Birleşme ve Devralmalar Tahkiminde Üçüncü Kişi Finansmanı: Uygunluk ve Etkileri

Third-party funding in international commercial arbitration is where a person who is not a party to the dispute subject to arbitration assumes the costs of the proceedings and provides financial support to the claimant or respondent. This financing model is widely preferred to increase access to justice and reduce costs, particularly in costly M&A disputes. While third-party funding mitigates the financial risks of the parties, it also raises ethical and legal issues such as confidentiality, security for costs and reimbursement of arbitration costs. In particular, disclosure of the identity of the funding is considered important to preserve the impartiality of arbitrators. Requests for security for costs aim to secure the losing party’s capacity to pay, while the financial contribution of the third-party in terms of arbitration costs should not be passed on to the other party. All these discussions raise fundamental questions as to how the concept of third-party funding in arbitration should be addressed in legal regulations. Although third-party funding facilitates access to justice and increases the efficiency of the arbitration process, it carries certain ethical and legal risks due to the third-party financiers’ aim to profit from the outcome of the case. It is a necessity to take these risks into account when legalising the concept of third-party funding in arbitration. Based on these needs, this study aims to analyse the advantages and challenges of third-party funding in M&A arbitration proceedings.

Keywords: International Arbitration, Third-Party Funding, Mergers and Acquisitions, Access to Justice, Confidentiality.…