The Arbitration Act 2010 is amended by the insertion of the following section after section 5:

"5A.

(1) This section applies to dispute resolution proceedings.

(2) The offences and torts of maintenance and champerty do not apply to dispute resolution proceedings.

(3) A third-party funding contract that meets the criteria (if any) prescribed under subsection (4) shall not, insofar as it relates to dispute resolution proceedings, be treated as contrary to public policy or otherwise illegal or void.

(4) The Minister may, for the purposes of subsection (3), by regulation prescribe criteria, including criteria relating to transparency in relation to funders and recipients, for third-party funding contracts.

(5) In this section -

'dispute resolution proceedings' means:

(a) an international commercial arbitration;

(b) any proceedings arising out of an international commercial arbitration before a court of competent jurisdiction performing any of the functions provided for in the Model Law;

(c) any appeal from a decision of a court referred to in paragraph (b);

(d) any mediation or conciliation proceedings arising out of an international commercial arbitration, proceedings or an appeal referred to in paragraph (a), (b) or (c);