Secured Transactions Regulations, 2016

These Regulations may be cited as the Secured Transactions Regulations,

2016 and shall commence on the same date as the Secured Transactions Order,

2016 (S 10/2016).

In these Regulations, unless the context otherwise requires

"access information" means information assigned for the purpose of maintaining the integrity of the register;

"authorised user" means a person who has log-on access to the register;

"change demand" means a financing change statement that i~ entered in the register under section 57(2) pursuant to a demand by a debtor under section 57(1);

"financing statement registration number" means the unique identifier assigned to the financing statement on its registration;

"registering party" means an authorised user who submits a financing statement or financing change statement for registration.

PART2

REGISTRATION OF FINANCING STATEMENTS

A registering party shall ensure that all data required or authorised by the

Order or under regulation 6 to be contained in a financing statement is entered in the correct fields.

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A secured party shall ensure that all data required or authorised by the

Order or under regulation 6 to be contained in a financing statement, and of which the secured party has knowledge, is kept up to date.

The Registrar is not required to verify that

{a}

an authorised user is entitled to use the access information entered by the authorised user; or

{b)

a registering party is entitled to register a financing statement or financing change statement, as the case may be.

( 1)

In addition to any data required under the Order

{a}

every financing statement shall contain all the data specified m

Part I of Schedule 1;

every financing change statement that is not a change demand shall contain all the data specified in Parts I and II of Schedule 1;

In addition. to the data referred to in sub-regulation (1), a financing statement or a financing change statement, or a change demand may contain any further details that the register allows.

A person who is not the sole debtor and who enters a change demand in the register shall, as soon as practicable, give notice in writing to each debtor to whom the financing statement relates of the following matters 6327

(a}

the nature of the amendment sought;

{b)

the ground for the change demand;

the date on which notice of change demand was entered in the register;

the collateral to which the change demand relates;

The Registrar may certify a copy of a registered financing statement as a true copy on payment of the fee specified in Schedule 2.

A verification statement made under section 48 relating to the registration of a financing statement may contain the financing statement registration number.

Every application for registration under the Order shall be accompanied by the fee specified in Schedule 2.

PART3

SEARCH OF REGISTER

An authorised user may search the register only if the authorised user has-

{a}

entered into an arrangement with the

Registrar, under regulation 19! 1), for the payment of the fee specified in Schedule 2; or

{b}

paid the fee specified in Schedule 2 in accordance with regulation 19(2).

An authorised user who makes a search of the register shall, according to the type of search being carried out, enter the relevant information in the appropriate fields.

A search result shall consist of all data that -

{a)

is contained in a current registration; and

{b)

matches the search criteria provided by an authorised user.

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PART4

GENERAL

Without limiting section 9, access to all or any part of the register may be limited or refused if -

(a} there is a fault affecting the register;

(b}

in the opinion of the Registrar, the integrity of the register is, has been or may be compromised.

An authorised user shall enter the relevant access information to have access to the register.

The Registrar may disclose access information only if-

(a}

he is reasonably satisfied that the person to whom the access information disclosed to is entitled to the information; and

(b} the disclosure of the access information is necessary to facilitate the operation of the register.

The Registrar and an authorised user may enter into an arrangement for the payment of the fee specified in Schedule 2.

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