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posted by admin on luglio 18, 2017

E-commerce and contracts

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The United Nations Commission on International Trade Law (UNCITRAL) adopted the UNCITRAL Model Law on Electronic Transferable Records (the “MLETR”) on 13 July at its fiftieth session in Vienna.

The MLETR legally enables the use of electronic transferable records that are functionally equivalent to transferable documents and instruments including bills of lading, bills of exchange, promissory notes and warehouse receipts.

The use of electronic transferable records may bring a number of benefits to electronic commerce including speed and security of transmission as well as the possibility of reusing the information contained therein. Electronic transferable records may be particularly relevant for certain business areas such as transport and logistics and finance (fintech). Moreover, their use allows for the establishment a fully paperless trade environment.

The MLETR sets forth the requirements for the use of an electronic transferable record. In particular, it defines control as the functional equivalent of possession of a transferable document or instrument. The MLETR also provides guidance on the assessment of the reliability of the method used to manage the electronic transferable record, on change of medium (electronic to paper and the reverse), and on cross-border aspects, among other items.

The MLETR builds upon fundamental principles underlying existing UNCITRAL texts in the area of electronic commerce. In particular, the adoption of the principle of functional equivalence allows the MLETR to operate without affecting the substantive law applicable to transferable documents and instruments, and the adoption of the principle of technology neutrality allows to accommodate the use of all methods and technologies, including distributed ledgers (blockchain).

The MLETR is accompanied by an Explanatory Note that provides background information to assist States in enacting its provisions and to offer guidance to other users of the text.

The work on the preparation of the MLETR was undertaken by UNCITRAL Working Group IV (Electronic Commerce) from its 45th session in 2011 until its 54th session in 2016. The final version of the MLETR will be made available at UNCITRAL website.

 

 

posted by admin on luglio 16, 2017

E-commerce and contracts

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At its fiftieth session the UNCITRAL Commission adopted the Model Law on Electronic Transferable Records. This is the result of work done by Working Group IV on Electronic Commerce.

The Model Law represents a significant further step forward in the development of electronic commerce and removes the legal obstacles to the international circulation of electronic transferable records. The Model Law is based on the UNCITRAL technology neutrality principle and on the functional equivalent approach.

Professor Giusella Finocchiaro is the current Chair of the Working Group on Electronic Commerce.

The Working Group has dealt with the definition and regulation of electronic transferable records from 2011 to 2016. On the 13th of July 2017, the Commission approved and adopted the Model Law.

 

 

 

The 50th annual session of the UNCITRAL Commission will be held in Vienna from the 3rd to the 21th July 2017. During the session the Commission will consider the deliberations and decisions of its Working Group IV on Electronic Commerce regarding the finalization and adoption of a Model Law on Electronic Transferable Records.

In 2011, the Commission mandated the Working Group IV to undertake work on electronic transferable records. The Working Group has worked on that subject from its forty-fifth session (Vienna, 10-14 October 2011) to its fifty-fourth session (Vienna, 31 October-4 November 2016). At its fifty-fourth session, the Working Group asked the Secretariat to revise both the draft model law on electronic transferable records and explanatory materials contained in document and to transmit the revised texts to the Commission for consideration at its fiftieth session. For these reasons, the Working Group invited the UNCITRAL Secretariat to forward the text to all Member States and international organisations for their opinions, in order to submit their comments to the UNCITRAL Commission at its 50th session.

Meanwhile, in 2016, the UNCITRAL Commission assigned to the Working Group a new project regarding new identity management and trust services, as well as cloud computing, underlying that it would have been premature to prioritize between the two topics. Therefore the Commission asked the Secretariat and the Working Group to continue updating and conducting preparatory work on the two topics, assessing their parallel execution and reporting back to the Commission so that it could make an informed decision at a future session, including the priority to give to each topic. In that context, it was mentioned that priority should be based on practical needs, rather than on how interesting the topic was or upon the feasibility of work.

 

 

 

The 54th session of UNCITRAL Working Group IV on Electronic Commerce brought to a close work on the regulation of “Electronic Transferable Records”, following which a new Working Group on Identity Management was formed.

During the last session in Vienna, Working Group IV on Electronic Commerce of the United Nations Commission on International Trade Law (UNCITRAL) produced a final version of the International Model Law on Electronic Transferable Records and invited the UNCITRAL Secretariat to forward the text to all Member States and international organisations for their opinions, after which the text will then be submitted to the UNCITRAL Commission in Vienna in July 2017.

Over the last five years the Working Group’s activity focused on the definition, the rules and the use of these particular electronic financial data. As its President, Giusella Finocchiaro chaired the Working Group from 2012 until the termination of its work.

In its activity concerning ETRs, the Working Group drew inspiration from a number of fundamental principles such as those of technology neutrality and of non-discrimination between paper and electronic documents, keeping the impact on national substantive legislation to a minimum.

At the same time as they brought to an end their analysis of Electronic Transferable Records, the Working Group initiated a discussion on the new Identity Management project assigned by the Commission, which is currently an issue of significant national and international interest.

The new Working Group will be required to focus both on Digital Identification systems with a diversity of subjects and on bilateral systems and will have to take into consideration the identities of both natural persons and legal persons, without at the moment excluding digital objects. There was a reminder that the Commission’s mandate also concerns “Trust Services” the detailed study of which will be made in the future, but which will immediately be taken into consideration working out their definitions.

Therefore a group of experts has been created for the elaboration of first drafts. Given that the European Regulation on this subject has recently come into force, the European approach, which the Commission strongly supports, will be most significant.

 

posted by admin on maggio 9, 2016

E-commerce and contracts

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The fifty-third session of the Working Group on Electronic Commerce of the United Nations Commission on International Trade Law (UNCITRAL) will be held in New York, from 9th to 13th May 2016.

The Working Group’s activity will once again focus on “electronic transferable records”, with particular reference to current operating practices and related legislative issues. During the session there will be an analysis of the international draft provisions on the matter, which have been drawn up by the Secretariat on the basis of the deliberations of previous meetings.

As usual, the session was attended by Full Professor Giusella Finocchiaro as President of the Working Group and representative of the Italian Government at UNCITRAL. For further information please consult the section covering Working Group activities on the UNCITRAL website.

 

 

posted by admin on novembre 6, 2015

E-commerce and contracts

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The fifty-second session of the Working Group on electronic commerce of the United Nations Committee on International Trade Law (UNCITRAL) will be held at the Vienna International Centre in Vienna from the 9th to the 13th November 2015.

The Working Group will work on notes by the Secretariat presenting the draft provisions on electronic transferable records.

In addition, the Working Group will hear an oral report of technical assistance and coordination activities undertaken by the Secretariat, including the promotion of UNCITRAL texts on electronic commerce.

During the previous session the Working Group deliberated on notes by the Secretariat presenting the draft provisions on electronic transferable records.

Session documents are available on the Working Group web page.

 

posted by admin on maggio 13, 2015

E-commerce and contracts

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The fifty-first session of the Working Group on electronic commerce of the United Nations Committee on International Trade Law (UNCITRAL) will be held at the UNO Headquarters in New York from the 18th to the 22nd May 2015.

The Working Group will continue its work on a detailed document regarding Electronic Transferable Records, which could form the new law model.

In addition, the Working Group will hear an oral report of technical assistance and coordination activities undertaken by the Secretariat, including the promotion of UNCITRAL texts on electronic commerce.

During the previous session the Working Group deliberated on notes by the Secretariat presenting the draft provisions on electronic transferable records.

Session documents are available on the Working Group web page.

posted by admin on novembre 14, 2014

E-commerce and contracts, Events

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The 50th Working Group lV session on electronic commerce of the United Nations Committee on International Trade Law (UNCITRAL) was held in Vienna from the 10th to the 14th November 2014.

The Working Group is preparing a detailed document on electronic transferable records, which is likely to constitute the new Model Law.

During the 50th session the Working Group deliberated on notes by the Secretariat presenting the draft provisions on electronic transferable records.

The fifty-first session of Working Group lV is scheduled to be held at the UNO Headquarters in New York from the 18th to the 22nd May 2015.

As previously mentioned in this blog, the 49th Working Group session on electronic commerce of the United Nations Committee on international trade law was held in New York from the 28th April to the 2nd May 2014.

At the start of the session Giusella Finocchiaro, the Italian Uncitral representative for electronic commerce was unanimously elected as chairperson.

The WG is working on a detailed document on Electronic Transferable Records, which could form the new law model. This work is drawing to a conclusion.

The basic principles that motivated the WG have been reaffirmed; namely those of technological neutrality and non-discrimination between paper and electronic documents, keeping any impact on national law regulations to a minimum.

The 50th session of the WG will be held in Vienna from the10th to the 14th November 2014.

posted by admin on dicembre 20, 2011

E-commerce and contracts

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The United Nations Commission on International Trade Law (UNCITRAL) has just published the official report on the last meeting of the Working Group on Electronic Commerce.Giusella Finocchiaro took part in the official meeting as the representative of Italy. The topic is a possible legislation on electronic transferable records. Here are some of the key issues raised before the UN group.

-Is there a market demand for international rules governing electronic transferable records?

-Should such rules cover both negotiable instruments and documents of title?

-What should the rules be? Should the UN leave room for both “digital objects” that can satisfy the requirements to be unique and transferable, and registers of title interests in the underlying assets?

- If a register system is chosen, how does one sort out the priorities between the various domestic registries and the eventual international registers?

- Is there a demand for electronic documents or records either at domestic or in international trade?

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