Decree includes 22 articles that give detailed descriptions of mortgage contract mechanism
Dubai: His Highness Shaikh Mohammad Bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, issued on Tuesday Resolution No. 5 of 2018 concerning the Executive Regulations of the Federal Law Number 20 of 2016 Concerning Mortgaging of Movable Properties as Security for Debts,
The resolution stipulates that promulgation should be done through a yet to be established website. Basic information included in the registry should be available to the public in electronic and hard copy form.
The decree includes 22 articles that give detailed descriptions of the mortgage contract mechanism and language, location of the mortgaged item and the promulgation procedures. This is in addition to the procedures for getting access to the registry, fees, deposit of the fees and implementation proceeds.
The Prime Minister also issued the Resolution No. 6 of 2018 concerning the establishment of the Registry for Rights on Moveable Assets Promulgation. The resolution stipulates that the Emirates Development Bank is to bear all the establishment and management cost of the registry that in line with the Executive Regulations of the Federal Law No. 20 of 2016.
He also issued the Executive Regulations of the Federal Law on Anti-dumping Actions and Countervailing and Preventive Measures has 96 articles that deal with international legal malpractice in trade that impact the national industrial sector, conditions and procedures for raising complaints and investigation procedures. This in addition to anti-dumping, countervailing and preventive procedures. Finally, the meetings of the Consultative Committee for Controlling International Legal Malpractices in Trade and its deliberation mechanism.
The new resolutions have been published in the last issue of the UAE Official Gazette, issue No. 628.