Book an appointment with us, or search the directory to find the right lawyer for you directly through the app.Find out more
We are excited to share the latest edition of the Law Update, beautifully and appropriately titled “Sustainable Horizons: The Saudi Arabian Vision.” Giving special honor to the Kingdom’s 2030 vision, this update focuses on a collection of both informative and inspiring articles.
For those in construction, you can learn about how the tendering environment impacts risk-pricing for contractors, the updates on the legal framework of the construction industry and how contractors can protect themselves against financial difficulties.
There is good news too from the kingdom’s banking sector, from which the practice of “Open Banking” is being pushed for! But what is open banking? We’re answering that too.
Also . . . Are there any women trail blazers in Saudi Arabia you can name? We’ll help you with that. We cover how the Middle East has been making strides in empowering women in the entrepreneurial space,most notably in STEM fields.Read the full edition
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.
The Regulations identify the online registration process, whereby the pledgee will need to set up a personal, verified account in accordance with the procedures identified on QCSD’s website. Other authorised individuals may also be permitted to access and operate the pledgee’s online account.
The Regulations differentiate the registration process depending on whether the registration relates to a new security interest or whether it is an amendment to a pre-existing security.
The required information for initial registration of a moveable asset security interest is as below:
We expect that the registration process for any security over moveable assets created prior to the date of the Regulations, and which are capable of being registered on the Register, will follow this initial registration process. The Moveable Assets Security Law provided a 12 month window from its date to register pre-existing security.
The Regulations specify what falls within the scope of amendment of a pre-existing registration, including the following (though it does not set out the process for amendments):
The Regulations identify the fees payable for the registration of the security on the online Register. These fees are payable through the online website, while basic online searches or cancellation of an existing registration are exempt fees.
The fees are as below:
|Type of search||Fees|
|Basic search||No fees|
|New application for registration||QAR 50 (approximately USD 14)|
|Amendment to registration||QAR 25 (approximately USD 7)|
|Cancellation due to a court decision||No fees|
|Issuance of an online or paper report||QAR 50 (approximately USD 14)|
While the Regulations have been issued, there has been no update to the QCSD website on setting up the Register (i.e. on the log-in process/ the set up credentials), and certain ambiguities still remain regarding the applicability of the Register to international security holders in Qatar. We are seeking clarification from the QCSD on certain open issues and will provide a further update to our clients.
Partner, Head of Office, Head of Banking & Finance - Qatarm.firstname.lastname@example.org
To learn more about our services and get the latest legal insights from across the Middle East and North Africa region, click on the link below.