FIMSA talks launch of movable property registry in Azerbaijan

FIMSA talks launch of movable property registry in Azerbaijan

Baku, Azerbaijan, March 6

By Anvar Mammadov – Trend:

The registry of movable property will be presented to the public during March, Executive Director of Azerbaijan’s Financial Market Supervisory Authority (FIMSA) Ibrahim Alishov said at a conference on “Financing through capital markets, listing and investments” on March 6.

The work on creating the register will be completed soon, he said.

“Entrepreneurs will have a broad access to finance through the launch of this register,” Alishov added.

The Azerbaijani parliament passed a law in 2017 on encumbrance of movable property, which envisages the creation of a registry of movable property.

The law will simplify the use of various equipment and other movable objects as pledge in obtaining a loan.

The registry of movable property, where information on movable objects will be stored, will allow, for example, any credit institution to check the object before it is accepted as a pledge, whether this object is a collateral object for another loan.

Under the law, a special portal will be created, with the help of which anyone can register his/her personal property and subsequently use it as collateral.

The Azerbaijani legislation does not prohibit the use of movable property as a pledge. However, credit institutions prefer not to take such a risk due to the lack of sufficient information, because it is not always possible to determine who actually owns a given property, whether it is already a subject of pledge or not.

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