At its fiftieth session the UNCITRAL Commission adopted the Model Law on Electronic Transferable Records. This is the result of work done by Working Group IV on Electronic Commerce.
The Model Law represents a significant further step forward in the development of electronic commerce and removes the legal obstacles to the international circulation of electronic transferable records. The Model Law is based on the UNCITRAL technology neutrality principle and on the functional equivalent approach.
Professor Giusella Finocchiaro is the current Chair of the Working Group on Electronic Commerce.
The Working Group has dealt with the definition and regulation of electronic transferable records from 2011 to 2016. On the 13th of July 2017, the Commission approved and adopted the Model Law.