This chapter looks at how the law of financial collateral may develop in the future. There are several proposals existing or being discussed which, if adopted, could affect the position under EU, English and Scots law: (a) the European Commission’s proposal to improve the legal framework across the European Union for holding and disposing of account-held securities and for exercising rights derived from those securities which, if implemented, would have a particular impact on book entry collateral; (b) the European Commission’s consultation on building a European capital markets union which, if implemented, would involve a range of changes to legislation; (c) the Law Commission’s report on company security interests and its final recommendations for reforming the current law and introducing a new statutory regime for the registration of company charges; (d) the secured transactions law reform project being carried out by a working group set up by Professor Sir Roy Goode and Professor Louise Gullifer (chaired by Lord Saville of Newdigate); (e) the secured transactions law review being carried out by a working group set up by the Financial Law Committee of the City of London Law Society (‘CLLS’) (chaired by Richard Calnan) to examine the case for reform of the English law of security and to explore to what extent the law in this area might be codified; (f ) the Small Business, Enterprise and Employment Act 2015 enacted to remove contractual barriers on the sale of receivables in order to assist businesses wishing to access financing options such as factoring and invoice finance; (g) the proposal of the Scottish Law Commission to introduce a new fixed security interest under Scots law; (h) the proposed UNCITRAL model law on secured transactions.
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