Salient Pointers of Proclamation No. 1147/2019 And the EMCR

Definition of Movable Property

The definition in the Proclamation encompasses all movable assets including, among other things (i) any movable tangible or intangible assets, existing or in the future; (ii)inventories, agricultural products); (iii) bank accounts; (iv) documents of title ( bills of lading); and (v) motor vehicle, farming equipment, etc., see Article 2(27) of the Proclamation No. 1147/2019 for a detailed list.

The ability to specifically deal with accounts receivable, future assets, documents of title, fungible assets, fixtures and also bank accounts, has been stipulated in the proclamation, to give greater comfort to lenders interested in such security.

The Law does not apply to movable assets that require registration in a special register under an existing law (like listed shares, ships, aircraft).

Registration of Prior Transactions

The Proclamation requires that transactions entered into before the effective date of the law can be registered in the new EMCR.

For such transactions to retain priority, they should be registered within 12 months after the coming into force of the proclamation to facilitate the migration of the “old” transactions into a new system.

Financial institutions can pre-populate the data into an Excel file, and the registry will upload those transactions to the system. Please contact the EMCR staff for instructions.

EMCR Best Practices

Who Should Register?

Why Register

What to Register

A wide range of movable assets that are relied on as collateral:

How to Create a User Account

You will first have to create an EMCR account. You can create the account as a company or as an individual. In order to create account, you must submit the required documentation to the EMCR for them to verify your identity and issue you and user id and password.

An EMCR user account allows you to:

What is needed to create a registration?

Please have the following information at hand:

How to Search

Who can check the Register?

Anyone wanting to know about pledge rights can check the EMCR. The most common reasons for searching are: