Laos - Changes To The Regulatory Framework On Secured Transactions.
Legal News & Analysis - Asia Pacific - Laos - Regulatory & Compliance
31 August 2020
The Civil Code No. 55/NA dated 6 December 2018 (“Civil Code”), which has been in effect since 26 May 2020, contains provisions on secured transaction in Part VII and repeals the Law on Secured Transaction No. 06/NA dated 20 May 2005 (“Secured Transaction Law”). While the Secured Transaction Law was supplemented by other regulations, including the Decree on the Implementation of the Secured Transaction Law No.178/PM dated 20 June 2011 (“Implementing Decree”) which further clarifies the process for registration of securities, Part VII has yet to be supplemented by any regulations.
Nevertheless, this does not mean that the provisions in the Civil Code on secured transaction are incomplete. In fact, there are several developments made to principles related to this area of law in the Civil Code. This article highlights major changes made to the regulatory framework on secured transaction by the Civil Code and the impact of such changes.
Read thee full article here.
For more information, please contact:
Tuchakorn Kitcharoen, ZICO Law