(Webcast) How the 2022 Amendments to the Uniform Commercial Code Will Affect Your Practice

Tuesday, June 6, 2023 | 6:00 – 8:05 pm

• Description
• Faculty
• Agenda
• CLE Credit
• Sponsors

• In July 2022, the Uniform Law Commission, in partnership with the American Law Institute, approved and recommended for enactment in all states the 2022 Amendments to the Uniform Commercial Code. By April 2023, 24 states and the District of Columbia had already introduced bills to enact the amendments, and the amendments had become law in two states. While the most important amendment is the introduction of a new Article 12 (Controllable Electronic Records), there are also key amendments to Article 8 and Article 9 that attorneys should understand. Three key benefits or skills attendees will gain from attending include: (1) a clear understanding of the how the concept of controllable electronic records will affect transactions within the scope of Article 12; (2) a clear understanding of the interplay between Article 12 and Article 9 and how this interplay will clarify how to perfect certain transactions governed by Article 12 and Article 9; and (3) a clear understanding of the interplay between Article 8 and Article 9.

  The panel will also discuss the importance of the proposed UCC Amendments to asset managers investing in digital assets. This part of the discussion will cover both the increased flexibility asset managers will have to finance portfolios of digital assets, or to make loans secured by digital asset collateral, as well as the increased protection against adverse claims they will have as purchasers of digital assets. In addition, the discussion will cover the interplay of the proposed UCC Amendments and the SEC’s recently proposed Safeguarding Rule relating to custody of assets by registered investment advisers

  Related Report:
  Support of Enacting New York Version of ‘Emerging Technology Amendments’ to the Uniform Commercial Code

  Program Fee:
  $199 Member | $299 Nonmember

• Moderator & Panel Leader:

  Lorraine McGowen
  City Bar Commercial Law & Uniform State Laws Committee, Member; City Bar Task Force on Digital Technologies, Co-Chair; Partner, Orrick, Herrington & Sutcliffe LLP

  Speakers:

  Tracey Chenoweth
  City Bar Commercial Law & Uniform State Laws Committee, Member; City Bar Task Force on Digital Technologies, Subcommittee on Cryptocurrencies, Co-Chair; Partner, Skadden, Arps, Slate, Meagher & Flom LLP

  Alan Kolod
  City Bar Commercial Law & Uniform State Laws Committee, Member; City Bar Task Force on Digital Technologies, Member; Senior Counsel, Moses Singer LLP

  Eric Marcus
  City Bar Commercial Law & Uniform State Laws Committee, Member; Retired Partner, Arnold & Porter Kaye Scholer LLP

  Sandra Rocks
  American Law Institute, Member; ULC/ALI Drafting Committee for the 2022 Amendments to the Uniform Commercial Code to address Emerging Technologies, Member; American Bar Association Business Law Section Task Force on Intermediated Securities Holding Infrastructure, Co-Chair; Counsel Emeritus, Cleary Gottlieb Steen & Hamilton LLP

  Gregory Rowland
  City Bar Private Investments Funds Committee, Member; City Bar Task Force on Digital Technologies, Subcommittee on Cryptocurrencies, Co-Chair; Partner, Davis Polk & Wardwell LLP

  Edwin Smith
  City Bar Commercial Law & Uniform State Laws Committee, Member; City Bar Task Force on Digital Technologies, Subcommittee on Articles and Blogs, Co-Chair; Massachusetts Uniform Law Commissioner; ULC/ALI Drafting Committee for the 2022 Amendments to the Uniform Commercial Code to address Emerging Technologies, Chair; Permanent Editorial Board for the Uniform Commercial Code, Member; Partner, Morgan, Lewis & Bockius LLP.

  Sandra Stern
  City Bar Commercial Law & Uniform State Laws Committee, Member; New York Uniform Law Commissioner; ULC/ALI Drafting Committee for the 2022 Amendments to the Uniform Commercial Code to address Emerging Technologies, Member; Partner,
  Nordquist & Stern PLLC

• 6:00 pm – 6:20 pm
  Introductions, Program Overview & Purpose

  6:20 pm – 6:55 pm
  Background

  • Role of Uniform Law Commission, Reason for Amendment, Importance for NY Enactment of 2022 UCC Amendments and General Observations
  • General Overview of Material Changes, Status of Adoptions by other States, Importance of the Adoption by each state
  • Reasons for Immediate/Urgent Need for NY to adopt 2022 UCC Amendments

  Panel

  6:55 pm – 7:35 pm
  Impact of Amendments on Electronic Commercial Transactions—Interactive Discussion

  • Impact of UCC Amendments on Financing Transactions Involving Digital Assets, including NFTs
  • Importance of 2022 UCC Amendments to Asset Managers Investing in Digital Assets & SEC Proposed Safeguarding Rule regarding Custody of Assets by Registered Investment Advisers
  • Interface of Article 8 and Intermediaries; Opinion issues
  • Impact of UCC Amendments on Trade Finance & Supply Chain Finance

  Panel

  7:35 pm – 7:50 pm
  Conclusory Remarks Regarding Importance of NY Adoption of UCC Amendments
  Panel

  7:50 pm – 8:05 pm
  Question/Answer Session
  Panel

• New York: 2.5 Professional Practice
  New Jersey: 2.5 Professional Practice
  California: 2.5 Professional Practice
  Pennsylvania: 2.0 General
  Connecticut: Available to Licensed Attorneys

• Sponsoring Association Committees:
  Commercial Law & Uniform State Laws, Curt Mechling, Chair
  Task Force on Digital Technologies, Lorraine McGowen, Edward So and Jerome Walker, Co-Chairs

  Sponsorship Opportunities are Available! Please Contact:
  Yelena Balashchenko, Manager, Business Development & Sponsorships | (212) 382-6608 | ybalashchenko@nycbar.org