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December 2021
Recent Activities in Secured Transactions
The Department of
International Law (DIL) is pleased to
announce the launch on December 3rd of the
Joint Network for Coordinating and Supporting
Secured Transactions Reforms. As described
in its Governance Document, the Joint Network
has been established to coordinate the
activities of organizations involved in
providing technical assistance and capacity
building in secured transactions and related
reforms. Its membership includes the United
Nations Commission on International Trade Law
(UNCITRAL), the International Finance
Corporation (IFC), a member of the World Bank
Group, the International Institute for the
Unification of Private Law (UNIDROIT), the
Kozolchyk National Law Center and the OAS. DIL
has been a part of this initiative since the
outset and participated in the
First Conference on International Coordination
of Secured Transactions Law Reforms in 2017,
the
second in 2018 and
third in 2020.
This initiative springs from the recognition
that multiple reform efforts, which are
frequently contemporaneous and at times
duplicative, could be better orchestrated to
maximize resources and achieve the goals of
commercial law form at state level as well as
greater harmonization at regional and
international levels.
On November 24th, DIL participated in a virtual
regional seminar on secured transactions reform
that was organized and hosted by the National
Center of Registries of El Salvador. The event
began with an overview from DIL on the
importance of the Model Interamerican Law on
Secured Transactions for improving access to
credit within the region. This was followed by
in-depth explanations by experts from IFC and
the private sector on how domestic reforms in
secured transactions encourage modern
asset-based lending and the development of new
financial products. Presentations were also
given on the state of reforms in Colombia and
Guatemala. The forum served as a valuable
opportunity for the exchange of lessons learned,
particularly among registrars and other
government officials.
On November 10-12th, DIL took part in the 12th
Transnational Commercial Law Teachers, which had
as its theme, “Secured Transactions in
Transnational Commercial Law.” An initiative by
the Heidelberg University, this year’s virtual
event was organized in partnership with the
University of Chile, Faculty of Law. Over three
days, five panels of international experts
discussed enforcement of secured transactions,
influence of the UNCITRAL and Inter-American
Models in domestic jurisdictions, the UNIDROIT
Cape Town Convention, impacts of digitization
and technology, and conflicts-of-laws rules
relating to security assignments of receivables,
among other matters. The event concluded with
reflections on the impact of such reforms on
economic development.
These activities are in furtherance of the
mandate from the OAS General Assembly, for the
purpose of strengthening the study of private
international law, that DIL continue to promote
greater knowledge of Inter-American conventions
and soft law instruments, such as (inter alia)
secured transactions and access to credit
(International Law, AG/RES. 2974, November 11,
2021).
» To visit the DIL’s web page on
Secured Transactions,
click here.
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