Entry into operation of the Movable Property Collateral Registry
We hereby inform the business community and other interested parties that since 29 December of 2021 the Movable Property Collateral Registry (CRGM), has become operational. The CRGM was created by the Law No. 19/2019, of 28 December, which approved the new legal regime for the use of movable assets as securities for the fulfilment of obligations and its regulation approved by Decree No. 7/2020, of 10 March. CRGM is a fully electronic platform of registration, designed to be accessed through an internet browser by any user who has previously registered with the CRGM.
The fees for registration of the security interests have not yet been approved and for now the registration is being carried out free of charge. The following registrations can be made:
- Registration of the initial form for new security interests or pre - existing security interest;
- Registration of an amendment form;
- Registration of extensions; and
- Search and generation of a Search Certificate.
New security interest over moveable assets must be registered at the Central for Registration of Security over Moveable Assets as a perfection requirement. Security interests that already exist must be registered with CRGM within a period of 6 (six) months counting from 29 December of 2021.
We would like to emphasize that the security interests over moveable assets registered with the CRGM, during the first phase of implementation of CRGM namely from 30 June of 2021 until 30 December of 2021 are valid for all legal purposes.