Legislation Details
- Full Title: Cabinet Resolution Regarding the Creation of a Register for Registration of Rights on Movable Property
- Law Type: Cabinet Resolution
- Law Number: No. (6) of 2018
- Issued Date: 01 Mar 2018
- Effective Date: 29 Mar 2018
- Official Gazette: No. 628
- Sector: Justice and Judiciary
- Status: Active
- Number of Articles: 6
- Chapters/Parts: 0
- Amendments: 0
Summary
This Cabinet Resolution establishes an electronic register for the registration of rights over movable property in the United Arab Emirates. The purpose of this register is to facilitate the implementation of Federal Law No. (20) of 2016 on Mortgages, which introduced a new system for securing loans against movable assets. The creation of this centralized register is an important step in developing the UAE's secured transactions framework and promoting access to finance for businesses. (Cabinet Resolution Regarding the Creation of a Register for Registration of Rights on Movable Property, 2018)
What is the scope and purpose of this law?
The scope of this Cabinet Resolution is to create an electronic register called the "Register for Registration of Rights on Movable Property". This register is intended to facilitate the registration of rights over movable property in accordance with Federal Law No. (20) of 2016 on Mortgages. (Cabinet Resolution Regarding the Creation of a Register for Registration of Rights on Movable Property, 2018, Art. 1)
Which authorities or bodies are responsible for enforcement?
The Cabinet Resolution designates the Emirates Development Bank (EDB) as the authority responsible for managing, overseeing, and funding the creation and operation of the Register for Registration of Rights on Movable Property. EDB is tasked with ensuring the effective provision of services related to the register, in accordance with the Executive Regulations of Federal Law No. (20) of 2016. (Cabinet Resolution Regarding the Creation of a Register for Registration of Rights on Movable Property, 2018, Art. 2)
When did this law come into effect?
This Cabinet Resolution entered into force on the date of its issuance, which was 01 March 2018. The Resolution also states that it shall be published in the Official Gazette. (Cabinet Resolution Regarding the Creation of a Register for Registration of Rights on Movable Property, 2018, Art. 3)
How does this law interact with other UAE legislation?
This Cabinet Resolution is directly related to and intended to facilitate the implementation of Federal Law No. (20) of 2016 on Mortgages. The Resolution references this Federal Law and states that the register created under this Resolution will be used for registering rights on movable property in accordance with the provisions of the 2016 Mortgages Law. (Cabinet Resolution Regarding the Creation of a Register for Registration of Rights on Movable Property, 2018, Art. 1)
Source Documents
This article analyses Cabinet Resolution Regarding the Creation of a Register for Registration of Rights on Movable Property for legal research and educational purposes. For the purpose of interpretation and application, reference must be made to the original Arabic text. In case of conflict, the Arabic text prevails. This does not constitute legal advice.