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February 2017Improving Access to Credit – A Video Explanation
Many states in the Americas 1 are
undertaking domestic law reforms to create a
modernized secured transactions regime. Why?
Because enabling the use of non-traditional
assets (i.e., goods other than land, such as
inventory (including livestock and crops),
equipment, accounts receivable, intellectual
property) expands the range of collateral that
can be used to access credit by those who need
it most – MSMEs. Nevertheless, there is still a
gap – a lack of understanding of the connection
between secured transactions law reform,
asset-based lending, and improved access to
credit. To address that gap,
the Department of International Law
(DIL), Secretariat for Legal Affairs of
the OAS, has produced the following video
documentary:
🎥 Short
6-minute version with English subtitles
🎥 Short
6-minute version without subtitles
🎥 Long
17- minutes with English subtitles
This work is part of DIL’s mandate “to
continue promoting the Model Law on Secured
Transactions among member states…”
and pursuant to which DIL is also “to
promote further development of private
international law in
collaboration with
organizations engaged in this area…” 2.
[emphasis added]
Most recently, DIL participated in the Secured
Transactions Coordination Conference
3 held
February 9-10 in Philadelphia, Pennsylvania.
This was the first such conference among key
players in the international community involved
in secured transactions law reforms. 4 The
focus was how multiple reform efforts, which are
frequently contemporaneous and at times
duplicative, could be better orchestrated to
maximize resources and achieve the goals of
economic law reform at state level as well as
greater harmonization at regional and
international levels. Examples were discussed
from around the world. DIL presented its work on
the OAS
Secured Transactions Project (2012-2015),
which had been made possible with financial
support from the Government of Canada and had
been orchestrated in El Salvador, Peru and
Jamaica in collaboration with several of the
aforementioned organizations (UNCITRAL, IFC,
UNIDROIT, etc.). Although an informal conference
where no official conclusions were reached, this
was an invaluable initiative that has opened
important dialogue.
For further information on this matter,
please contact the Department of International
Law of the OAS – Technical Secretariat of the
Inter-American Juridical Committee +1 202 370 0743.
»
For more information about the OAS Secured Transactions Project, please visit
our Website
»
For additional information about the Department, please visit
our Website
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1 In
the Americas, secured transaction reforms have
been undertaken by several states, including
Colombia, Costa Rica, Dominican Republic, El
Salvador, Guatemala, Honduras, Jamaica, Mexico,
Peru and recently initiated by others, including
Argentina, Chile, Haiti and Paraguay.
2 AG/RES.
2886 (XLVI-O/16).
3 Conference
Co-chairs: Dr. Marek Dubovec, NATLAW and
Professor Charles W. Mooney, Jr., INSOL;
Co-sponsors INSOL, NATLAW and OHADA; Host:
University of Pennsylvania Law School.
4 Attendees
included representatives from the International
Monetary Fund, World Bank Group/International
Finance Corporation, United Nations Commission
on International Trade Law (UNCITRAL),
International Institute for the Unification of
Private Law (UNIDROIT), Organization for the
Harmonization of Business Law in Africa (OHADA),
various regional development banks (EBRD, ADB),
US agencies (USAID, State Dept.), National Law
Center for Inter-American Free Trade(NATLAW),
International Insolvency Institute (INSOL),
academics and practitioners.
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