Trade-off the Arbitration Third-Party Funding System from the Functional Analysis Perspective
In the context of the current amendments to arbitration laws,the question of whether it is nec-essary to regulate third-party funding in the Arbitration Law has become a subject of widespread atten-tion.Third-party funding,as a new type of financing method,holds functional value in assisting parties in seeking justice.However,this system has raised several negative issues in the realm of international ar-bitration and national financial regulation.To mitigate the impact of common law principles prohibiting maintenance and champerty on arbitration and to maintain the advantage of international arbitration cen-ters,Singapore and Hong Kong,after introducing third-party funding,have established alternative fee ar-rangements to better meet the financing needs of the parties.From the perspective of functional analysis,there is no immediate need for legislative regulation of third-party funding.Instead,China could adapt ex-isting systems flexibly to meet the financing needs of the parties,ensuring the maintenance of fairness and justice principles in the arbitration field.
international commercial arbitrationthird-party fundingalternative fee arrangementsfunction-al analysis
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