The UNCITRAL Legislative Guide, Model Law and Three Country Comparison

The UNCITRAL encourages States to implement a comprehensive secured transactions regime. In addition to the Legislative Guide on Secured Transactions, the UNCITRAL recently started drafting a model law. This thesis will focus on the advantages and disadvantages of model law reform. The reforms in Belgium, New Zealand and Australia show that model law reform can help States avoid drafting mistakes and make good policy choices. The implementation of a well-drafted and well-functioning model law can also increase economic efficiency and international economic appeal which can help outweigh the transition costs associated with model law reform. Model law reform does not solve all issues related to secured transactions reform, but recent reforms highlight the potential benefits of model law reform. The previous examples can help support the UNCITRAL's project to draft a model law.