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SEC presents the Draft Act on Business Security Rights at 52nd UNCITRAL

22 July 2019

SEC Secretary-General Ruenvadee Suwanmongkol, as a Chairperson of Business Security Law Drafting Task Force under the Prime Minister’s Office Order No. 257/2560 Re: Appointment of Business Security Law Drafting Task Force dated 10 October 2017, presented the Draft Security Interests Act B.E. …. at the 52nd United Nations Commission on International Trade Law (UNCITRAL) Session on 19 July 2019 at the United Nations Center in Vienna, Austria. 

The aforesaid Draft Act is a collective effort of the Business Security Law Drafting Task Force, which comprises representatives from public and private sectors, e.g., Director of the Fiscal Policy Office, Director-General of the Department of Business Development, the Office of the Council of State, the Office of the Public Sector Development Commission, the Department of Legal Execution, the World Bank Thailand Office, the Bank of Thailand, the National Credit Bureau, the Office of Insurance Commission, the Office of Small and Medium Enterprises Promotion, the Lawyers Council, the Thai Chamber of Commerce, the Federation of Thai Industries, the Thai Bankers Association, the Thai Hire-Purchase Association, the Thai Retailers Association, the Thailand Leasing Association and the SEC Office, etc. 

In drafting the Security Interests Act, the Task Force has complied with international standards and has taken into consideration the details of business security as prescribed in the UNCITRAL Model Law and the World Bank’s Good Governance Guidelines, to support ease of getting credit (the 5th Indicator of the World Bank’s Doing Business Survey), to provide wider access to financing sources for business operation of Thai small and medium enterprises, and to enhance the overall efficiency of Thai financial sectors.