The Department of
International Law (DIL) welcomes the recently
announced commitment of Jamaica to participate
as a beneficiary in the OAS Secured Financing
Project.
As a major step toward
developing a modern and effective secured
transactions system, in December, 2013,
Jamaica’s Parliament enacted the Security
Interests in Personal Property Act, 2013 (SIPP), a
law that was prepared on the basis of the Model
Inter-American Law on Secured Transactions and
other international instruments.
DIL has initiated discussions
with the Government of Jamaica’s appointed
Points of Contact to develop the basis of
participation for the project. Emphasizing the
importance of capacity building, DIL will work
with these authorities and other key
stakeholders during a diagnostic phase in the
coming months i) to identify the steps that will
be required so that implementation and ongoing
reform efforts are consistent with the recently
enacted legislation, ii) to raise awareness
about the law’s features, uses and benefits, and
iii) to gain broad-based support for the newly
introduced secured transactions system.
Efforts during the diagnostic
phase will translate into an initial set of
draft recommendations for consideration at a
seminar to be held in Jamaica later this year.
Not only will the seminar provide an opportunity
for discussion among a wide range of local
stakeholders, it will also include participation
of international experts and representatives of
other OAS Member States that are considering or
have already undergone their own secured
transactions law reform (secondary beneficiary
countries). Key among the considerations will be
how to develop institutional capacity as a base
for a solid secured financing regime and how to
address the continuing challenges in gaining
access to credit as faced by micro, small and
medium enterprises, especially those of women
entrepreneurs.
By using a participatory
process, the DIL will tailor the project to meet
Jamaica’s unique circumstances and needs, draw
on the region’s success stories and collaborate
closely with local and international
stakeholders—all with the goal of making credit
more equitable and accessible to those who need
it most.
The OAS Secured Financing
Project is made possible through funding from
the Government of Canada.
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To see OAS Booklet — Secured Transactions Reform in the Americas, click here
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For additional information about the Department, please visit our Website
