The United Nations Commission on International Trade Law (UNCITRAL) held a three day Congress from July 4-6, 2017, to celebrate its 50th anniversary and explore new directions in cross-border commerce. Attended by leaders in the field of international trade law, including academics, jurists, diplomats, and experts, the Congress examined ways by which UNCITRAL can contribute to managing new development issues and fostering innovation through the modernization of international trade law. NatLaw’s Executive Director, Dr. Marek Dubovec, served as a panelist for Session 5, titled “Developments in the Law of International Trade and Commerce: the Credit Economy.”
During Session 5, Dr. Dubovec delivered lectures on ” Blockchain and UNCITRAL Instruments on Security Interests,” and “Coordinating Secured Transactions Law and Capital Requirements.” Dr. Dubovec’s presentation involved an examination of the possible impact of “distributed ledger technologies” (DLT) on secured transactions and insolvency. Dr. Dubovec explained the potential of DLT for secured transactions infrastructure, including the use of DLT in the design of registry systems and platforms for the trading of encumbered assets. Furthermore, Dr. Dubovec described prospective means through which the internet of things can be used to improve collateral management and maintenance, asset tracking, and business efficiency. Finally, on “Coordinating Secured Transactions Law and Capital Requirements,” Dr. Dubovec explored the interaction between secured transactions and prudential regulation, with an emphasis on their linkages, disparate rationales, and the need for coordination and complementarity between both areas of law.
Attendance at the Congress was open to anyone with an interest in international trade and business, the work of UNCITRAL, and the role of trade law in achieving the United Nations’ sustainable development goals at a country level.