The Moveable Transactions (Register of Assignations and Register of Statutory Pledges Rules) (Scotland) Regulations 2024

EXPLANATORY NOTE

(This note is not part of the Regulations)

These Regulations make rules for the Register of Assignations (“RoA”) and Register of Statutory Pledges (“RSP”) as established under the Moveable Transactions (Scotland) Act 2023 (“the Act”) which provide for the making up and keeping up of the registers, procedures in relation to application for registration and correction, the form and content of any document or information to be used in relation to the registers and other matters under the Act.

The registers will be under the management and control of the Keeper of the Registers of Scotland (“the Keeper”). Sections 37 and 109 of the Act provide for the liability of the Keeper.

The rules are contained in the schedule to these Regulations which is divided into 3 parts.

Part 1 provides the structure of, and an overarching interpretation provision to, the rules in the schedule.

Part 2 contains rules common to both registers:

• rule 3 for a presumption in favour of digital registration and the exceptions to that presumption,

• rule 4 for determination of the time and date that will appear on the registration of documents,

• rule 5 that the Keeper is not required to verify that any authorised user of the registers is entitled to make an application for registration,

• rule 6 for the ability to access previous records.

Part 3 provides for rules in relation to the RoA:

• rule 7-9 for matters the Keeper is not required to determine, for certification of true copies to be provided to the Keeper, and for additional information in a verification statement as the Keeper considers appropriate,

• rule 10 prescribes the information required under an application for registration of an assignation document,

• rule 11 prescribes the content of an entry to the assignations record,

• rules 12-14 for the name details to be submitted when applying for registration of an assignor or assignee where they are an individual, sole trader and non-natural person,

• rule 15 for the details to be provided when an assignee or assignor is acting in a legal capacity in respect of another person,

• rule 16 for the details to be provided in relation to an assignor or assignee’s unique identification number where they are a non-natural person,

• rule 17 for the details to be provided in relation to an assignor or assignee’s address where they are a non-natural person,

• rule 18 for the descriptions of claims required,

• rule 19 for the redaction of sensitive information relating to an assignor where they are an individual,

• rule 20 for the RoA corrections process.

Part 4 provides for rules in relation to the RSP:

• rule 21-24 for matters the Keeper is not required to determine, for certification of true copies to be provided to the Keeper, that when applying for registration that the provider is competent to do so and the encumbered property is a permitted asset in accordance with section 46 of the Act (this rule does not apply where an individual is acting as a provider of statutory pledge over a financial instrument), and for additional information in a verification statement as the Keeper considers appropriate,

• rule 25 prescribes information required under an application for registration of a constitutive or amendment document,

• rule 26 prescribes the content of an entry to the statutory pledges record,

• rules 27-29 for the name details to be submitted when applying for registration in relation to a provider or secured creditor where they are an individual, sole trader and non-natural person,

• rule 30 for the details to be provided when a provider or secured creditor is acting in a legal capacity in respect of another person,

• rule 31 for the details to be provided in relation to a provider or secured creditor’s unique identification number where they are a non-natural person,

• rule 32 for the details to be provided in relation to a provider or secured creditor’s address where they are a non-natural person,

• rule 33 for the descriptions of encumbered property required,

• rule 34 for the redaction of sensitive information relating to a provider where they are an individual,

• rules 35-38 for the RSP corrections process.