QCSD Launches Movable Collateral Registry

Doha, October 19 (QNA) - Qatar Central Securities Depository (QCSD), a financial company that provides clearing, settlement, and safekeeping services, has announced the launch of the Movable Collateral Registry (MCR). The MCR is an electronic public database that contains information on security interests on movable property. It includes a wide range of movable assets that fall within the scope of Law No. 16 of the year 2021, such as consumer goods, equipment, farm products, property on paper, inventory, credit accounts, due debts, and other movable assets stated in the law. HE Acting CEO of QCSD Sheikh Saif bin Abdullah Al-Thani said: "QCSD aims to strengthen the infrastructure of financial instruments in the Qatari market to help attract investments and boost Qatar’s position as a financial hub at the regional and global levels. This is achieved through the programs and services that the company provides to participants in the local, and regional markets. 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 MCR is launched in two stages, with the first providing the service to banks, financial institutions, and financial leasing companies. The second stage offers the service to individuals and businesses that provide credit secured with movables; creditors practicing fiduciary transfer of titles and consignment arrangements; and any person regardless of his/her nationality as long as he/she has the right over the movable asset. The MCR contains several functionalities such as client account registration; registration, amendment, and discharge of security interest; search requests processing; and generation of certified reports. (QNA)