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Home > Country profiles > Netherlands > News > Detail

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Finance minister to open international financial tribunal

Tuesday, 18th January 2012

<p style="font-size: 14px; color: #000000">&quot;Finance minister Jan Kees de Jager will on Monday open the new international financial tribunal in The Hague which will mediate in disputes about complicated financial products.</p><p style="font-size: 14px; color: #000000">The tribunal&#39;s secretary-general Gerard Meijer told Nos television there is great demand for an independent body to examine financial differences of opinion involving financial firms and investors.</p><p style="font-size: 14px; color: #000000">Both sides in a dispute must agree to let the panel take a case before it can be considered. The aim is to &#39;facilitate dispute settlement, reduce legal uncertainty and foster stability in the global financial markets,&#39; according to the organisation&#39;s website.</p><p style="font-size: 14px; color: #000000">The panel&#39;s official name is Prime Finance - Panel of Recognised International Market Experts - and it will be hosted at the Peace Palace. The tribunal will be able to call on 100 experts to arbitrate or mediate in cases involving derivatives and financial products.&quot;</p><p style="font-size: 14px; color: #000000">&nbsp;&nbsp;</p>

Language: English

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