Date: 10 May 2022
Decision No.1 of the QCB Governor on the procedures for regulating the moveable assets security register (the “Regulations”) was issued on the 19th of April 2022 and is now effective. The Regulations have been issued pursuant to Article 6 of Law No. 6 of 2021 (the “Moveable Assets Security Law”) and represents a shift to an electronic system for the registration of security over moveable assets.
Click here to see our previous client alert on the Moveable Assets Security Law.
The primary development under the Regulations is the creation of a searchable electronic public security register for security over moveable assets (the “Register”), to be maintained and supervised by the Qatar Central Securities Depository (“QCSD”). The Regulations identify the implementation procedures in respect of the Register such as fees and the setting up of the Register.