The EBRD Model law was prepared to:
- illustrate the principal components of a secured transactions law and the way in which they can be included in legislation
- act as a reference point and checklist for the law reformer
- provide guidance as to expectations of international investors and lenders
- harmonise the approach to secured transactions legislation.
The Model law is based on comparative work and has been influenced by a number of legal systems.
One principle which guided the drafting of the Model law was to produce a text which is compatible with the civil law concepts which underlie many central and eastern European legal systems and, at the same time, to draw on common law systems which have developed many useful solutions to accommodate modern financing techniques. This aim underscores the economic function of a law on secured transactions.
Since it was published in early 1994 the Model law has been widely circulated and has served as a catalyst for defining the essential requirements of a collateral law in a modern market economy. It is not intended as detailed legislation for direct incorporation into local legal systems but has been widely used by the Bank and others to support reform projects.
Model law advisory board
The preparation of the Model law was made possible through the support of an international advisory board comprising 20 members from 15 different jurisdictions. The drafters drew on a broad range of legal and practical sources both in central, eastern and western European countries and elsewhere in the world.
- Professor David E. Allan, Professor at Bond University (Queensland, Australia)
- Mr Juan F. Armesto, Partner, Uría & Menéndez (Madrid, Spain)
- Professor Milan Bakes, Partner, Bakes, Sekyra a spol. (Prague, Czech Republic)
- Professor Mark M. Boguslavsky, Main Specialist of the Institute of State and Law of the Russian Academy of Sciences, Legal Adviser of the Russian Parliament, Senior Partner, Law Firm 'JuS T' (Moscow, Russia) with the assistance of Dr Olga V. Vorobieva, Partner, Law Firm 'JuS T' (Moscow, Russia)
- Professor Ronald C. C. Cuming, Professor at University of Saskatchewan, College of Law (Saskatoon, Canada)
- Professor Dr Jan Hendrik Dalhuisen, Executive Director, IBJ International plc, Professor of International Commercial Law at Utrecht University (The Netherlands)
- Professor Aubrey L. Diamond QC, Professor at University of Notre Dame, London Law Centre (London, United Kingdom)
- Professor Dr Ulrich Drobnig, Director of the Max-Planck-Institute for Foreign and International Private Law (Hamburg, Germany)
- Mr John Edwards, Partner, Linklaters & Paines (London, United Kingdom)
- Professor Christian Gavalda, Director of the Business Law Research Centre, University Paris I (Panthéon-Sorbonne) (Paris, France)
- Mr Marcello Gioscia, Partner, Studio Legale Ughi e Nunziante (Rome, Italy)
- Professor Dr Atilla Harmathy, Professor at Eötvös Loránd University (Budapest, Hungary)
- Professor Mary E. Hiscock, Professor at Bond University (Queensland, Australia)
- Dr Jacques Périlleux, Partner, De Bandt, van Hecke & Lagae (Brussels, Belgium)
- Mr Hugh S. Pigott, Senior Fellow in International Banking Law at Queen Mary and Westfield College, University of London, former Partner, Clifford Chance (London, United Kingdom)
- Professor Stanislaw Soltysinski, Professor at A. Mickiewicz University (Poznan), Partner, Soltysinski, Kawecki & Szajkowski (Warsaw, Poland)
- Mr Ken Tsunematsu, Partner, Tsunematsu Yanase & Sekine (Tokyo, Japan)
- Mr Philip R. Wood, Partner, Allen & Overy (London, United Kingdom)
- Mr John Young, Partner, Cravath Swaine & Moore (USA)
- Dr Peter Zier, Partner, Nörr, Stiefenhofer & Lutz (München, Germany)
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