SEC issues arbitration rules for intra-corporate disputes

The Securities and Exchange Commission has issued the guidelines that will speed up the resolution of intra-corporate disputes through arbitration and avoid the need to going to court.

It defines arbitration as a voluntary dispute resolution process in which one or more arbitrators, appointed by the parties’ designated independent third party or in accordance with the rules, resolve a dispute by rendering an award. Arbitration agreements that do not comply with such requirements shall be unenforceable, although arbitration shall still proceed under Republic Act No. 9285, or the Alternative Dispute Resolution Act of 2004.

When an intra-corporate dispute is filed with a regional trial court despite the adoption of an arbitration agreement in the corporation’s articles of incorporation, bylaws or in a separate agreement, the court shall act in accordance with the rules of procedure that the Supreme Court may promulgate to implement Section 181 of the RCC.

Arbitrators must be accredited by the Office for Alternative Dispute Resolution under the Department of Justice or the Commission, or by organizations accredited by the OADR or the Commission for the purpose of arbitration.

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