Shanghai Municipal Financial Regulatory Bureau

Shanghai Municipal Market Regulatory Bureau

Shanghai Branch of the People’s Bank of China

Notice of Shanghai Municipal Financial Regulatory Bureau, Shanghai Municipal Market Regulatory Bureau and Shanghai Branch of the People’s Bank of China on Launching the Pilot Program of the Unified Registration of Security Interests over Movables

To relevant departments of the Shanghai Municipal People’s Government, People’s Government of all districts of Shanghai Municipality, and all relevant entities:

To further improve the registration of security interests over movables and expand the convenience and availability of financial loan services, issues concerning implementation of the pilot program of the unified registration of security interests over movables in Shanghai Municipality (the “pilot program”) is hereby set out as follows in accordance with the Action Plan for Building the Shanghai International Financial Center (No. 17[2019]of the People’s Bank of China) and the Implementation Plan of Shanghai Municipality for Further Optimizing the Business Environment.

I. The Shanghai municipal market regulator will delegate to the Credit Reference Center of the People’s Bank of China (the “CCRC”) its functions as the registration authority for mortgages on movables, including production equipment, raw materials, semi-finished products and products. Registrants who intend to register security interests over any movables other than aircrafts, ships, intellectual property rights, and motor vehicles in Shanghai should do so through the CCRC’s unified registration publicity system for movables financing (the “registration system”). The CCRC will, as instructed by Shanghai municipal market regulator, provide services for registration of security interests over movables in the registration system and offer guidance over such services to make it easy for registrants to register such security interests.

II. When registering a security interest over a movable pursuant to the Operating Rules for the Unified Registration Publicity System for Movables Financing, a registrant should truthfully provide information required for such registration and be responsible for the truthfulness, completeness, and legality of such registration. A party who intends to create a security interest over a movable should,before doing so, check through the registration system whether any prior security interest over the movable has been registered. Such check is necessary for the registration of the security interest over the movable. Any party should solely bear risks associated with a movable over which a security interest has been registered and made public through the registration system.

III. Each department and district should, pursuant to this Notice, properly implement the pilot program by enhancing coordination efforts and providing more guidance and training.

 

 

 

 

Shanghai Municipal Financial Regulatory Bureau	Shanghai Municipal Market Regulatory Bureau
	Shanghai Branch of the People’s Bank of China April 25, 2019