Progress continues on development of UNCITRAL legislative guide on secured transactions

Secured Lender, The, Jul/Aug 2006 by Cove, Brian P

In May 2006, the United Nations Commission on International Trade's (UNCITRAL) Working Group VI held its tenth meeting at United Nations headquarters in New York to continue its work on developing a legislative guide to help governments around the world streamline and modernize their laws governing secured transactions.

Delegates from more than 30 countries continued their consideration of the Legislative Guide. The group made significant progress at this meeting and appears to be on track to complete the Guide by June, 2007 when it hopes to submit the finished product to the UNCITRAL Secretariat for final approval.

The Working Group will meet again during the first week of December 2006 at the UN offices in Vienna, Austria.

The Commercial Finance Association, in its capacity as a nongovernment organization (NGO), also participated in the meeting and provided practical advice to the delegates as they considered various recommendations contained in the draft guide.

Compiled by Brian P. Cove, Commercial Finance Association deputy executive director.