Newsletter -February 2011
Secured Transactions
The Department of International
Law participated in two important events at the
International Finance Corporation and the World Bank
Group to promote access to credit and capital
investment in developing countries. The first was a
meeting of the IFC's Secured Transactions &
Collateral Registries Practice Group IFC and World
Bank team members, consultants, multilateral
organizations and other relevant stakeholders
which took place on October 21, 2010, to provide an
overview of legal reform projects on secured
transactions and registries throughout the world.
OAS/DIL provided an overview of the status and
activities it has undertaken to implement the Model
Inter-American Law on Secured Transactions, approved
by OAS member states in 2002 at the Sixth
Inter-American Specialized Conference on Private
International Law (CIDIP-VI), and the Model Registry
Regulations approved my OAS member states in 2009 at
CIDIP-VII. OAS/DIL also provided input as to how the
Model Law and Registry Regulations may serve as
additional tools IFC and the World Bank can use for
reform in other parts of the world.
OAS/DIL also participated in the
International Finance Corporation/World Bank
Group's, Advisory Committee Meeting on Secured
Transactions, which took place on October 22, 2010
to provide recommendations for the planning and
development of the reform projects in the Americas,
in particular with regard to the intersection of
commercial law reform and millennium development
goals, the need for international organizations to
provide a cohesive reform strategy and coordinate
efforts, and the need to ensure that all reform
efforts include the principles and concepts
necessary for legal reform in this area of law.
The also DIL hosted a meeting of
government experts on secured transactions and
registry reform, on October 6, 2010 at OAS
headquarters. The meeting, which took place under
the auspices of the U.S Department of State
Distinguished Visitor Program, provided an overview
of the impact reform can have on the access to
capital in the local economy, the manner in which
states can approach reform, and the role the Model
Inter-American Law Secured Transactions and the
Model Registry Regulations can play in updating the
local legal framework to achieve the desired
results. High ranking government officials from
Costa Rica, El Salvador, Guatemala, Dominican
Republic, Panama, Paraguay, and the United States
participated in the meeting. As the next step in the
process, participants in the meeting will provide
information and recommendations on the manners in
which to continue with legal reform in their
respective states.
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