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Secured Transactions - December 2014

Regional Capacity-Building Seminar on Secured Transactions Reform held in Peru

The Department of International Law (DIL) of the Organization of American States (OAS), in partnership with the National Council for Competitiveness (CNC) and the Ministry of Economy and Finance (MEF) of Peru, recently co-hosted a seminar entitled “Secured Transactions Reform and its Impact on Access to Credit in Peru.” The seminar, which was held on November 25-26, brought local government officials and stakeholder groups together with international experts in secured transactions experts and representatives from other OAS Member States that are in various stages of similar reform initiatives.

Regional Capacity-Building Seminar on Secured Transactions Reform

Although Peru had already enacted a Secured Transactions Law [Ley de la Garantía Mobiliaria] in 2006, new legislation is currently under consideration by the Committee of Economy, Banking, Finance and Financial Intelligence of the National Congress of Peru, which would amend the law so as to bring Peru’s secured transactions regime more in line with the international standards and the OAS Model Inter-American Law on Secured Transactions. Taking advantage of the expertise that had assembled for the seminar, this committee invited a select group of these experts to participate in one of its working sessions, which was held on Monday, November 24th, for a rich exchange of questions and answers on international standards and best practices. A meeting was also held that day with the National Superintendence of Public Registries (SUNARP) for similar dialogue and “Q and A.”

Committee of Economy, Banking, Finance and Financial Intelligence of the National Congress of Peru

To launch the 2-day seminar, opening remarks were made by H.E. Patricia Fortier, Ambassador of Canada to Peru, Ambassador Hugo De Zela, Chief of Staff of the General Secretariat of the OAS, and Angélica Matsuda, Executive Director of the National Competitiveness Council (CNC) of the Ministry of the Economy and Finance (MEF). Seminar participants included local stakeholder groups, including representatives from the financial, banking, and business sectors, as well as high-ranking officials from other countries that are at different stages of the reform process (Colombia, Costa Rica, Dominican Republic, El Salvador, Guatemala, Honduras and Mexico). The seminar was also attended by other international organizations involved in secured transactions reforms, namely, the International Finance Corporation (IFC), as well as academics, practitioners and a former chair of the United Nations Commission on International Trade Law (UNCITRAL). In addition to providing a forum for the discussion of best practices and lessons learned, the seminar included technical panels on the role of the registry, effective enforcement, and the acquisition security interest.

Given the potential of secured transactions reforms for the advancement and empowerment of women through financial inclusion and improved access to credit for MSMEs, a special panel was held to outline these potential impacts with the participation of Congressman Casio Huaire Chuquichaico, President of the aforementioned legislative committee, representatives of the Ministry of Women and Vulnerable Populations, the Secretariat for the Inter-American Commission of Women of the OAS, and groups dedicated to the promotion of micro-lending and women-owned businesses.

Although tailored in response to the specific needs of Peru, the seminar resulted in pragmatic outcomes of wider regional application. Local news coverage about the event can be found at the links below:

The OAS/DIL 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 Secured Transactions, please visit our Website

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


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