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December 2021

Recent Activities in Secured Transactions

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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