International Collaboration

Secured transactions reform is a complex process that requires the support and participation of many different stakeholders at the national level; reform efforts can also be strengthened through support at regional and international levels. Given the complexity of secured transactions reforms and the need for consistency with other legislative reforms (in fields such as insolvency and bankruptcy), collaboration remains of particular significance, both nationally and internationally.

In this spirit, in delivery of the OAS Secured Financing Project, we work in collaboration with several international organizations — the United Nations Commission on International Trade Law (UNCITRAL), the Hague Conference on Private International Law (HCCH), and the International Institute for the Unification of Private Law (UNIDROIT); these are organizations that have developed legal texts that can serve as guides or models for Member States engaged in reforms of secured transactions regimes and related matters. We also work in collaboration with the International Finance Corporation (IFC) of the World Bank Group, which operates a technical assistance program for secured transactions and collateral registries. Links to the work of these organizations is provided below.

Our collaborative work extends beyond participation and input at events to other activities, such as sharing data, ideas and good practices and ways to address gaps in country data, capacity-building and institutional architecture – gaps that OAS Members States need to fill in order to implement resilient and functional secured transactions regimes.

OAS General Assembly Mandate

These collaborative efforts in the subject matter of secured transactions are carried out in fulfillment of the mandate recently affirmed by Member States at the OAS 44th General Assembly held in Paraguay in June 2014, in a resolution adopted on the Promotion of International Law (AG/RES. 2852 (XLIV-O/14). In paragraph 12 thereof, the OAS Secretariat, through its Department of International Law, has been instructed “to promote among member states further development of private international law, in collaboration with agencies and organizations engaged in this area, among them UNCITRAL, the Hague Conference on Private International Law, and the American Association of Private International Law (known by its Spanish acronym as ASADIP).” The full text of this resolution can be found here [link] .

Work of Other International Organizations in Secured Transactions