Background
The Federal Cabinet has recently issued Cabinet Decision No.
29/2021 regarding the Executive Regulations (the
"New Executive
Regulations") for the Federal Law No. 4/2020 (the
"New Movables Pledge
Law").
The New Movables Pledge Law, which was promulgated last year,
stated that until the issuance of New Executive Regulations, the
old executive regulations (the "Old Executive
Regulations") in place for the earlier Federal Law
No. 20/2016 (the "Old Movables Pledge
Law") will continue to be in full force and
effect.
The New Executive Regulations have now replaced the Old
Executive Regulations.
Key takeaways
- The Emirates Movables Collateral Registry
("EMCR"), an online security registry
which was established pursuant to the Old Movables Pledge Law to
register the security interests over movable assets, has now been
renamed as the Emirates Integrated Registries Company
("EIRC"). The existing security holders
do not need to register their security