UNCITRAL Adopts Model Law on Electronic Transferable Records

• Author: John Gregory
• Date: July 17, 2017

UNCITRAL has now adopted a model law on electronic transferable records. See the press release below. The full text will be available online shortly at the URL shown at the end of the document.

Canadians showed little interest in this project while it was being developed, so Canada’s attendance at the working group meetings was intermittent.

Does it sound more interesting now that it is final? Would your clients benefit from an internationally accepted law on the topic? This UNCITRAL text is the best that will be available in the foreseeable future.

Should steps be taken to implement it here? If so, would it be a matter of federal jurisdiction, as dealing with (electronic) bills and notes, or provincial, as dealing with property and civil rights within the province – or both?

Here is an analysis of the project as it progressed.

Here are the working documents during the life of the project.

Here are the documents presented to the Commission this month for adoption. See A/CN.9/897.. and … /920- 922

Link to press release on UNIS website:
UNITED NATIONS INFORMATION SERVICE VIENNA (UNIS)

For information only – not an official document
UNIS/L/251
17 July 2017
UN Commission on International Trade Law adopts the UNCITRAL Model Law on Electronic Transferable Records

VIENNA, 17 July (UN Information Service) –, 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...