1) The document outlines the key components needed for a modern legal framework for secured lending, including creation of a security interest, a priority scheme, registration and registry systems, and enforcement procedures. 2) It recommends taking a functional approach that focuses on the economic purpose of transactions rather than legal forms, and giving parties flexibility to structure agreements. 3) An effective registry system should provide notice-based registration, be unified, centralized, accurate, accessible, and follow best practices for speed, cost-effectiveness and simplicity.