Instruction No.31/2025 On Central Registry Information Of Secure Transaction

INSTRUCTION OF BCTL No.31/2025
CENTRAL REGISTRY INFORMATION OF SECURE TRANSACTION

The Banco Central of Timor-Leste has been appointed by Article 21 of Law No. 6/2025 on the Secured Transactions Law to establish, operate and maintain the Central Registry of Information on Secured Transactions that is contemplated by that Law. The Central Registry of Information on Secured Transactions is a public, electronic and automated registry, that is accessible online. It records information relating to security rights in movable property that have been or may be granted to a secured creditor by a grantor. Notices are submitted to the Central Registry of Information on Secured Transactions by or on behalf of the secured creditor. The registration database, which indexes information against the grantor, is intended to publicize those security rights. It is available for search by members of the public. The Banco Central of Timor-Leste is mandated by Article 73.2 of the Law to issue regulations, instructions and other acts necessary for the implementation of the Law, namely for the purpose of establishment, operation and maintenance of the Central Registry of Information on Secured Transactions. This includes the manner in which notices may be submitted and registered in the public registry record, and the way in which searches can be conducted. Thus, in accordance with the Organic Law of Banco Central of Timor-Leste and Article 73 of Law no. 6 of 2025 on the Secured Transactions Law, the Governing Board of the Banco Central de Timor-Leste hereby resolves to approve the following Instruction:
CHAPTER I
DEFINITIONS, PURPOSE AND SCOPE
Article 1
Definitions
In these Instructions:
a) “Law” means the Law no. 6 of 2025 (Secured Transactions Law); b) terms that are defined in the Law have the same meanings; c) “BCTL” means Banco Central de Timor-Leste; d) “initial notice” means a notice containing information regarding the possible creation of one or more security rights; e) “amendment notice” means a notice containing information that changes the content of previously registered information;

f) “cancellation notice” means a notice that deletes a previously registered initial notice and any related amendment notices, removing them from the public registry record; g) “Operating Procedures” means the administrative procedures for engaging with the Registry and making use of Registry services that are prepared by the Banco Central of Timor-Leste from time to time and published by it on the Registry website; h) “Registry” means the Central Registry of Information on Secured Transactions; and i) “registration number” means the unique number assigned to an initial notice by the Registry and permanently associated with that notice and any related notice.
Article 2
Purpose and Scope

1. This Instruction sets out the rules for obtaining access to the Registry; submitting, amending and
   cancelling notices; and conducting searches.
2. This Instruction applies to all persons (natural or legal) or other entities that wish to engage with
   the Registry.
   CHAPTER II
   ACCESS TO REGISTRY SERVICES

Article 3
Conditions for access to Registry services

1. Any person may submit a notice to the Registry, if that person:
   a. uses the form made available for the purpose through the Registry’s electronic user interface; b. identifies itself, and the individuals who are authorized to act as Registry users on its behalf, in the manner specified in the Operating Procedures; and
   c. has paid or arranged to pay the fee (if any) required by BCTL.

2. A person may submit an amendment or cancellation notice if that person also satisfies the secure
   access requirements specified in the Operating Procedures.

3. Any person may submit a search request to the Registry if that person:
   a. uses the form made available for that purpose through the Registry’s electronic user interface; and b. has paid or arranged to pay the fee (if any) required by BCTL.
   Article 4
   Pre-conditions for the registration of a notice or a search request

4. The Registry must not accept the registration of:
   a. a notice if no information is entered in one of the mandatory designated fields; or b. an amendment notice to extend the period of effectiveness of the registration of a notice if it is not submitted within the period referred to in paragraph 2 of Article 27 of the Law.

5. The Registry must not accept a search request if no information is entered in one of the fields
   designated for entering a search criterion.
   Article 5
   Grantor’s authorization for registration

A grantor’s authorization for the purposes of Article 23 of Law no. 6 of 2025 of July 30:
a) is taken to have been given if the grantor has entered into a written security agreement; and b) in any other case must be given in a separate signed writing.
CHAPTER III
NOTICES

Article 6
Information required in an initial notice

An initial notice must contain the following information in the relevant designated field:
a) the identifier and address of the grantor in accordance with Article 7 of the Law of Law No. 6 of 2025 of July 30; b) the identifier and address of the secured creditor or its representative in accordance with Article 8 of Law No. 6 of 2025 of July 30; c) a description of the collateral in a manner that is consistent with Article 5 of the Law No. 6 of 2025 of July 30; and d) the period of effectiveness of the registration in accordance with Article 27 of the Law No. 6 of 2025 of July 30.
Article 7
Grantor identifier

1. Where the person to be identified in an initial or amendment notice as the grantor is a natural person:
   a. if the person is a Timor-Leste national, the grantor identifier is the number of the person’s Electoral Card; or bilhete de identidade; or b. if the person is not a Timor-Leste national, the grantor identifier is the person’s name and date of birth as set out in their current passport.
2. Where the person to be identified in an initial or amendment notice as the grantor:
   a. is a legal person that is registered in Timor-Leste, the grantor identifier is the person’s Tax Identification Number; or b. is a legal person that is not registered in Timor-Leste, the grantor identifier is the person’s registration number in its place of incorporation or, if it does not have a registration number, its official name as determined by the law of the State in which it is incorporated.

Article 8
Secured creditor identifier

1. Where the person to be identified in an initial or amendment notice as the secured creditor is a natural
   person:
   a. if the person is a Timor-Leste national, the secured creditor identifier is the number of the person’s Electoral Card; or b. if the person is not a Timor-Leste national, the secured party identifier is the person’s name as set out in their current passport.

2. Where the person to be identified in an initial or amendment notice as the secured creditor:
   a. is a legal person that is registered in Timor-Leste, the secured creditor identifier is the person’s Tax Identification Number; or b. is a legal person that is not registered in Timor-Leste, the secured creditor identifier is the person’s registration number in its place of incorporation or, if it does not have a registration number, its official name as determined by the law of the State in which it is incorporated.
   Article 9
   Information required in an amendment notice

3. An amendment notice must contain in the relevant designated field:
   a. the registration number of the initial notice to which it relates; and b. the information to be added or changed.

4. An amendment notice may modify one or more than one item of information in the registered notice to
   which it relates.
   Article 10
   Information required in a cancellation notice
   A cancellation notice must contain in the relevant designated field the registration number of the initial notice to which it relates.
   CHAPTER IV
   SEARCHES

Article 11
Search criteria
A search of the public registry record may be conducted according to:
(a) the identifier of the grantor; or
(b) the registration number of the initial notice.

Article 12
Search results

1. Upon submission of a search request, the Registry must provide a search result that indicates the date
   and time when the search was performed and:
   a. ) that sets out all information in each registered notice that matches the search criterion exactly; and b. that indicates that no registered notice matches the search criteria exactly.
2. A search result that purports to have been issued by the Registry is proof of its contents in the absence
   of evidence to the contrary.
   CHAPTER V
   FEES

Article 13
Fees and Charges
BCTL may impose fees and charges for registrations or searches.
CHAPTER VI
SUPPLEMENTARY PROVISIONS

Article 14
Proceedings following misuse of Registry

BCTL may bring proceedings, to the extent provided by other law, against a person who misuses the Registry.

Article 15
Entry into force and publication

1. This Instruction enters into force on the day following its publication.
2. In accordance with Article 66 paragraph 1 of the Organic Law of Banco Central of Timor-Leste, this
   Instruction will be published in the Official Gazette.
   Approved, 20 November 2025
   Governor
   Helder Lopes