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

Explanatory note

Reproduced verbatim from the instrument as published on legislation.gov.uk (Crown Copyright, Open Government Licence v3.0). The note is prepared by the responsible government department and is not part of the instrument itself.

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.