ACI Partners: Legal Flash No. 5

ACI Partners: Legal Flash No. 5

• 12.03.2016

This Legal Flash No 5 brings you the latest news on adoption of the Regulation on keeping the Register of security interests. Please note that the new Regulation shall become effective within one month starting from the 4th of March 2016.

Pursuant to Article 37 para. (3) of the Law on Pledge, No 449 dated 30 July 2001, the Regulation on keeping the Register of security interests was approved. Provisions of the Regulation do not apply to the real securities having as object state securities in the non-material form, issued by banks in favor of other banks or in favor of the National Bank of Moldova. Regulation determines the way of keeping the Register of security interests, accessing and paying for registration and providing information from the Register, safety and integrity of information from the Register, security registration procedure, modification and deregistration of information from the Register of security interests. Register of security interests is a public registry which is maintained for the purpose of registering movable pledge, finance lease and other security rights on movable property and to ensure access to the Register and to obtain excerpts therefrom by any person concerned. Register of security interests is held by the Ministry of Justice through the Centre for Legal Information.

Registrars may be the following persons: a) notaries; b) register companies; c) investment companies entitled to carry out activities of custody; d) the central depository; e) microfinance organizations; f) the State Agency for Intellectual Property; g) leasing companies; and h) banks.

The above-mentioned persons intending to operate as registrars shall submit to the Ministry of Justice a request for inclusion in the list of authorized registrars, obtain the digital signature and connect to Government Service for Electronic Payments. Registrars approved by order of the Minister of Justice are published in the Official Gazette of the Republic of Moldova and on the official website of the Ministry of Justice. Center for Legal Information subordinated to the Ministry of Justice shall confer to a registrar an individual code with electronic key for accessing the information system of registration of security interests.

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ACI Partners

ACI Partners is a dynamically growing Moldovan law firm with an expanding network of partners throughout Europe. ACI Partners was established by separation of the legal business from Ernst & Young Moldova and as such it draws from the latter|s long-acknowledged ability to offer competent advice. ACI Partners’ business strategy is to deliver a solid and reliable service, which the clients may turn to whenever they need. To reach this goal, ACI Partners employs a personalized approach to each client, showing a genuine respect for their values and unqualified commitment to their interests and needs, steadily investing in knowledge and data management and ensuring a working environment consistent with their clients’ quality demands and high expectations.