This week the spotlight is on regulatory developments in Abu Dhabi, where the Global Market Courts have issued a public consultation on litigation funding rules. The consultation ends on 5 December 2018.
They will provide parties with greater certainty on the enforceability of funding arrangements which have been entered into in connection with proceedings in Abu Dhabi Global Market. They are intended to apply to funding agreements used in connection with both court litigation and arbitration proceedings conducted in the Abu Dhabi Global Market. The public consultation includes the conditions and requirements of funders and the types of funding structures.
They will apply to litigation funding agreements which are defined in the Abu Dhabi Global Market Courts, Civil Evidence, Judgments, Enforcement and Judicial Appointments Regulations 2015.
They will set out the highest standards of best practice in litigation funding for Abu Dhabi and wider UAE and have taken the frameworks which are in place in other international jurisdictions where third party funding is common practice into consideration.