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.
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.”
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.
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To see OAS Booklet — Secured Transactions Reform in the Americas, click here
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For additional information about Secured Transactions, please visit our Website
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For additional information about the Department, please visit our Website
