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This cutting-edge Handbook presents an overview of research and thinking in the field of secured financing, examining international standards and best practices of secured transactions law reform and its economic impact. Expert contributors explore the
Over the last few decades, many countries have reformed their secured transactions law. One of the main reasons has been the clear link between reform and the availability of credit, and the drive to improve access to finance, particularly for micro, small and medium-sized enterprises. This book focuses particularly on developing economies in Africa, which have legal frameworks influenced by English, French, Belgian, Roman-Dutch and other laws. Reform in this area of law across African countries has taken a number of forms, which are explored and discussed in this book. Secured Transactions Law Reform in Africa is a mixture of a critical description of the pre-reform law and practice, and the reform process itself. It also includes a comparative analysis of the legal provisions and an examination of the early results of the reforms. The book sets out a road map for the future of secured transactions reform; primarily in Africa, but also in other countries that have undertaken or are contemplating similar reforms. This book is the second in a series of books about Secured Transactions Law in countries around the world, and its reform, both on a national and an international scale. The first book, Secured Transactions Law Reform: Principles, Policies and Practice, was published in 2016.
Coordination between secured transactions law and rules regulating financial products and institutions is of primary importance to support establishing a sound and inclusive credit ecosystem. This Primer illustrates why coordination between secured transactions law reforms and prudential regulation is needed; introduces the rationale and key tenets of prudential regulatory regimes. Also, specific attention is given to capital requirements and prudential loan-loss provisioning. The Primer also identifies a set of typical issues emerging from the reform experiences of several jurisdictions and presents the key elements of the regulatory strategy to approach such issues.
The law of secured transactions has seen dramatic changes in the last decade. International organisations, particularly the United Nations Commission on International Trade Law (UNCITRAL), have been working towards the creation of international legal standards aimed at the modernisation and harmonisation of secured financing laws (eg, the United Nations Convention on the Assignment of Receivables in International Trade, the UNCITRAL Legislative Guide on Secured Transactions and its Intellectual Property Supplement, the UNCITRAL Guide on the Implementation of a Security Rights Registry and the UNCITRAL Model Law on Secured Transactions). The overall theme of this book is international (or cross-border) secured transactions law. It assembles contributions from some of the most authoritative academic voices on secured financing law. This publication will be of interest to those involved in secured transactions around the world, including policy-makers, practitioners, judges, arbitrators and academics.
"Countries worldwide are becoming increasingly aware of the existing relationship between the economy and the regulatory environment. The pressure exercised by International Organizations, Financial Institutions and Multinational Corporations is spurring this awareness continuously. Lawmakers across the globe are moulding key areas of their legal systems to get an alleged competitive boost on the international economic markets. One of these key areas is secured transactions. According to the studies conducted by prominent economists, by the European Bank for Reconstruction and Development (EBRD), by the United Nations Commission on International Trade Law (UNCITRAL) and by the World Bank (WB), access to credit is considered an important development factor both at macroeconomic and microeconomic levels - that is for nations, companies and individuals. Secured transactions laws, therefore, by regulating access to credit are the subjects of these studies, which aim by using econometric methodologies, at evaluating the economic efficiency of that regulatory framework. On this basis countries are adopting reform suggestions created with the specific intent of easing the getting credit process and, as a consequence, prompt economic development. The wide adoption of these reform suggestions is producing as a result not only a cross-country circulation of legal patterns, but it is also inducing lawmakers to loosen the collateral requirements necessary to the getting credit process. Examples of this process are the reforms enacted in Quebec, France and Belgium and the deep discussion currently held in Italy regarding the results that a substantial reform of the field would produce for the economy. Common denominator of these reforms in the adoption of a unitary non-possessory security interest developed on the model of the Article 9 of the Uniform Commercial Code. In this light, two questions arise: if we consider the concept of cultural specificity of the law, how can reform laws designed upon econometric measurements and foreign models be able to perform their function in different legal systems? And then, if loosened collateral requirements are the common denominator of all these reforms, what are the potential negative implications on individual consumers?" --
The "Model Law" deals with security interests in all types of tangible and intangible movable property, such as goods, receivables, bank accounts, negotiable instruments, negotiable documents,
This note explores the interactions between new technologies with key areas of commercial law and potential legal changes to respond to new developments in technology and businesses. Inspired by the Bali Fintech Agenda, this note argues that country authorities need to closely examine the adequacy of their legal frameworks to accommodate the use of new technologies and implement necessary legal reform so as to reap the benefits of fintech while mitigating risks. Given the cross-border nature of new technologies, international cooperation among all relevant stakeholders is critical. The note is structured as follows: Section II describes the relations between technology, business, and law, Section III discusses the nature and functions of commercial law; Section IV provides a brief overview of developments in fintech; Section V examines the interaction between technology and commercial law; and Section VI concludes with a preliminary agenda for legal reform to accommodate the use of new technologies.