Launch of the Factoring Model Law at FCI 55th Annual Meeting
FCI News: 27 JUNE 2023
https://fci.nl/en/news/launch-factoring-model-law-fci-55th-annual-meeting?language_content_entity=en
We are heading to Marrakech, Morocco, for the 55th Annual Meeting on 17-21 September 2023. This Meeting will provide attendees with discussions on the latest developments on a range of topics, including Supply Chain Finance, Receivables Finance, Factoring, and so much more, as well as the unique opportunity to network. One of the highlights taking place at this year's Annual Meeting is:
The Launch of the Model Law on Factoring
The UNIDROIT Model Law on Factoring will be launched on Monday, 18 September, during the morning session. The Model Law was first initiated in 2018 by World Bank representatives who recognised the importance of a standalone Model Law on Factoring, especially for those emerging markets who are considering introducing factoring in their countries. FCI Legal Committee members and FCI Secretary General have been involved in the project since day one. After public consultation last year, the Model Law is now ready to be launched, and we are honoured to launch it during our event.
About the Factoring Model Law Project
In December 2018, the World Bank suggested that the UNIDROIT develop a Model Law on Factoring as part of a proposal for the UNIDROIT 2020-2022 Work Programme. Their proposal highlighted three reasons why a UNIDROIT Model Law on Factoring should be developed:
The use of factoring as an important form of financing increases access to credit;
Ongoing constraints in access to credit as a limit on economic growth, particularly in developing countries and emerging markets; and
The gap that currently exists in international rules and standards regarding factoring.
The proposal noted that existing instruments largely focus on international or cross-border transactions and do not provide sufficient guidance to States to develop functional domestic factoring frameworks. At its 98th session in May 2019, the UNIDROIT Governing Council approved the project for the 2020-2022 Triennial Work Programme as a high-priority project.
What to Expect
The Annual Meeting is a great opportunity to network and discuss current issues within the Factoring and Receivables Finance Industry. The Meeting will feature insightful presentations by international industry pioneers, in-depth panel discussions on a range of topics by leading industry professionals, and global and regional statistic updates. In addition, the Meeting is well known for its plentiful networking opportunities, and Marrakech will provide a backdrop for all of these networking sessions while providing some incredible sightseeing.
Discover More
Don't miss this exciting event; book your ticket today and join us in Marrakech by clicking here.
Get a sneak peek into this year's Annual Meeting by clicking here.
Explore the programme by downloading it here.
Learn more about the Model Law on Factoring by clicking here.
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