MOSCOW, September 1 (RAPSI) – The amended law on arbitral proceedings entering in force in Russia on Thursday will enhance confidence in the arbitral tribunals on the part of the country’s business community, since these legislative changes are envisaged to improve quality and efficiency of their performance, Alexei Kravtsov, the Chairman of the Moscow Court of Commercial Arbitration believes.

The new law on arbitral proceedings has removed a range of loopholes registered in its previous version, Kravtsov says, adding that the first law of 2002 “was rather ill-considered.”

According to the expert, arbitral tribunals provide a serious alternative to state courts, especially as it concerns the promptness of proceedings. “An arbitral tribunal examines a dispute within two weeks on the average, it is impossible to delay [the proceedings], whereas the decision enters into force practically at once,” he said noting that state commercial courts may review cases for years.

Kravtsov believes that the amendments set tougher standards for arbitral tribunals, which from now on may be established only under auspices of not-for-profit organizations and such safeguards as revocation of permits to carry out arbitral proceedings for breaches of legislation are in place.

From September 1, arbitral tribunals are obliged to run their own web-sites (according to Kravtsov, at the moment only 134 out of 1,500 tribunals have one) and enlist former judges, which should form no less than half of their staff as set forth by the amended law.

A three-month transition period is to begin on September 1, whereas re-registration of arbitral tribunals will continue until January 1, 2018.

According to Kravtsov, 80 per cent of legislative changes concern the registration procedures and operation of arbitral tribunals.