UNCITRAL Yearbook Volume XLV: 2014
UNCITRALUNITED NATIONS COMMISSION ON INTERNATIONAL TRADE LAWYEARBOOKVolume XLV: 2014UNITED NATIONS
UNITED NATIONS COMMISSION ONINTERNATIONAL TRADE LAWYEARBOOKVolume XLV: 2014UNITED NATIONSNew York, 2017
NOTESymbols of United Nations documents are composed of capital letters combined with figures. Mention of such asymbol indicates a reference to a United Nations document.The footnote numbering follows that used in the original documents on which this Yearbook is based. Any footnotesadded subsequently are indicated by lower-case letters.Changes of and additions to wording that appeared in earlier drafts of conventions, model laws and other legal textsare in italics, except in the case of headings to articles, which are in italics as a matter of style.A/CN.9/SER.A/2014UNITED NATIONS PUBLICATIONSales No. E.18.V.3ISBN 978-92-1-133870-6eISBN 978-92-1-045186-4ISSN 0251-4265 United Nations, April 2018. All rights reserved, worldwide.Publishing production: English, Publishing and Library Section, United Nations Office at Vienna.
CONTENTSPageINTRODUCTION . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .viPart One. Report of the Commission on its annual session andcomments and action thereonTHE FORTY-SEVENTH SESSION (2014) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .A.B.C.D.3Report of the United Nations Commission on International Trade Law, forty-seventh session(New York, 7-18 July 2014) (A/69/17) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .3United Nations Conference on Trade and Development (UNCTAD): extract from the report of theTrade and Development Board on its sixty-first session (TD/B/61/10) . . . . . . . . . . . . . . . . . . . . . . . . .59General Assembly: Report of the Sixth Committee on the report of the United Nations Commission onInternational Trade Law on the work of its forty-seventh session (A/69/496) . . . . . . . . . . . . . . . . . . . .60General Assembly resolutions 69/115, 69/116, 69/123, and 69/313 . . . . . . . . . . . . . . . . . . . . . . . . . . .70Part Two. Studies and reports on specific subjectsI. ARBITRATION AND CONCILIATION . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .A.115Report of Working Group on Arbitration and Conciliation on the work of its fifty- ninth session(Vienna, 16-20 September 2013) (A/CN.9/794) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .115Note by the Secretariat on settlement of commercial disputes: Application of the UNCITRAL Ruleson Transparency in Treaty-based Investor-State Arbitration to existing investment treaties — Draftconvention (A/CN.9/WG.II/WP.179) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .136Report of Working Group II (Arbitration and Conciliation) on the work of its sixtieth session (NewYork, 3-7 February 2014) (A/CN.9/799) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .140Note by the Secretariat on settlement of commercial disputes: Draft convention on transparency intreaty-based investor-State arbitration (A/CN.9/WG.II/WP.181) . . . . . . . . . . . . . . . . . . . . . . . . . . . . .159II. ONLINE DISPUTE RESOLUTION . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .171B.C.DA.B.C.D.E.F.G.Report of Working Group on Online Dispute Resolution on the work of its twenty-eighth session(Vienna, 18-22 November 2013) (A/CN.9/795) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .171Note by the Secretariat on online dispute resolution for cross-border electronic commerce transactions:draft procedural rules (A/CN.9/WG.III/WP.123 and add.1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .188Note by the Secretariat on online dispute resolution for cross-border electronic commerce transactions:overview of private enforcement mechanisms (A/CN.9/WG.III/WP.124) . . . . . . . . . . . . . . . . . . . . . . .212Note by the Secretariat on online dispute resolution for cross-border electronic commerce transactions:draft procedural rules - Proposal by the Governments of Colombia, Honduras, Kenya and the UnitedStates (A/CN.9/WG.III/WP.125) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .219Report of Working Group on Online Dispute Resolution on the work of its twenty-ninth session (NewYork, 24-28 March 2014) (A/CN.9/801) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .231Note by the Secretariat on online dispute resolution for cross-border electronic commerce transactions:draft procedural rules (A/CN.9/WG.III/WP.127 and add.1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .248Note by the Secretariat on online dispute resolution for cross-border electronic commerce transactions:draft guidelines (A/CN.9/WG.III/WP.128) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .268III. SECURITY INTERESTS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .A.Report of the Working Group on Security Interests on the work of its twenty-fourth(Vienna, 2-6 December 2013) (A/CN.9/796) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .iii275275
B.Note by the Secretariat on a Draft Model Law on Secured Transactions(A/CN.9/WG.VI/WP.57 and Add.1-4) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .293Report of the Working Group on Security Interests on the work of its twenty-fifth(New York, 31 March-4 April 2014) (A/CN.9/802) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .350Note by the Secretariat on a Draft Model Law on Secured Transactions(A/CN.9/WG.VI/WP.59 and Add.1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .368IV. ELECTRONIC COMMERCE . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .393C.D.A.Report of the Working Group on Electronic Commerce on the work of its forty-eighth session(Vienna, 9-13 December 2013) (A/CN.9/797) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .393Note by the Secretariat on draft provisions on electronic transferable records(A/CN.9/WG.IV/WP.124 and Add.1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .409Note by the Secretariat on legal issues relating to the use of electronic transferable records(A/CN.9/WG.IV/WP.125) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .429Report of the Working Group on Electronic Commerce on the work of its forty-ninth session(New York, 28 April-2 May 2014) (A/CN.9/804) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .436Note by the Secretariat on draft provisions on electronic transferable records(A/CN.9/WG.IV/WP.128 and Add.1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .448V. INSOLVENCY LAW . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .469B.C.D.E.A.Report of the Working Group on Insolvency Law on the work of its forty-fourth session(Vienna, 16-20 December 2013) (A/CN.9/798) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .469Note by the Secretariat on background information on topics comprising the current mandate ofWorking Group V and topics for possible future work (A/CN.9/WG.V/WP.117) . . . . . . . . . . . . . . . . .477Note by the Secretariat on recent developments concerning the global and regional initiativesregarding the insolvency of large and complex financial institutions (A/CN.9/WG.V/WP.118) . . . . . .493Report of the Working Group on Insolvency Law on the work of its forty-fifth session(New York, 21-25 April 2014) (A/CN.9/803) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .500Note by the Secretariat on facilitating the cross-border insolvency of multinational enterprise groups(A/CN.9/WG.V/WP.120) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .510Note by the Secretariat on mechanisms suitable for the insolvency of micro, small and medium-sizedenterprises: the UNCITRAL Legislative Guide on Insolvency Law (A/CN.9/WG.V/WP.121) . . . . . . .528Comments of the United States of America on A/CN.9/WG.V/WP.120 (A/CN.9/WG.V/WP.122) . . . .536VI. MICRO, SMALL AND MEDIUM-SIZED ENTERPRISES (MSMES) . . . . . . . . . . . . . . . . . . . . . . . . . . . .539B.C.D.E.F.G.A.Report of Working Group on MSMEs on the work of its twenty-second session(New York, 10-14 February 2014) (A/CN.9/800) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .539Note by Secretariat on selected activities of international and intergovernmental organizations topromote micro, small and medium-sized enterprises (A/CN.9/WG.I/WP.81) . . . . . . . . . . . . . . . . . . . .552Note by Secretariat on Micro, small and medium-sized enterprises — Features of simplified businessincorporation regimes (A/CN.9/WG.I/WP.82) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .566Note by Secretariat on Observations by the Government of Colombia (A/CN.9/WG.I/WP.83 . . . . . . .582VII. FUTURE WORK . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .601A.Note by the Secretariat on planned and possible future work — part I (A/CN.9/807) . . . . . . . . . . . . . .601B.Note by the Secretariat on planned and possible future work — part II (A/CN.9/816) . . . . . . . . . . . . .615C.Note by the Secretariat on possible future work in the area of public-private partnerships (PPPs) —Discussion paper – Part I (A/CN.9/819) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .624Note by the Secretariat on possible future work in the area of public-private partnerships (PPPs) —Discussion paper — Part II (A/CN.9/820) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .641B.C.D.D.iv
E.Note by the Secretariat on possible future work in Public-Private Partnerships (PPPs) Report of theUNCITRAL colloquium on PPPs (A/CN.9/821) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .656Note by the Secretariat on planned and possible future work — Part III, Proposal by the Governmentof the United States of America: future work for Working Group II (A/CN.9/822) . . . . . . . . . . . . . . . .675Note by the Secretariat on planned and possible future work — Part IV, Proposal by the Governmentof Canada: possible future work on electronic commerce — legal issues affecting cloud computing(A/CN.9/823) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .679VIII. CASE LAW ON UNCITRAL TEXTS (CLOUT) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .683IX. TECHNICAL ASSISTANCE TO LAW REFORM . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .685Note by the Secretariat on technical cooperation and assistance (A/CN.9/818) . . . . . . . . . . . . . . . . . . .685X. STATUS AND PROMOTION OF UNCITRAL LEGAL TEXTS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .701Note by the Secretariat on the status of conventions and model laws (A/CN.9/806) . . . . . . . . . . . . . . .701XI. COORDINATION AND COOPERATION. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .719Note by the Secretariat on coordination activities (A/CN.9/809) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .719F.G.Part Three. AnnexesI. SUMMARY RECORDS OF THE MEETINGS OF THE UNITED NATIONS COMMISSION ONINTERNATIONAL TRADE LAW . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .729II. BIBLIOGRAPHY OF RECENT WRITINGS RELATED TO THE WORK OF THE UNITED NATIONSCOMMISSION ON INTERNATIONAL TRADE LAW (A/CN.9/805) . . . . . . . . . . . . . . . . . . . . . . . . . . . .767III. CHECK-LIST OF DOCUMENTS OF THE UNITED NATIONS COMMISSION ON INTERNATIONALTRADE LAW . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .803IV. LIST OF DOCUMENTS OF THE UNITED NATIONS COMMISSION ON INTERNATIONAL TRADELAW REPRODUCED IN PREVIOUS VOLUMES OF THE YEARBOOK . . . . . . . . . . . . . . . . . . . . . . . . .811v
INTRODUCTIONThis is the forty-fifth volume in the series of Yearbooks of the United NationsCommission on International Trade Law (UNCITRAL).1The present volume consists of three parts. Part one contains the Commission's reporton the work of its forty-seventh session, which was held in New York, from 7-18 July 2014,and the action thereon by the United Nations Conference on Trade and Development(UNCTAD) and by the General Assembly.In part two, most of the documents considered at the forty-seventh session of theCommission are reproduced. These documents include reports of the Commission'sWorking Groups as well as studies, reports and notes by the Secretary-General and theSecretariat. Also included in this part are selecte
on the work of its forty-seventh session, which was held in New York, from 7-18 July 2014, and the action thereon by the United Nations Conference on Trade and Development (UNCTAD) and by the General Assembly. In part two, most of the documents considered at the forty-seventh session of the Commission are reproduced. These documents include .
the Yearbook. UNCITRAL secretariat Vienna International Centre P.O. Box 500, 1400 Vienna, Austria Telephone: ( 43-1) 26060-4060 Telefax: ( 43-1) 26060-5813 E-mail: uncitral@uncitral.org Internet: www.uncitral.org 1 To date, the following volumes of the Yearbook of the United Nations Commission on International Trade
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Volume XLI, 1992 Volume XLII, 1993 Volume XLIV, 1994 Volume XLV, 1995 Published by: THE CONFERENCE OF CONSULTING ACTUARIES 1110 W. Lake Cook Road, Suite 235 . Index to The Proceedings Volumes XXXI through XLV (1981 - 1995) Part I - Index of Contributing Authors A Aaron, Dr. Henry J.
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