Update ' Movable Assets Security Register Launched By Qatar Central Securities Depository

• Published date: 07 December 2022
• Subject Matter: Corporate/Commercial Law, Corporate and Company Law, Securities
• Law Firm: Al Tamimi & Company
• Author: Mr Matthew Heaton and Muhammad Mitha

The Qatar Central Securities Depository ("QCSD") has finally launched the much awaited Security Register pursuant to the Law No. 16 of 2021 on the Mortgage of Movable Assets ("Movable Assets Security Law") and Decision No.1 of the QCB Governor on the procedures for regulating the moveable assets security register (the "Security Register Regulations"). The QCSD has issued a statement on its website announcing the launch of the Security Register.

In relation to the launch of the Security Register, Sheikh Saif Al Thani, Acting CEO of QCSD commented that . "the MCR is a vital system that contributes to protecting the rights of creditors, enabling participants in the Qatari, and regional market to access information on the rights of movable assets and enhancing transparency and confidence among users."

The Register

The Register can be accessed online here. As a reminder, the Security Register is an electronic register that will maintain public database and information on security interests on movable property granted in favour of the relevant entities or individuals. It will relate to the movable assets that fall within the purview of the Movable Assets Security Law.

We have previously issued two alerts on this topic which can be accessible here and here.

User accounts

Account registration is linked via the National Authentication System (NAS) in Qatar. The persons registering on behalf of the legal entity would have to provide their own NAS account details for activating a Security Register account. Relevant details of the legal entity would have to be provided along with supporting documents such as commercial registration and ID copies of the relevant persons.

The account registration process is user friendly and prompt.

The account holder and users would be able to do the following via the registered account:

• user account service;
• online registration and amendments of registrations;
• online search of Registry Database;
• issuance of the Movable Collateral Registration Certificate by the Registry in accordance with the Movable Assets Security Law and
• keeping a cash balance (fee) in the account within the QCSD and anytime access to the balance account by the account holder.

For the account related services, certain fees will be payable. The schedule of fees is available here.

When opening the account, the user is required to pay a deposit on the QCSD's account, and a minimum balance is required to be maintained. For each chargeable service availed by the...