Article 1
These Rules are formulated for the purpose of impartial and prompt resolution of
disputes arising from financial transactions between the parties.
Article 2
The term "financial transactions" shall refer to transactions arising between financial
institutions inter se, or arising between financial institutions and other natural or legal
persons in the capital, foreign exchange, gold and insurance markets that relate to
financial in both domestic and foreign currencies, and the assignment and sale of
financial instruments and documents denominated in both domestic and foreign
currencies, including but not limited to:
1. Loans;
2. Deposit certificates;
3. Guarantees;
4. Letters of credit;
5. Negotiable instruments;
6. Fund transactions and fund trusts;
7. Bonds;
8. Collection and remittance of foreign currencies;
9. Factoring;
10. Reimbursement agreements between banks; and
11. Securities and futures.
Article 3
Unless the parties have the other agreement, these rules shall apply to any financial
dispute accepted by the GZAC. If these rules are failed to administrate, the Arbitration Rule of GZAC shall apply. The GZAC shall make a ruling on objections with regard to whether the dispute between the parties arises from , or is in connection with, a financial transaction, or whether these Rules should be applied to the dispute between the parties.
Article 4
Where the GZAC finds that a request for arbitration satisfies the requirements for
arbitration, it shall notify the parties in writing of its acceptance of the Request for
Arbitration within Two days from the date of receipt of the Request. Should the
GZAC find that the Request for Arbitration does not satisfy the requirement for
arbitration, it shall notify the parties in writing of its rejection of the request for
arbitration and the reasons therefor.
Article 5
Together with the Notice of Arbitration for the acceptance of the Request for
Arbitration, the GZAC shall furnish to the Claimant and the Respondent these Rules,
the Arbitration Rules of GZAC, the Panel of Arbitrators in Financial Industry and
such other Panel of Arbitrators of the GZAC as may be designated.
Article 6
Unless otherwise agreed by the parties, the Respondent shall, within five days from
the date of receipt of the Notice of Arbitration, submit its written Statement of
Defense to the GZAC. If any, the Respodent shall, within the foregoing time period,
file its counterclaim in writing.
Article 7
The parties shall select arbitrators from the Panel of Arbitrators in Financial Industry
or other Panel of Arbitrators, within the time period ofrespondence.
Article 8
An arbitrator appointed by the parties or by the Chairman of the GZAC shall sign a
Declaration and disclose to the GZAC in writing any facts or circumstances likely to
give rise to justifiable doubts as to his/her impartiality or independence. The GZAC
shall communicate the Declaration and/or the disclosure of the arbitrator to the parties, If the arbitrator disclose any facts or circumstances through the GZAC.
Article 9
Where a time period for producing evidence has been agreed upon by the parties or
has been set by the arbitral tribunal, the parties shall produce their evidence to the
arbitral tribunal within the specified time period.
Where no such time period for producing evidence is agreed upon by the parties or set by the arbitral tribunal, the parties shall file all written statements and relevant
evidence to the GZAC not less than three working days prior to the date of the first
oral hearing.
Unless otherwise agreed by the parties or decided by the arbitral tribunal, the arbitral
tribunal may refuse to admit any written statement or evidence submitted by any party
beyond the time period for producing evidence.
Article 10
In the event of a hearing, evidence exchanged between the parties prior to the hearing
shall be presented for examination during the hearing. Evidence may be used as proof
of the facts relied upon without being produced at the hearing if the Arbitral Tribunal
affirms during the hearing that the evidence has been exchanged, admitted as authentic and put on record.
Article 11
The date of the first hearing shall be fixed by the arbitral tribunal and notified to the
parties by the GZAC at least three (3) days in advance of the oral hearing date.
Article 12
Unless otherwise agreed by the parties, the arbitral tribunal shall render an arbitral
award within 20 days from the date on which the arbitral tribunal is formed. At the
request of the arbitral tribunal, the Chairman of the GZAC may extend the said time
period if he considers it truly necessary and the reasons for the extension truly
justified.
Article 13
The arbitration fee of financial arbitration cases, in accordance with the Arbitration
Fee Collection Measures of GZAC, shall be charge half of the arbitration fee.
Article 14
The parties, their representatives, witnesses, interpreters, arbitrators, experts consulted
by the arbitral tribunal and appraisers appointed by the arbitral tribunal and the
relevant staff-members of the Secretariat of the GZAC shall not disclose to any
outsiders any substantive or procedural matters of the case
Article 15
1. For matters not covered in these Rules, the Arbitration Rules of GZAC shall be
apply.
2. These Rules uniformly apply to the GZAC and its Sub-Commissions.
Article 16
The titles of articles would not define the article's content，These Rules shall be
interpreted by the GZAC.
Article 17
These Rules shall be effective as from January 1st, 2007s. For cases accepted by the
GZAC or by its Sub-Commissions before these Rules become effective, the Arbitration Rules shall apply. For cases where procedures have already started, the arbitral tribunal should decide whether these Rules shall apply. For cases which are concluded, the Former Rules should applied.
