• Secured Transactions

Regarding the topic of electronic registries, the governments of Canada, Mexico and the United States jointly proposed Model Registry Regulations to supplement the Model Inter-American Law on Secured Transactions, which was approved in 2002.

The Model Registry Regulations were formally presented to the Permanent Council in March of 2009 and were examined by its Committee on Political and Juridical Affairs in April 2009. The Permanent Council preliminarily approved the Model Registry Regulations and convened a Diplomatic Conference of CIDIP-VII for its final consideration and approval.

The Model Registry Regulations were adopted October 9, 2009. The regulations provide solutions to questions on registration and uniformity, and help coordinate the cohesive implementation of the OAS Model Law on Secured Transactions.

With the enactment of the OAS Model Law on Secured Transactions and the Model Registry Regulations, it is hoped that the cost of loans will be significantly reduced, facilitate international commerce in the region, and help promote small and medium sized businesses throughout the Hemisphere.