TNAG-2330-FCO40-3383-Future-of-Hong-Kong-localisation-of-laws-arbitration-1991 — Page 16

2

3.

will

the

The local legislation proposed by the British side replace the provisions of

Arbitration (International Investment Disputes) Act 1966 which apply to Hong Kong by amendments made to the Arbitration Ordinance (Cap. 341).

The legislation will provide for the registration of awards rendered pursuant to the Washington Convention, which will thereby become enforceable in Hong Kong as judgments of

of the Hong Kong

Hong Kong Supreme

Supreme Court. The legislation will also confer legal status and appropriate immunities and privileges in Hong Kong on the International Centre for Settlement of Investment Disputes established by the Convention.

4

Relevant Principles for Consultation

4.

:

Since the local legislation will be designed to implement an international obligation which applies to Hong Kong and which is expected to continue to apply to the Hong Kong SAR after 1997, it is appropriate to consult the Chinese side. However, the proposed legislation will not confer on an authority in Hong Kong powers formerly held by an authority in the United Kingdom, since the relevant powers are already conferred on the Governor or on judicial authorities in Hong Kong by virtue of the 1967 Order. Nor will the proposed legislation have any extraterritorial effect except that rules of court may be made under it requiring the taking Of evidence overseas in certain

circumstances.

Awards under the legislation will be enforceable against parties overseas but only in the same way

as judgments of the Supreme Court are now enforceable

against parties overseas

in conformity with

i.e.

established principles of private international law.