NatLaw is pleased to share a short article discussing Natlaw's recent Pac-Rim Colloquium on Economic Development and the Harmonization of Commercial Law held in Shanghai in January 2015 prepared by Emily Yu, Executive Director and the Head of China TS/Trade Legal for JP Morgan Chase in Shanghai. Ms. Yu participated in the Colloquium as a panelist for the Secured Transactions discussion and presented specially on the state of the secured lending legal framework in China. NatLaw greatly appreciates her input and thanks her for her dedication to our common goals. Ms. Yu’s article can be found below or is available to read on casetext here.
Second Pacific Rim Colloquium on Economic Development and the Harmonization of Commercial Law held in Shanghai
by Emily Yu, Executive Director and the Head of China TS/Trade Legal
On January 8-10, 2015, I had the opportunity to participate in the second Trans-Pacific Colloquium on the Harmonization of Commercial Law and Economic Development held in Shanghai, China. This Colloquium was organized by the National Law Center for Inter-American Free Trade (NatLaw) which has become the premier non-governmental organization in the enactment and implementation of treaties, transactional statutes and compilations of the commercial customs, usages and practices since founded in 1992. NatLaw has worked closely with the public and private sectors in the Americas, Africa and Asia in the enactment and implementation of, among others, secured transactions laws and also was a leading participant in the drafting of UCP500.
The Shanghai Colloquium gathered forty participants including commercial law scholars, law practitioners, and government and multi-national institution officials from Chile, China, Colombia, Costa Rica, Japan, Korea, Mexico, U.S. and Vietnam.
The participants had meaningful exchange of information and ideas on the creation of unified or harmonized legal institutions crucial to free and fair trade and investment on both sides of the Pacific Ocean. Five commercial law topics including Simplified Business Associations, Secured Transactions, Debtor Rehabilitation, Electronic Warehouse Receipts and Electronic Commerce were discussed in the Colloquium.
I was invited to be a panelist in the Secured Transactions session at the Colloquium. The Secured Transactions panel focused on secured transactions laws in various countries including China. The topic of Secured Transactions involved the increase of access to secured financing for small and medium sized businesses at reasonable rates of interest and a functional, easily-accessible, and inexpensive registry that enables regional filings and enforcement procedures. The panel discussed the current status of secured transactions reform in the Colloquium countries and suggested significant steps toward the harmonization of their laws.
Colloquium like this enables JPMorgan to hear from the Colloquium participants their best practices and allow us in turn to share our expertise and challenges from China perspective. It was a valuable experience as we learnt many latest legislative developments in the world which would be very helpful to our work, especially the NatLaw 12 Principles of Secured Transactions Law that inspired the OAS Model Law of Secured Transactions, as well as its statutory progeny in Latin America and other developing regions.