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UNCITRAL guide on the implementation of a security rights registry

image of UNCITRAL guide on the implementation of a security rights registry
This publication (the Registry Guide) provides guidance to States with respect to the establishment and operation of a general security rights registry of the kind recommended in the UNCITRAL Legislative Guide on Secured Transactions (the Secured Transactions Guide). The Guide is a stand-alone text discussing the key issues that should be addressed in secured transactions law in line with the Secured Transactions Guide and in some detail all practical issues related to the establishment and operation of a general security rights registry. It also contains recommendations that suggest how all registry-related issues should be addressed in administrative registry regulations and examples of registry forms, intended to provide guidance to the registry system designers, the registry staff and the registry users.

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Registration and search fees

The Secured Transactions Guide recommends that registration and search fees should not be used to raise revenue for the enacting State but rather be set purely on a cost-recovery basis (see Secured Transactions Guide, chap. IV, para. 37, and rec. 54, subpara. (i)). The reason for this approach is that excessive fees and transaction taxes will significantly deter utilization of the registry, thereby undermining the overall success of the enacting State’s Law. In assessing the level of revenue from registry fees needed to achieve cost recovery, account should be taken not only of the initial start-up costs related to the establishment of a registry but also of the costs necessary to fund its operation, including the costs of: (a) the salaries of registry staff; (b) upgrading and replacing hardware and software; (c) ongoing staff training; and (d) promotional activities and training for registry users.

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