likely to result to the party against whom the measure is directed if the measure is granted; or (b) the existence of the obligation cannot be seriously challenged. 26. Modification, suspension, termination The arbitral tribunal may modify, suspend or terminate an interim measure it has granted, upon application of any party or, in exceptional circumstances and upon prior notice to the parties, on the arbitral tribunal's own initiative. 27. Provision of security The arbitral tribunal may require the party requesting an interim measure to provide appropriate security in connection with the measure. 28. Disclosure The arbitral tribunal may require any party promptly to disclose any material change in the circumstances on the basis of which the interim measure was requested or granted. 29. Costs and damages The party requesting an interim measure shall be liable for any costs and damages caused by the measure to any party if the arbitral tribunal later determines that, in the circumstances, the measure should not have been granted. The arbitral tribunal may award such costs and damages at any point during the proceedings.

8 30. Recognition and enforcement of interim measures (1) An interim measure issued by an arbitral tribunal shall be recognised as binding and, unless otherwise provided by the arbitral tribunal, enforced upon application to the Court or any competent court (in either case, the “recognising court”), irrespective of the country in which it was issued, subject to subsection (4). (2) The party who is seeking or has obtained recognition or enforcement of an interim measure shall promptly inform the recognising court of any termination, suspension or modification of that interim measure. (3) The recognising court may, if it considers it appropriate, order the requesting party to provide appropriate security if the arbitral tribunal has not already made a determination with respect to security or where such a decision is necessary to protect the rights of third parties. (4) Recognition or enforcement of an interim measure may be refused on the grounds set forth in section 57. (5) Any determination made by the recognising court under subsection (1) shall be effective only for the purposes of the application to recognise and enforce the interim measure. The recognising court where recognition or enforcement is sought shall not, in making that determination, undertake a review of the substance of the interim measure. 31. Power of the Court to order interim measures (1) The existence of an arbitration agreement, insofar as the arbitral tribunal has not yet been constituted, shall not preclude a party from applying to the Court for measures relating to the taking of evidence or provisional or conservatory measures. (2) The application of a party to the Court for such measures or for the implementation of any such measures ordered by the arbitral tribunal shall not be deemed to be an infringement or a waiver of the arbitration agreement and shall not affect the relevant powers reserved to the arbitral tribunal. 32. Privacy of arbitration related court proceedings (1) Subject to subsection (5), all arbitration proceedings in the Court are to be heard in closed court. (2) Where arbitration proceedings are held in closed court, the Court must, on the application of any party, make a direction as to what information, if any, relating to the proceedings may be published. (3) The Court must not make a direction permitting information disclosed during arbitration proceedings held in closed court to be published unless - (a) all parties agree that the information may be published; or

9 (b) the Court is satisfied that the information, if published, would not reveal any matter (including the identity of any party) that any party reasonably wishes to remain confidential. (4) A direction of the Court under subsection (2) is not subject to appeal. (5) The Court may order arbitration proceedings to be heard in open court - (a) if all parties agree that the proceedings may be heard in open court; or (b) if, in any particular case, the Court is satisfied that those proceedings ought to be heard in open court. (6) An order of the Court under subsection (5) is not subject to appeal. Chapter 6 – Conduct of arbitration proceedings 33. Equal treatment of parties The parties shall be treated with equality and each party shall be given an equal and reasonable opportunity to present its case. 34. Determination of rules of procedure (1) The parties are free to agree on the procedure to be followed by the arbitral tribunal in conducting the proceedings. (2) In the absence of such agreement, the arbitral tribunal may conduct the arbitration in such manner as it considers appropriate. The power conferred upon the arbitral tribunal includes the power to determine the admissibility, relevance, materiality and weight of any evidence. (3) In all cases, the arbitral tribunal must adopt procedures which are suitable to the circumstances of the particular case and which avoid unnecessary delay and expense. 35. Seat of arbitration (1) The parties are free to agree on the seat of arbitration. Failing such agreement, the seat of arbitration shall be determined by the arbitral tribunal. (2) Notwithstanding the provisions of subsection (1), the arbitral tribunal may, unless otherwise agreed by the parties, meet at any place it considers appropriate for consultation among its members, for hearing witnesses, experts or the parties, or for inspection of goods, other property or documents. 36. Commencement of arbitration proceedings Unless otherwise agreed by the parties, the arbitration proceedings in respect of a particular dispute shall commence on the date on which a request for that dispute to be referred to arbitration is received by the respondent. 37. Power of the arbitral tribunal to make consolidation orders

10 (1) An arbitral tribunal may, upon the request of a party to the arbitration proceedings and if it considers that it is in the interests of justice to do so, make an order under this section to consolidate one or more arbitrations into a single arbitration. (2) Any consolidation order made under subsection (1) shall be without prejudice to the date on which any claim or defence was raised for the purpose of applying any limitation periods or similar rule or provision of law. (3) Where an order for consolidation is made, any party may, within 30 days after receiving notice of that order, request the Court to decide the matter. The Court's decision shall not be subject to appeal. While such a request to the Court is pending, the arbitral tribunal may continue the arbitration proceedings and make an award. 38. Joinder of Additional Parties (1) The authority responsible for administering the arbitration, or, where there is no such person, the Court, may, upon the request of a party to the arbitration proceedings and if it considers that it is in the interests of justice to do so, allow one or more third parties to be joined to the arbitration provided such person is a party to the arbitration agreement or has consented to joinder in writing, unless the authority responsible for administering the arbitration, or, where there is no such person, the Court finds, after giving all parties, including the party or parties to be joined, the opportunity to be heard, that joinder should not be permitted because of prejudice to any of those parties. (2) No additional party may be joined after the confirmation or appointment of any arbitrator, unless all parties, including the additional party, otherwise agree. 39. Language (1) The parties are free to agree on the language or languages to be used in the arbitration proceedings. In the absence of such agreement, the arbitral tribunal shall determine the language or languages to be used in the proceedings. (2) The arbitral tribunal may order that any documentary evidence shall be accompanied by a translation into the language or languages agreed upon by the parties or determined by the arbitral tribunal. 40. Statements of claim and defence (1) Within the period of time agreed by the parties or determined by the arbitral tribunal, the claimant shall state the facts supporting his claim, the points at issue and the relief or remedy sought, and the respondent shall state his defence in respect of these particulars, unless the parties have otherwise agreed on the required elements of such statements. The parties may submit with their statements of claim and defence all documents they consider to be relevant or may add a reference to the documents or other evidence they will submit. (2) Unless otherwise agreed by the parties, either party may amend or supplement his claim or defence during the course of the arbitration proceedings provided that any amended or supplemented claim falls within the scope of the arbitration agreement, unless the arbitral tribunal considers it inappropriate to allow such amendment having regard to the delay in making it.

11 41. Hearings and written proceedings (1) Subject to any contrary agreement by the parties, the arbitral tribunal shall decide whether to hold oral hearings for the presentation of evidence or for oral argument, or whether the proceedings shall be conducted on the basis of documents and other materials. However, unless the parties have agreed that no hearing shall be held, the arbitral tribunal shall hold such hearings at an appropriate stage of the proceedings, if so requested by a party. (2) The parties shall be given sufficient advance notice as the arbitral tribunal shall decide of any hearing and of any meeting of the arbitral tribunal for the purposes of inspection of goods, other property or documents. (3) All statements, documents, evidence or other information supplied to the arbitral tribunal by one party shall be communicated to the other party. Evidence includes any factual witness or expert evidence upon which a party relies. (4) Any expert report or evidentiary document on which the arbitral tribunal may rely in making its decision shall be communicated to the parties. The arbitral tribunal's power to appoint experts is addressed in section 44 below. 42. Confidentiality of arbitration proceedings and awards (1) Unless otherwise agreed by the parties, no party may publish, disclose or communicate any information relating to - (a) the arbitration proceedings under the arbitration agreement; or (b) an award made in those arbitration proceedings. (2) Nothing in subsection (1) prevents the publication, disclosure or communication of information referred to in that subsection by a party - (a) if the publication, disclosure or communication is made - (i) to protect or pursue a legal right or interest of the party; or (ii) to enforce or challenge the award referred to in that subsection, in legal proceedings before a court or other judicial authority in or outside the Abu Dhabi Global Market; or (b) if the publication, disclosure or communication is made to any government body, regulatory body, court or tribunal and the party is obliged by law to make the publication, disclosure or communication; or (c) if the publication, disclosure or communication is made to a professional or any other adviser of any of the parties. 43. Default of a party Unless otherwise agreed by the parties, if, without showing sufficient cause –

12 (a) the claimant fails to communicate his statement of claim in accordance with section 40(1), the arbitral tribunal may dismiss the claim. The arbitral tribunal may also terminate the proceedings, unless the arbitral tribunal considers it appropriate to continue the proceedings in order to determine any counterclaim raised by the respondent; (b) the respondent fails to communicate his statement of defence in accordance with section 40(1), the arbitral tribunal shall continue the proceedings without treating such failure in itself as an admission of the claimant's allegations; (c) the claimant fails to communicate any defence to counterclaim in accordance with the arbitral tribunal's directions, the arbitral tribunal shall continue the proceedings without treating such failure in itself as an admission of the respondent's allegations; or (d) any party fails to appear at a hearing or to produce documentary evidence, the arbitral tribunal may continue the proceedings and make the award on the evidence before it. If the arbitral tribunal terminates the proceedings under sub-paragraph (a) above, unless otherwise agreed by the parties, the arbitral tribunal may issue an award on costs in accordance with section 50 below. 44. Expert appointed by arbitral tribunal (1) Unless otherwise agreed by the parties, the arbitral tribunal - (a) may appoint one or more experts to report to it on specific issues to be determined by the arbitral tribunal; and (b) may require a party to give the expert(s) any relevant information or to produce, or to provide access to, any relevant documents, goods or other property for his inspection. (2) Unless otherwise agreed by the parties, if a party so requests or if the arbitral tribunal considers it necessary, the expert(s) shall, after delivery of his written or oral report, participate in a hearing where the parties have the opportunity to put questions to him on the points at issue. (3) The expenses and costs of the expert(s) appointed by the arbitral tribunal pursuant to this section shall be borne by the parties in accordance with any determination or award made by the arbitral tribunal in that respect. 45. Court assistance in taking evidence The arbitral tribunal or a party with the approval of the arbitral tribunal may request from the Court, or any competent court, assistance in taking evidence which may execute the request within its competence and according to its rules on taking evidence. Chapter 7 – Making of award and termination of proceedings 46. Rules applicable to substance of dispute

13 (1) The arbitral tribunal shall decide the dispute in accordance with the rules of law chosen by the parties. Any designation of the law or legal system of a given State or jurisdiction shall be construed, unless otherwise expressed, as directly referring to the substantive law of that State or jurisdiction and not to its conflict of laws rules. (2) In the absence of any designation by the parties, the arbitral tribunal shall decide the dispute in accordance with the rules of law it considers appropriate. (3) In either case, the arbitral tribunal shall take trade usages into account. 47. Decision making by panel of arbitrators In arbitration proceedings with more than one arbitrator, any decision of the arbitral tribunal shall be made, unless otherwise agreed by the parties, by a majority of all its members. If there is no majority, the award shall be made by the president of the arbitral tribunal alone. However, questions of procedure may be decided by a presiding arbitrator, if so authorised by the parties or all members of the arbitral tribunal. 48. Settlement (1) If, during arbitration proceedings, the parties settle the dispute, the arbitral tribunal shall terminate the proceedings and, if requested by the parties and agreed to by the arbitral tribunal, record the settlement in the form of an arbitral award on agreed terms. (2) An award on agreed terms shall be made in accordance with the provisions of section 50 and shall state that it is an agreed award. Such an award has the same status and effect as any award made on the merits of the case. 49. Awards on different aspects of matters The arbitral tribunal may make more than one award at different times on different aspects of the matters to be determined. 50. Form and contents of award (1) The award shall be made in writing. (2) The award shall state the reasons upon which it is based, unless the parties have agreed that no reasons are to be given or the award is an award on agreed terms under section 48. (3) The award shall state its date and the seat of the arbitration as determined in accordance with section 35(1). The award shall be deemed to have been made at the seat of the arbitration, irrespective of where it is written or signed. (4) After the award is made, a copy shall be delivered to each party. (5) The arbitral tribunal shall fix the costs of the arbitration in its award or as provided for in subsection (7) below. The term "costs" includes only - (a) the fees of the arbitral tribunal to be stated separately as to each arbitrator;

14 (b) the properly incurred travel and other expenses incurred by the arbitrators; (c) the costs of expert advice and of other assistance reasonably required by the arbitral tribunal; (d) the travel and other expenses of witnesses to the extent such expenses are approved by the arbitral tribunal; (e) such other costs as are necessary for the conduct of the arbitration, including those for meeting rooms, interpreters and transcription services; (f) the costs for legal representation and assistance of the successful party if such costs were claimed during the arbitration, and only to the extent that the arbitral tribunal determines that the amount of such costs, or a part of them, is reasonable; and (g) any fees and expenses of any arbitral institution or appointing authority. (6) In fixing the costs of the arbitration, the arbitral tribunal may direct to whom, by whom, and in what manner, the whole or any part of the costs shall be paid. (7) If the arbitral tribunal does not fix the costs of the arbitration in its award, a party to the arbitration proceedings may, within 30 days of receiving the award, apply to the arbitral tribunal for a further award on costs. After hearing the parties, the arbitral tribunal shall make a further award on costs. (8) Subject only to sections 53 and 57 , all awards made by the arbitral tribunal shall be final and binding on the parties. 51. Termination of proceedings (1) The arbitration proceedings are terminated by the arbitral tribunal's award, or where more than one award is made by the arbitral tribunal's final or last award, or by an order of the arbitral tribunal in accordance with subsection (2). (2) The arbitral tribunal shall issue an order for the termination of the arbitration proceedings when - (a) the claimant withdraws his claim, unless the respondent objects thereto and the arbitral tribunal recognises a legitimate interest on his part in obtaining a final settlement of the dispute; (b) the parties agree on the termination of the proceedings; or (c) at the request of a party, the arbitral tribunal finds that the continuation of the proceedings has for any other reason become unnecessary or impossible. If the arbitral tribunal issues an order for termination under this subsection (2), unless otherwise agreed by the parties, the arbitral tribunal may issue an award on costs in accordance with section 50 above.

15 (3) The mandate of the arbitral tribunal terminates with the termination of the arbitration proceedings, subject to the provisions of subsection (5) and of sections 52 and 53. (4) The arbitral tribunal may refuse to deliver a final award or an order for termination of the arbitration proceedings in accordance with subsection (2) until its fees and expenses are paid in full. (5) Subject to any process agreed between the parties in the arbitration agreement, if the arbitral tribunal refuses to deliver an award or order until its fees and expenses are paid, any party to the arbitration proceedings may request the authority responsible for administering the arbitration, or, where there is no such person, the Court to determine, by such means as it considers appropriate, the amount of the fees and expenses properly payable to the arbitral tribunal. 52. Correction and interpretation of award; additional award (1) Within 30 days of receipt of the award, unless another period of time has been agreed upon by the parties - (a) a party, with notice to the other party, may request the arbitral tribunal to correct in the award any errors in computation, any clerical or typographical errors or any errors of a similar nature; or (b) if so agreed by the parties, a party, with notice to the other party, may request the arbitral tribunal to give an interpretation of a specific point or part of the award. If the arbitral tribunal considers the request to be justified, it shall make the correction or give the interpretation within 30 days of receipt of the request. The correction or interpretation shall form part of the award. (2) The arbitral tribunal may correct any error of the type referred to in subsection (1)(a) on its own initiative within 30 days of the date of the award. (3) Unless otherwise agreed by the parties or in respect of an agreed award made under section 48, a party, with notice to the other party, may request, within 30 days of receipt of the award, the arbitral tribunal to make an additional award as to claims presented in the arbitration proceedings but omitted from the award. If the arbitral tribunal considers the request to be justified, it shall make the additional award within 60 days. (4) The arbitral tribunal may extend, if necessary, the period of time within which it shall make a correction, interpretation or an additional award under subsection (1) or (3). Chapter 8 – Recourse against award 53. Application for setting aside as exclusive recourse against arbitral award (1) Recourse to the Court against an arbitral award made in an arbitration which has its seat in the Abu Dhabi Global Market may be made only by an application for setting aside in accordance with subsection (2) and (3). Such an application may only be made to the Court.

16 (2) An arbitral award may be set aside by the Court only if - (a) the party making the application proves that - (i) the arbitral tribunal wrongly upheld or declined jurisdiction; (ii) due process was violated; (iii) the arbitral tribunal’s decision went beyond the claims submitted to it, or failed to decide one of the items in the claims; or (iv) the arbitral tribunal was not properly constituted; or (b) the Court finds that - (i) the subject-matter of the dispute is not capable of settlement by arbitration under the legislation of the Abu Dhabi Global Market; (ii) the dispute is expressly referred to a different body or tribunal for resolution under these Regulations or any mandatory provision of the legislation of the Abu Dhabi Global Market; or (iii) the award conflicts with the international public policy of the UAE. (3) An application for setting aside may not be made after three (3) months have elapsed from the date on which the party making that application had received the award or, if a request had been made under section 52, from the date on which that request had been disposed of by the arbitral tribunal. (4) Save as set out in this section, there shall be no other recourse or appeal to the Court against an arbitral award made in an arbitration which has its seat in the Abu Dhabi Global Market. (5) For the avoidance of doubt, the Court must not undertake a merits review of the award either on fact or law. 54. Waiver of the right to being an action for setting aside (1) The parties may, by an express statement in the arbitration agreement or by a subsequent written agreement, waive fully the right to bring an action for setting aside or they may limit it to one or several of the grounds listed in section 53(2). (2) If the parties have waived the right to bring an action for setting aside the awards and if the awards are to be enforced in the Abu Dhabi Global Market, the arbitral award may nonetheless be denied recognition and enforcement pursuant to section 57. PART 4: THE RECOGNITION AND ENFORCEMENT OF AWARDS 55. Effect of award

17 (1) Unless otherwise agreed by the parties, an award made by an arbitral tribunal pursuant to an arbitration agreement, irrespective of the State or jurisdiction in which it was made, shall be recognised as binding within the Abu Dhabi Global Market, both on - (a) the parties; and (b) any person claiming through or under any of the parties. (2) An arbitral award shall be enforced by the Court subject to the provisions of this Part 4. (3) For the avoidance of doubt, where the UAE has entered into an applicable treaty for the recognition and enforcement of arbitration awards, that treaty shall apply in the Abu Dhabi Global Market and the Court shall comply with the terms of such treaty. (4) The party relying on an award or applying for its enforcement shall provide to the Court the original or a duly certified copy of - (a) the arbitral award in respect of which enforcement is sought; and (b) the arbitration agreement pursuant to which that arbitration award was rendered. If the award or the agreement is not made in English, the Court may request the party to provide a translation thereof. (5) Awards shall be enforced within the Abu Dhabi Global Market in the manner prescribed in these Regulations and any rules of court made for that purpose. Where an arbitral award is enforced by the Court, it shall be enforced as if it were a judgment of the Court and all of the Court's powers in respect of the enforcement of judgments shall apply to the enforcement of arbitral awards. (6) Awards recognised by the Court may be enforced outside the Abu Dhabi Global Market in accordance with the applicable legislation in force and recognition under these Regulations includes ratification for the purposes of any such applicable legislation. 56. Recognition (1) Where, upon the application of a party for recognition of an arbitral award, the Court decides that the award shall be recognised, it shall issue an order to that effect. (2) An order recognising an arbitral award shall be issued in English and Arabic unless the Court shall determine otherwise. Either language version, in its original or certified copy form, shall constitute sufficient proof of recognition. 57. Grounds for refusing recognition or enforcement

18 (1) Recognition or enforcement of an arbitral award, irrespective of the State or jurisdiction in which it was made, may be refused by the Court only - (a) at the request of the party against whom it is invoked, if that party furnishes to the Court proof that - (i) the arbitral tribunal wrongly upheld or declined jurisdiction; (ii) due process was violated; (iii) the arbitral tribunal’s decision went beyond the claims submitted to it, or failed to decide one of the items in the claims; or (iv) the arbitral tribunal was not properly constituted; or (b) if the Court finds that - (i) the subject-matter of the dispute would not have been capable of settlement by arbitration under the legislation of the Abu Dhabi Global Market; or (ii) the enforcement of the award would be contrary to the international public policy of the UAE. (2) If an application for the setting aside or suspension of an award has been made to a court referred to in subsection (1)(a), the Court may, if it considers it proper, adjourn its decision and may also, on the application of the party seeking recognition or enforcement of the award, order the other party to provide appropriate security. (3) Any party seeking recourse against an arbitration award made in the seat of the Abu Dhabi Global Market shall not be permitted to make an application under subsection (1)(a) if it has made or could have made an application under section 53 of these Regulations.

19 SCHEDULE 1 INTERPRETATION

1. Rules of interpretation (1) In these Regulations, unless a contrary intention appears, a reference to - (a) a statutory provision includes a reference to the statutory provision as amended or re-enacted from time to time; (b) a person includes any natural person, body corporate or body unincorporate, including a company, partnership, unincorporated association, government or state; (c) an obligation to publish or cause to be published a particular document shall, unless expressly provided otherwise in these Regulations, include publishing or causing to be published in printed or electronic form; (d) a day shall refer to a business day, being a normal working day in the Abu Dhabi Global Market; (e) a calendar year shall mean a year of the Gregorian calendar; (f) a reference to the masculine gender includes the feminine and vice versa; and (g) words in the singular shall include the plural and vice versa. (2) The headings in these Regulations shall not affect the interpretation of these Regulations. (3) Where a provision of these Regulations leaves the parties free to determine or agree upon an issue, such freedom includes the right of the parties to authorise a third party, including an arbitration institution or appointing authority, to make a determination on that issue. (4) A reference in these Regulations to a Part, Section or Schedule by number only, and without further identification, is a reference to the Part, Section or Schedule of that number in these Regulations. (5) A reference in a section or other division of these Regulations to a paragraph, subparagraph or section by number or letter only is a reference to the paragraph, subparagraph or section of that number or letter contained in the section or other division of these Regulations in which that reference occurs. (6) Unless the context otherwise requires, where these Regulations refer to an enactment, the reference is to that enactment as amended from time to time, and includes a reference to that enactment as extended or applied by or under another enactment, including any other provision of that enactment.

20 (7) References in these Regulations to a writing, filing, instrument or certificate include any mode of communication that preserves a record of the information contained therein and is capable of being reproduced in tangible form, including electronic means. (8) Where a provision of these Regulations refers to the fact that the parties have agreed or that they may agree or in any other way refers to an agreement of the parties, such agreement includes any arbitration rules, including those of any institution, referred to in that agreement. (9) Where a provision of these Regulations, other than in sections 43(a) and 51(2)(a), refers to a claim, it also applies to a counter-claim, and where it refers to a defence, it also applies to a defence to such counter-claim. 2. Legislation in the Abu Dhabi Global Market References to legislation in these Regulations shall be construed in accordance with the following provisions - (a) Federal Law is law made by the federal government of the United Arab Emirates; (b) Abu Dhabi Law is law made by the Ruler, as applicable in the Emirate of Abu Dhabi; and (c) these Regulations are the Abu Dhabi Global Market Regulations No. [] of 2014 (Arbitration Regulations), made by the Board. 3. Defined Terms In these Regulations, unless the context indicates otherwise, the defined terms listed below shall have the corresponding meanings. Abu Dhabi Global Market has the meaning given in section 1 of the Interpretation Regulations 2015. Abu Dhabi Global Market Law means Abu Dhabi Law No. 4 of 2013 concerning the Abu Dhabi Global Market, passed by the Ruler. Board has the meaning given in section 1 of the Interpretation Regulations 2015. Court means the Court of First Instance. court shall mean any competent court of any State or jurisdiction, including the Court, where applicable. Court of First Instance has the meaning given in section 229(1) of the Court Regulations. Court Regulations means the ADGM Courts, Civil Evidence, Judgments, Enforcement and Judicial Appointments Regulations 2015. legislation includes regulations or rules made under legislation.

21 seat means the juridical seat of the arbitration designated (a) by the parties to the arbitration agreement, or (b) by any arbitral or other institution or person vested by the parties with powers in that regard, or (c) by the arbitral tribunal if so authorised by the parties; or determined, in the absence of any such designation, having regard to the parties’ agreement and all the relevant circumstances. these Regulations means the Global Market Regulations No. [] of 2014 (Arbitration Regulations), issued by the Board of Directors of the Global Market. Ruler means the ruler of the Emirate of Abu Dhabi. UAE means the United Arab Emirates.