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Secured Transactions - May 2014

Jamaica Agrees to Participate in OAS Secured Financing Project

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.

» To see OAS Booklet — Secured Transactions Reform in the Americas, click here

» For additional information about the Department, please visit our Website


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