Newsletter-21

173 ARBITRATION LAW Istanbul Arbitration Center Rules of Arbitration* Prof. Dr. H. Ercument Erdem Introduction The first step towards establishing an International Center of Fi- nance in Istanbul was taken through a resolution of the Turkish Higher Planning Council 1 . One of the pillars of the Istanbul Finance Center and one of its priorities is the establishment of an independent and autonomous institutional arbitration center that is capable of compet- ing internationally 2 . The Istanbul Arbitration Center (“ISTAC”) is established in line with these objectives to provide services for insti- tutional arbitration. 3 This arbitration center is expected to be ahead of other arbitration institutions in matters such as speed and finalization of awards. ISTAC Rules of Arbitration and Rules of Mediation (“ISTAC Rules of Arbitration” or “Rules”) entered into force on 26 October 2015. The Rules comprise provisions that both reflect generally ac- cepted practices in international arbitration, and provide solutions to the current needs of arbitration and mediation processes. * Article of January 2016 1 Resolution dated 29 September 2009 and no. 2009/31, published in the Official Gazette dated 2 October 2009 and No. 27364. See Newsletter article “ Will Is- tanbul Become A Center For International Arbitration? ” dated November 2009 http://www.erdem-erdem.com/en/articles/will-istanbul-become-a-center-for-in- ternational-arbitration/ (accessed on January 30, 2016). 2 See http://www.ifm.gov.tr/Shared%20Documents/Strategy%20and%20Action%20 Plan%20for%20IFC%20Istanbul.pdf (accessed on January 30, 2016). 3 See http://www.ifm.gov.tr/Shared%20Documents/Strategy%20and%20Action%20 Plan%20for%20IFC%20Istanbul.pdf (accessed on January 30, 2016).