Cabinet Decision No. 6 of 2018 Regarding the Establishment of a Register for the Declaration of Rights Over Movable Property

The Cabinet 

- Having reviewed the Constitution,

- Federal Law No. 1 of 1972 On the Powers of Ministries and the Competences of Ministers, as amended;

- Federal Law No. 20 of 2016 On the Mortgage of Movable Property as Security for Debt;

- Based on the proposal of the Minister of Finance and with the approval of the Cabinet,

has decided:

Article 1 - Establishment of the Register

An electronic register shall be established to declarate rights in movable property in accordance with the provisions of Federal Law No. 20 of 2016 referred to above, to be called the "Register of Rights over Movable Property".

Article 2 - Management and Supervision of the Register

The Emirates Development Bank shall be responsible for managing and supervising the register and shall bear the costs of its establishment and management and all matters related to the effective provision of its services, in accordance with the provisions of the Executive Regulations of Federal Law No. 20 of 2016 referred to above.

Article 3 - Enforcement and Publication

The provisions of this Decisio...