Policy advocacy - Chattels Securities Legal and Regulatory Framework
Primary Target Groups: All
Tools of impact: Technical Assistance
Achievements: Development of the Movable Property and Securities Interests Bill.
A robust legal and regulatory framework for movable collateral will allow for greater access to credit for most Ugandans who possess movable assets. FSDU supported the Uganda Registration Services Bureau (URSB) to review the legal and regulatory framework to the Chattels Securities Act 2014. TA provided enabled URSB to draft the bill with proposed amendments for cabinet approval. FSDU actively engaged with the regulator and industry players to ensure the revisions were developed consultatively and that the revisions had the broad support that allowed it to pass in parliament. FSDU also provided financial support to the MoJ for a benchmarking study tour to Ghana that exposed officials to best practices in the regulation and operation of chattels securities.
Following approval of the bill, FSDU, in partnership with the International Finance Corporation (IFC), supported URSB to conduct a diagnostic study of the collateral registry. The TA helped identify gaps, with recommendations for amendments submitted. FSDU is currently supporting URSB to develop a sustainable business case for the Electronic Security Interest in Movable Property Registry and facilitate stakeholder engagements towards making it more sustainable in meeting stakeholder needs.