Between 28 and 30 November 2022, UNIDROIT hosted the sixth session of the Model Law on Factoring Working Group at its Headquarters in Rome, Italy. 35 participants attended the meeting either in-person or remotely, including expert Working Group Members; representatives from the EBRD, UNCITRAL, the International Chamber of Commerce and the Kozolchyk National Law Center; private sector stakeholders from FCI, the Secured Finance Network, World of Open Account and the APEC Financial Infrastructure Development Network; academic observers and the UNIDROIT Secretariat.
At its sixth session, the Working Group reviewed the comments on the draft Model Law on Factoring submitted during the consultation period between June and October 2022. During the consultation period, over 200 comments were submitted on the draft instrument. At the end of its session, the Working Group approved the updated draft Model Law. The draft instrument will now be finalised in advance of its submission for final approval to the UNIDROIT Governing Council at its 102nd session in May 2023.
Further information on the Model Law on Factoring Project is available on the UNIDROIT website: https://www.unidroit.org/work-in-progress/factoring-model-law/