UN Commission on International Trade Law Adopts the Model Law on Secured Transactions
On 1 July 2016 the United Nations Commission on International Trade Law (UNCITRAL) adopted a Model Law on Secured Transactions elaborated by its Working Group VI. The Model Law is a soft-law instrument designed to assist national law-makers of any legal system to modernise and harmonise domestic secured transactions laws, with the aim of fostering access to credit at a lower cost and stimulate international investments. The Model Law is the latest project of the UNCITRAL Working Group VI, which is composed of national delegations representing all States members of the Commission as well as observers from international and non-governmental organisations. The Model Law will be translated into all the official languages of the UN. After adopting the Model Law, the Working Group VI is expected to draft a 'Guide of Enactment' to further assist implementing States. More information on the Model Law may be found here.
Giuliano Castellano has been part of the UNCITRAL Working Group VI as a Legal Expert and Delegate for Italy since 2011.