MOSCOW, December 30 (RAPSI) – Russian President Vladimir Putin signed a law on the implementation of arbitration institution system regulation, RIA Novosti reported on Tuesday.

According to the law, new permanently functioning arbitration institutions may be created only within non-profit organizations (NGOs). The law sets the procedure of arbitration agreement and establishes requirements for the role of arbiters who would be immune from most cases of civil legislation liability.

Arbitration institution may be created only if its NGO would get a right to conduct such activity. Such right would be provided by special act of Russian government after consultations with the Council of arbitration legislation improvement.

The law prohibits creation of one permanent arbitration institution within two or more NGOs. Such institutions may be disbanded either by its NGO or by an arbitration court.