UNCITRAL model law on electronic transferable records

Abstract

The Model Law on Electronic Transferable Records is intended to promote a legal framework ensuring the validity of the electronic transferable records that are traditionally considered to be necessary for international trade and international finance. The Model Law promotes a uniform approach to the transferability of electronic records. The Model Law considers transferability to be a function, a substantial concept. The lack of any positive definition is explained by the fact that transferability of electronic records is grounded on the non-discrimination principle embedded in Art. In terms of conceptual approach, one issue is to determine whether the autonomous functional concepts of the Model Law shall be merged with national law concepts for the transposition of the Model Law. A state could simply require reference to the Model Law for interpretation when it comes to interpreting and implementing ordinary national legislation.