Suchergebnisse

This Guidance Note examines the potential of Distributed Ledger Technology (DLT) within the context of the UNCITRAL Model Law on Secured Transactions. While this model is the primary reference, the Guidance Note also provides examples from domestic secured transactions frameworks, especially where the analysis leads to a different result. It examines these issues from different perspectives, including those of policy makers and legislators but also secured creditors and borrowers. It should be a useful tool not only for stakeholders in economies that contemplate undertaking secured transactions but also for those engaged in secured transactions where DLT plays some role, such as a loan applicant proposing to use as collateral her digital asset for which the secured transactions law does not contain any specific provisions.

The main objective of this toolkit is to provide technical advice and guidance to World Bank Group staff, donor institutions, government officials and other practitioners on the implementation of secured transactions law and institutional reforms in emerging market countries. However, the Toolkit has not been designed to eliminate the need for in-person expert advice for governments that undertake to introduce a secured transactions system. It is necessary to take into account the factors that are unique to each jurisdiction. The content of the Toolkit will guide the reader through the various stages of the project cycle (identification, diagnostic, solution design, implementation, and monitoring and evaluation) involved in the introduction of secured transactions reforms. The recommendations presented in the Toolkit are based on IFC s experience in the secured transactions area, the contributions of a number of experts in this field, existing literature, and reform experience in a number of emerging market countries and the existing best practices in jurisdictions with advanced secured transactions systems. While the Toolkit does not cover all aspects of secured transactions reform, it addresses the most important elements of such reform. The Toolkit does not address secured financing systems involving immovable property as collateral. Chapter one contains a brief discussion of the economic rationale for modern secured transactions systems. Chapter two describes the main elements that a proper diagnostic study of the state of secured transactions in a country should contain. Chapter three provides an overview of project management techniques required to support the full project cycle. One of the most important parts of the Toolkit, chapter four, which deals with the implementation of the reform, includes sections on building consensus for the reform, developing and enacting the necessary laws and regulations, designing and implementing a secured transactions registry, building local awareness and conducting secured transactions training. Chapter five of the Toolkit elaborates in detail the monitoring and evaluation strategy that should be employed following the implementation of the project to assess the effect and impact of reforms. Finally, the toolkit contains a number of annexes that include tools available to develop the different phases of the project as well as technical information.

Abstract: Uniform secured transaction law conventions are critical instruments in efforts to reduce the cost of credit and increase cross-border investment and trade. They present neutral sets of rules. Their provisions need to be construed autonomously, considering their neutral and international character and the need to establish predictability, transactional certainty, and good faith. This article examines the interpretation philosophy of three significant uniform secured transaction law conventions, namely the United Nations Convention on the Assignment of Receivables in International Trade, UNIDROIT Convention on International Factoring, and UNIDROIT Convention on International Interests in Mobile Equipment. Résumé: Les conventions relatives à la législation uniforme sur les operations garanties sont des instruments indispensables pour réduire le coût du crédit, et pour accroître l'investissement et le commerce transfrontalier. Les conventions édictent des règles neutres. Leurs dispositions doivent être interprétées de façon autonome, à la lumière de leur caractère neutre et international et afin d'assurer une prévisibilité, une certitude transactionnelle ainsi que la bonne foi. Cet article examine la philosophie d'interprétation de trois conventions: la Convention des Nations Unies sur la Cession de Créances dans le Commerce International, la Convention d'Unidroit sur l'Affacturage International, et la Convention d'Unidroit relative aux Garanties Internationales Portant sur des Matériels d'Equipement Mobiles. Zusammenfassung: Die Konventionen zum Recht der Kreditsicherheiten spielen eine gewichtige Rolle für die Reduzierung von Kreditkosten und die Erleichterung von grenzüberschreitenden Investitionen und Handel. Sie stellen dabei neutrale Rechtsregeln dar. Die entsprechenden Vorschriften müssen demzufolge unter Berücksichtigung ihres neutralen und internationalen Charakters, sowie dem Grundsatz der Vorhersehbarkeit autonom ausgelegt werden. Der vorliegende Aufsatz untersucht die Auslegungsphilosophie von drei bedeutenden Konventionen zum Recht der Kreditsicherheiten, nämlich der UN Konvention über das Recht der Forderungsabtretung im internationalen Handel, der UNIDROIT Konvention über das internationale Factoring und der UNIDROIT Konvention über internationale Sicherungsrechte an beweglicher Ausrüstung.