Deannie Yap
Deannie Yap is Legal Officer at P.R.I.M.E. Finance, a foundation based in The Hague which seeks to foster greater financial market stability and increased confidence in global finance.
Deannie a Singapore-qualified advocate and solicitor who holds an LLB from the Singapore Management University as well as an Advanced LLM in International Dispute Settlement and Arbitration (cum laude) from Leiden University. Deannie spent five years in private legal practice in Singapore dealing with civil and commercial litigation matters before moving to The Hague in 2021. She has a keen interest in the emerging frontier of digital assets and fintech-related disputes.
Practice Area
Panel
- Contributing Author
Qualified Year
- 2016
Experience
- P.R.I.M.E. Finance (2023 - Present)
- Hague Conference on Private International Law (Intern) (September 2022 - February 2023)
- Tan, Oei & Oei LLC (Senior Associate) (2016 - 2021)
Membership
- Singapore Academy of Law
- Law Society of Singapore
Qualifications
- Advanced LLM (2022)
- Bachelor of Laws, LLB (2015)
Education
- Leiden University (2021-2022)
- Singapore Management University (2011-2015)
- Yonsei University (Exchange Semester) (March-June 2014)
8 Contributions by Deannie Yap
PRACTICE NOTES
Conduct of proceedings under the P.R.I.M.E. Finance Arbitration Rules 2022: procedure, evidence, submissions, hearings and interim measures
In 2021, the P.R.I.M.E. Finance Arbitration Rules were updated, and the 2022 edition took effect on 1 January 2022, applying to arbitrations commenced on or after that date (the P.R.I.M.E. Finance Rules; the Rules). The Rules also contain standard clauses and a model submission agreement. They set out a comprehensive framework for arbitration, including a model arbitration clause for contracts, a model submission agreement, procedures for commencing and conducting an arbitration, the process for appointing arbitrators, and provisions on issuing awards and allocating costs. The Rules are likewise intended to be flexible so that the arbitral tribunal can tailor proceedings as appropriate. This built-in flexibility enables the tribunal to shape the proceedings to the particular circumstances of the case.
Arbitration clause
A model arbitration clause is appended to the P.R.I.M.E. Finance Rules (Annex A). When reviewing the standard clause, parties should consider in particular:
whether to use any other alternative dispute resolution option (eg mediation) before commencing arbitration proceedings
the number of arbitrators (usually one or three)
the place of the arbitration, and
the language of the arbitration
Notice of arbitration
The first step in proceedings under the P.R.I.M.E. Finance Rules is to communicate a Notice of Arbitration (the...
Arbitration
PRACTICE NOTES
Making and correcting awards under the P.R.I.M.E. Finance Arbitration Rules 2022: requirements, applicable law, currency, PCA review, publication and time limits
The P.R.I.M.E. Finance Arbitration Rules were updated in 2021, and the 2022 edition took effect on 1 January 2022 for arbitrations begun on or after that date (the P.R.I.M.E. Finance Rules, or the Rules). The Rules also offer model clauses and a model submission agreement. Section V of the P.R.I.M.E. Finance Arbitration Rules (the P.R.I.M.E. Finance Rules) addresses the form and effect of arbitral awards, applicable law, the currency of awards, settlement, termination, and post award procedures.
Requirements of an award
While tribunals often issue a single final award, they are not required to do so. A tribunal may instead make distinct awards on separate questions at different times. Under art 39 of the P.R.I.M.E. Finance Rules, an award must:
be set down in writing
be complied with by the parties without delay
state the reasons on which it rests unless the parties have agreed the tribunal need not provide reasons
be signed by the arbitrators (or explain why any arbitrator has not signed), and
include the date on which the award was made and...
Arbitration
PRACTICE NOTES
P.R.I.M.E. Finance Arbitration Rules 2022: appointing, confirming, challenging and replacing arbitrators; disclosures (including funding) and the PCA’s role
Revised in 2021, the P.R.I.M.E. Finance Arbitration Rules were issued in a 2022 edition that took effect on 1 January 2022, governing arbitrations begun on or after that date (the P.R.I.M.E. Finance Rules; the Rules). The Rules also contain model clauses and a model submission agreement. This Practice Note addresses the appointment, challenge and replacement of the arbitral tribunal under the P.R.I.M.E. Finance Rules. The P.R.I.M.E. Finance Rules set out comprehensive provisions on nominating and appointing the tribunal. They further cover the constitution of a tribunal, arbitrators’ disclosure obligations, and the challenging and replacement of arbitrators.
Composition of the arbitral tribunal
Section III of the P.R.I.M.E. Finance Rules explains how an arbitrator or arbitral panel is to be appointed. It also prescribes the procedures for challenging and substituting an arbitrator, together with the requirement on prospective arbitrators to reveal pertinent background information.
Number of arbitrators
If, within 30 days from the start of the arbitration, the parties have not agreed the number of arbitrators, the Permanent Court of Arbitration (PCA) will name a sole arbitrator unless the PCA decides that, given the circumstances of the case, it is more suitable to appoint accordingly in the circumstances described here...
Arbitration
PRACTICE NOTES
P.R.I.M.E. Finance Arbitration Rules 2022: Costs—scope, tribunal fees, apportionment, security for costs, deposits and interim measures
The P.R.I.M.E. Finance Arbitration Rules were updated in 2021, and the 2022 edition took effect on 1 January 2022, governing arbitrations initiated on or after that date (the P.R.I.M.E. Finance Rules; the Rules). The Rules also set out model clauses together with a model submission agreement for use by parties.
This Practice Note reviews the treatment of costs under the P.R.I.M.E Finance Rules. The key provisions on costs are located expressly in Section VI of the P.R.I.M.E. Finance Rules as specified therein.
Scope of costs
The tribunal will determine the arbitration costs in a final award, a termination order, or any other decision (art 48.1). Costs of the arbitration comprise (art 48.2):
the arbitral tribunal’s fees and charges (art 49)
reasonable expenses of the arbitrators, including any applicable value added or sales tax imposed on their fees
reasonable costs for expert advice and other assistance services, including fees of any tribunal secretaries
legal and other party costs, including expenses of witnesses and experts, to the extent that the tribunal deems the costs to be reasonable, and
registration fees and other administrative costs set by the Permanent Court of Arbitration (PCA) in accordance with Annex D entitled Fees and expenses of...
Arbitration
PRACTICE NOTES
P.R.I.M.E. Finance Arbitration Rules 2022: tribunal powers on jurisdiction, seat and law, interim/emergency measures, evidence and hearings, joinder and consolidation, early determination, awards and costs
In 2021, the P.R.I.M.E. Finance Arbitration Rules were substantively updated, with the 2022 version taking effect on 1 January 2022, covering arbitrations filed from that date onwards (the P.R.I.M.E. Finance Rules; the Rules). They also contain model clauses and a standard-form submission agreement document. This Practice Note examines the authority of arbitral tribunals constituted under the P.R.I.M.E. Finance Rules. A tribunal holds a broad discretion to manage the proceedings as it deems most suitable, so long as the parties are treated equally and each is afforded a reasonable opportunity to present their case. When using that discretion, the tribunal must avoid unnecessary delay and cost and ensure a fair, proportionate and efficient mechanism for resolving the dispute (art 16.1).
Place, location, language and rule of law
Among other relevant matters, where the parties have not already agreed, the tribunal may decide:
the legal seat of the arbitration (art 18)
where any hearings are held (art 18)
the language to be used in the arbitration (art 19), and
the governing law applicable to the merits of the dispute (art 40)
Jurisdiction of the arbitral tribunal
Art 23.1 of the P.R.I.M.E. Finance Rules as referenced in this Practice Note for context only...
Arbitration
PRACTICE NOTES
P.R.I.M.E. Finance: background and the 2022 Arbitration Rules for financial disputes, with PCA administration, expert tribunal panels, transparency, joinder and consolidation, emergency measures and expedited procedures
The P.R.I.M.E. Finance Arbitration Rules
The P.R.I.M.E. Finance Arbitration Rules (the P.R.I.M.E. Finance Rules; the Rules) provide an arbitration framework with features tailored to the needs of the financial markets. The latest edition took effect on 1 January 2022, following a comprehensive 2021 review, and governs arbitrations begun on or after that date. The Rules also contain model clauses together with a model submission agreement. This Practice Note serves as an introduction to P.R.I.M.E. Finance and its Rules.
P.R.I.M.E. Finance stands for the Panel of Recognised International Market Experts in Finance, an independent, not-for-profit foundation headquartered in The Hague. By convening these Experts, we aim to promote certainty and lessen risk across the global financial markets. We work to foresee where contractual disputes may emerge and to craft solutions to meet them, with the objective of enhancing financial market stability and building confidence in global finance. The P.R.I.M.E. Finance Panel of Experts now comprises close to 300 specialists in finance and dispute resolution, represented across six of the world’s seven continents. Financial institutions have consistently identified the banking and finance technical expertise of sitting arbitrators as pivotal when selecting an alternative dispute resolution mechanism. In 2013, following a...
Arbitration
PRACTICE NOTES
Practical guide to commencing arbitration under the P.R.I.M.E. Finance Rules 2022: notice content, PCA filing, commencement, and costs
P.R.I.M.E. Finance Arbitration Rules
Updated in 2021, the P.R.I.M.E. Finance Arbitration Rules’ 2022 edition took effect on 1 January 2022 and applies to arbitrations begun on or after that date (the P.R.I.M.E. Finance Rules; the Rules). The Rules also contain model clauses and a model submission agreement. This Practice Note explains how to commence an arbitration under the P.R.I.M.E. Finance Rules. When a dispute emerges, parties should consult the relevant documents to review the dispute resolution clause(s). If a clause or agreement calls for arbitration, it is essential to check:
the administering institution or the rules under which the arbitration will proceed (see Understanding institutional and ad hoc arbitration—overview)
any applicable limitation period, contractual or statutory, by which the arbitration must be commenced (see Practice Notes: Limitation periods in arbitration (England & Wales) and the Foreign Limitation Periods Act 1984)...
Arbitration
PRACTICE NOTES
Responding to a Notice of Arbitration under the P.R.I.M.E. Finance Rules 2022—PCA filing, deadlines, required content, nominations, objections, counterclaims and tribunal constitution
P.R.I.M.E. Finance Arbitration Rules
In 2021, the P.R.I.M.E. Finance Arbitration Rules were updated, and the 2022 edition took effect on 1 January 2022, governing arbitrations begun on or after that date (the P.R.I.M.E. Finance Rules; the Rules). The Rules also set out model clauses together with a model submission agreement. This Practice Note explains how to deal with a notice of arbitration under the P.R.I.M.E. Finance Rules. A respondent is required to send its response to the Permanent Court of Arbitration (PCA) within 30 days of receiving a notice of arbitration under the P.R.I.M.E...
Arbitration
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