19-10-2022
Qatar Central Securities Depository Company, the company dealing with providing clearing, settlement and custody services, announced the launch of a registry for mortgaging movable funds.
The register of mortgaging movable funds is a public electronic database that contains information about the declared mortgage rights on movable funds. The record includes the types of movable collateral that fall within the scope of the application of Law No. 16 of 2021, such as consumer goods, machinery and equipment, agricultural products, bonds and written documents, Accounts payable, outstanding debts, property and other movable funds provided for by law.
On this occasion, Sheikh Saif bin Abdullah Al Thani, Acting CEO of Qatar Central Depository Company, commented: “Qatar Central Depository Company aims to strengthen the infrastructure of financial instruments in the Qatari market, which will contribute to attracting investments and strengthening Qatar’s position as a financial center at the global level. The region and the world, through the programs and services that the company provides to all dealers in the local and regional market alike.” Sheikh Saif added: “The registry of mortgage of movable funds is one of the important systems that contribute to protecting the rights of creditors and enabling traders in the Qatari and regional market to access to information on transferred funds, which enhances transparency between dealers and enhances confidence between them.
The movable funds mortgage registry is launched in two basic stages, the first stage aims to provide the service to banks, financial institutions, and financial leasing companies. The second stage aims to provide the service to individuals and companies who provide financing against the guarantee of movable funds, as well as creditors and holders of transferable written bonds. Individuals of different nationalities can register on the movable property mortgage registry as long as they have the right to do so.
The register of mortgaging movable funds will perform a number of main tasks, including creating new accounts for service beneficiaries, registering, amending, and canceling declarations of rights over movable funds, carrying out searches, and issuing paper and electronic reports to prove the date and time of publicity and any data declared in the Register.