Article 28 of the Saudi Law on Security Rights in Movable Assets

Many articles of the Law refer to the Regulations, which under Article 1 means the Implementing Regulations of the Law. This article sets out who issues them, when, and what they must contain.

• Who issues them? The Minister, who under Article 1 is the Minister of Commerce.
• When? Within thirty days of the date the Law is published in the Official Gazette.
• What must they contain in particular?

1. Registration procedures, meaning the steps for recording a security right in the registry.
2. Procedures for searching the registry and obtaining its extracts.
3. The fees for registry services.

The phrase "in particular" means these three subjects are a minimum and the Regulations may contain others. The article does not say what the Regulations provide on these subjects, so to learn the procedures and fees you must refer to the text of the Regulations themselves.

Relationship to neighboring articles: The preceding Article 27 regulates the Ministry's establishment and running of the registry, the secured party's responsibility for the registered data, and objections to registration. This article completes it by referring the procedural and financial aspects of the registry to the Regulations. The following Article 29 sets the date from which the Law takes effect.

If you need to apply the Regulations' procedures to a particular case, it is advisable to consult a lawyer specialized in commercial and finance matters.