The Department of International Law (DIL) of the Organization of American States (OAS) and the Ministry of Economy of El Salvador co-hosted the
Capacity-Building Seminar on Secured Transactions Reform in San Salvador, May 21 to 23, 2014, a regional seminar to promote and broaden implementation of secured transactions reform (STR) in El Salvador and region-wide, based on the Model Inter-American Law on Secured Transactions and its Model Registry Regulations.
The seminar brought together government officials, secured transactions experts, legal professionals and reform beneficiaries to share STR implementation strategies and best practices through a capacity-building process aimed at national agencies that are considering or are undergoing secured transactions reform. Opening remarks were made by the Ambassador of Canada, the Member State funding this project, El Salvador’s Minister of the Economy, and the Director of the OAS/DIL. Participants included many from El Salvador, as well as several high-ranking officials from other countries that are considering or engaged in similar reforms. The seminar also included the participation of other international organizations involved in secured transactions, namely the United Nations Commission on International Trade Law (UNCITRAL), the International Finance Corporation (IFC) and the International Institute for the Unification of Private Law (UNIDROIT) [the latter by written submission]. Given the potential of these reforms for the advancement and empowerment of women through financial inclusion and improved access to credit for MSMEs, special panels were held to outline these impacts with the participation of groups dedicated to the promotion and servicing of micro-lending, promotion of women-owned businesses, and the national mechanism for women’s rights.
The seminar also served as the culmination of an extensive field study that had been conducted by OAS consultants during the early months of 2014 and a comparative analysis based on disparities between the current legal framework governing secured transactions in El Salvador and the principles that underpin the Inter-American models and other international standards. The findings of the study and an initial set of draft recommendations for the implementation of the secured transactions reform in El Salvador were presented for discussion. The structure of the seminar, with a combination of panels and working groups, facilitated peer discussions and an exchange of lessons learned in relation to the formulation and implementation of secured transactions reforms. Although tailored to the specific needs of El Salvador, the seminar resulted in pragmatic outcomes of wider regional application.
Local news and multimedia about the event mixed with expectations for the OAS/DIL's work in the country can be found below:
La Prensa Gráfica
Diario CO Latino
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
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