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Secured Transactions Law Reform: The EBRD Perspective

Secured Transactions Law Reform: The EBRD Perspective. Moscow, September 2009. Two years later. September 2007: Roundtable organised by the Duma’s Committee on Credit Organisations and Financial Markets on the very same theme

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Secured Transactions Law Reform: The EBRD Perspective

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  1. Secured Transactions Law Reform: The EBRD Perspective Moscow, September 2009

  2. Two years later • September 2007: Roundtable organised by the Duma’s Committee on Credit Organisations and Financial Markets on the very same theme • September 2009: Economic climate very different; some reforms have been adopted • What is today’s perspective? • Objective of the presentation

  3. Why is EBRD concerned with pledge (secured transactions) legal reform? • An investment bank … • …with a development mission • Direct (or indirect) experience in lending and structuring secured transactions • Political status to relay concerns / views to government

  4. EBRD secured transactions reform work cycle Accompanying reform - Country projects

  5. Basic tenets of secured transactions 1. Why a pledge/mortgage law? • Economic purpose : reduce credit risk • Legal framework to be facilitative / conducive … • …Within the context (sociological and cultural) in which it operates 2. Will the reform work? Has the reform been successful?  Aim for a legally efficient framework

  6. Legal efficiency criteria to guide / assess reform “The extent to which a law and the way it is used provide the benefits that it was intended to achieve”

  7. Main reported problems of Russian pledge law (1) • Too prescriptive law – curtailing contractual specifics • Too formalistic approach (law and interpretation by courts) • Inefficient enforcement in case of debtor’s default (procedure and realisation) • Lack of publicity on existing pledges • Pledge over bank account and pledge over account receivables practically impossible

  8. Main reported problems of Russian pledge law (2) • No concept of security trustee • Limited types of collateral • Conflicting priority regime, leading to uncertainty • Denounced as too debtor-friendly • Problems of implementation – e.g. pledge over objects under construction

  9. Thank you – for more information www.ebrd.com/st DahanF@ebrd.com

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