International commercial arbitration as a self-regulatory institution

Abstract

Background. It is important to determine the features of international commercial arbitration as a procedural means of self-regulation. Is international commercial arbitration able to provide effective protection to businesses in today’s environment, considering the challenges of the digital economy (which is the most dynamic self-regulatory mechanism), environmental changes, hybrid wars, and so on?
Analysis of recent research and publications.The issues of principles, elements and other features of arbitration self-regulation have not been properly investigated.
The aim of the study is to determine the features of international commercial arbitration as a self-regulatory institution.
Materials and methods. During the study, both general scientific and special methods of cognition were used: dialectical, systemic, synergetic, formal-logical, generalization, functional, comparative jurisprudence. Information base of the research – international agreements, national legislation, decisions of international commercial arbitration courts, decisions of state courts, works of domestic and foreign scientists.
Results. International commercial arbitration is an autonomous, unique system with special laws of origin, formation and development. This tool was created as a unified dispute settlement mechanism that is clear and convenient for the business community of all countries. International commercial arbitration has a sign of adaptability, which is emphasized by the speed and flexibility of improving the legal regulation of its activities by relevant self-regulatory organizations.
Challenging, recognizing and enforcing the decisions of international commercial courts are proceedings that are related to the state judicial system, so the elements of self-regulation of arbitration are quite few.
Dispute settlement in a hybrid war can be called a «hybrid investment dispute» or a «hybrid commercial dispute», depending on the subject matter of the dispute.
Conclusion. The arbitration court, which is part of the system of institutionalization of self-regulatory mechanisms, has taken one of the important places and points to the ability of business to resolve disputes independently, without resorting to government instruments.
Functional purpose of international commercial arbitration as a self-regulatory institution: to change quickly and at the same time to be a universal and clear procedure for business originating from different countries.