On August 22nd the Department of International Law and the Department of Economic Development joined forces and held a virtual meeting on the
Model Law on the Simplified Corporation. Being one in a series of meetings in preparation for the VII Inter-American Dialogue of High-Level MSME Authorities, the focus of this meeting was the Model Law and its particular benefits for MSMEs.
The meeting began with an overview of the Model Law by Dr. Francisco Reyes, who was the primary driver behind Law 1258 of Colombia on which the OAS Model Law was largely based. This was followed by a presentation by Dr. Pedro Bellocq, who spoke about the legislative reform initiative to implement the OAS Model Law in Uruguay and its current status (which was passed into
law in September). The meeting then offered a forum for questions and dialogue. Participants included government-appointed Focal Points for the Model Law; experts in corporate law reform, private international law or economic development of MSMEs; other government officials; and representatives from Permanent Missions to the OAS. It is expected that this exchange will lead to concrete opportunities for horizontal cooperation as the regional network of Focal Points is expanded and strengthened. Participants have been asked to provide information or updates on the status of reforms in their respective countries, which will be incorporated into a report for the region as a whole. They have also been asked for inputs regarding possible work on a legal instrument to simplify dissolution of companies, a topic currently under consideration by the Inter-American Juridical Committee.
In furtherance of the mandate
from the OAS General Assembly to disseminate the
Model Law as widely as possible (International
Law, AG/RES. 2930), the Department of
International Law has requested that each Member
State consider the appointment of a Focal Point
to enable a channel of communication between the
OAS and those offices, ministries or bodies
responsible for the modernization of corporate
legislation and simplification of business
incorporation (Verbal Note OEA/2.2/27/18). By
means of this mechanism, a network is being
established for the effective dissemination of
the Model Law throughout the hemisphere. To
date, six Member States have appointed an
official Focal Point, namely, Argentina, Brazil,
Ecuador, Mexico, Paraguay and Peru, while for
others, designation is in process.
A more fulsome report on the meeting, prepared by the Department of Economic Development, can be found
For further information on this matter, please contact the Department of International Law of the Secretariat for Legal Affairs of the OAS +1 202 370 0743.