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September 2019

Virtual Meeting on the Model Law on the Simplified Corporation

Virtual Meeting on the Model Law on the Simplified Corporation

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 here

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.

» For additional information about the Department of International Law (DIL), please visit our Website


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