Regulatory Alerts2016-01-01
Updated Executive Regulation of the Law Regulating Movable Collateral
The General Authority for Financial Supervision, pursuant to Minister of Investment Decision No. 108 of 2016 (updated in 2022), issued the Executive Regulation of the Law Regulating Movable Collateral to establish a centralized electronic register for recording, amending, and searching security rights on movable assets. The regulation defines key terms, specifies the scope of application to include existing and future tangible and intangible movables, and explicitly excludes state-owned assets, bank-owned equipment, and personal items from collateralization. It mandates creditor liability for registration accuracy, outlines strict procedural requirements for notice effectiveness and search reports, and grants the Authority supervisory control over the register's operation and data integrity.