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In our previous client alert, in our series of alerts relating to the Movable Assets Security Law (Qatar Law No. 16 of 2021), we wrote about some basic account opening formalities in relation to the then-newly launched Security Register by the Qatar Central Securities Depository (“QCSD”).
Almost 10 weeks after its launch, Al Tamimi & Company have completed the first registration of security on the Security Registration in Qatar on behalf of a client.
The account users should be aware that an initial amount is required to be topped up/loaded onto the user account in order to undertake a new registration. The user account can be funded through a cash deposit or a bank transfer into a bank account dedicated by the QCSD for this purpose. The bank account details are available with us. Alternatively, the details can be obtained from the QCSD.
Upon the funds being transferred, the amount will be reflected in the user account. Costs for new registrations and other chargeable services through the Security Register will be deducted from the funds loaded onto the user account.
The registration process is fairly simple and straightforward after all the relevant information that is to be uploaded onto the platform is readily available with the account user. Corporate and contact details of the debtor, creditor/security provider, and third-party security holder (if any) are required to be uploaded. A description of the security granted is also required to be uploaded to a free-text field. This description would be in line with the description typically set out in the relevant security agreement between the parties.
It should be noted that any party can undertake the registration on the Security Register, including law firms acting on behalf of a client.
The user should ensure that the information uploaded is accurate and free of errors. Any subsequent search on the Security Register could potentially be impacted if any information, particularly the incorporation number of the debtor is incorrect.
Once all the details are uploaded, the user will be prompted to re-check and confirm the data. Upon confirmation, a registration confirmation will be immediately issued by the QCSD, a copy of which should be retained on file by the user. A unique registration ID will be issued which can also be used subsequently to undertake a search on the Security Register.
The user account dashboard will also show details of all the registrations undertaken through that account, whether for itself or a relevant third party. This is particularly relevant for banks to have ready data available for all security registered by it in relation to various financing facilities granted.
We will be arranging a webinar for our clients to demonstrate the registration and search process on the Security Register. We will also provide feedback and guidance to our clients on the practical issues that need consideration when creating user accounts and registering the security interests on the Security Register.
An invitation will follow once the date of the webinar is finalised.
In the meanwhile, please feel free to reach out to Matthew Heaton and Muhammad Mitha from our Banking & Finance team at Al Tamimi & Company should you require immediate assistance with registration of security on the Security Register.