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Coordinating secured transactions law and capital requirements
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Castellano, Giuliano G. and Dubovec, Marek (2017) Coordinating secured transactions law and capital requirements. In: UNCITRAL Congress, 50th Anniversary: Modernizing International Trade Law to Support Innovation and Sustainable Development , Vienna, Austria, 04-06 Jul 2017. Published in: Modernizing International Trade Law to Support Innovation and Sustainable Development
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Official URL: https://papers.ssrn.com/sol3/papers.cfm?abstract_i...
Abstract
The newly adopted Model Law on Secured Transactions crowns the UNCITRAL’s efforts to facilitate access to finance. One of the drivers for reforming secured transactions laws has been the assumption that a modern legal framework allows banks to reduce capital charges, thus lowering the costs of credit. Yet, pursuant to the capital requirements enshrined in the Basel Accords – promulgated by the Basel Committee on Banking Supervision (BCBS) – security rights trigger capital charges below the level of those attributed to unsecured credit only if the soundness of individual banks and the stability of the entire banking system are deemed to be preserved. If this is not the case, banks are required to treat secured credit in the same manner as unsecured credit, frustrating the desired effects of modern secured transactions law reforms. It follows that further cooperation and coordination between UNCITRAL and the BCBS is required to resolve such a critical, and often overlooked, impediment to both domestic and cross-border finance. As a result, we recommend the elaboration of a Guide that national law reformers could follow to ensure compliance with both the UNCITRAL Model Law and the Basel Accords.
| Item Type: | Conference Item (Paper) | ||||||
|---|---|---|---|---|---|---|---|
| Subjects: | H Social Sciences > HG Finance K Law [Moys] > KC International Law |
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| Divisions: | Faculty of Social Sciences > School of Law | ||||||
| Library of Congress Subject Headings (LCSH): | Banks and banking, International -- Law and legislation -- Congresses, International finance -- Law and legislation -- Congresses, Security (Law) -- Congresses | ||||||
| Journal or Publication Title: | Modernizing International Trade Law to Support Innovation and Sustainable Development | ||||||
| Publisher: | United Nations Commission on International Trade Law | ||||||
| Official Date: | 29 November 2017 | ||||||
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| Status: | Peer Reviewed | ||||||
| Publication Status: | Published | ||||||
| Access rights to Published version: | Restricted or Subscription Access | ||||||
| Date of first compliant deposit: | 18 July 2017 | ||||||
| Conference Paper Type: | Paper | ||||||
| Title of Event: | UNCITRAL Congress, 50th Anniversary: Modernizing International Trade Law to Support Innovation and Sustainable Development | ||||||
| Type of Event: | Conference | ||||||
| Location of Event: | Vienna, Austria | ||||||
| Date(s) of Event: | 04-06 Jul 2017 | ||||||
| Related URLs: | |||||||
| Open Access Version: |
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