UAE Cabinet Resolution·Cabinet Resolution No. (56) of 2019
قرار مجلس الوزراء بشأن سجل تسجيل عقود التأجير التمويلي التي ترد على المنقول
Authoritative Arabic version per the official UAE Legislation portal
Law ID
1073
Plain-language summary
Establishes a register for finance leases of movable assets in the UAE, setting procedures for registration and governance of lease transactions involving perso…
Synced from the official UAE Legislation portal · Plain-language summary by the LEXAI editorial team
Article-level text
8 articles
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Article (1) Definitions In application of the provisions of this Resolution, the following words and phrases shall have the meanings assigned to them, unless the context indicates otherwise: The Lease : is the finance lease concluded under Law No. (8) of 2018 on Finance Leasing. The Register : is the Register of Finance Leases of Movables.
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Article (2) Management and Supervision of the Register The Emirates Development Bank shall manage the Register created pursuant to Para (1) of Article (5) of Federal Law No. (8) of 2018 on Finance Leasing and shall also supervise it and incur all the expenses arising from its management and from anything related to the effective provision of its services.
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Cabinet Resolution of 2019 Register of Finance Leases of Movables 2
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Article (3) Data of the Register The Register shall contain the following data: 1. Subject of the Lease. 2. Parties to the Lease and their information. 3. Description of the asset subject of the Finance Leasing. 4. Period of the Lease. 5. Value of the Lease. 6. Rights associated with the Lease. 7. Any other information required for the registration of the Lease in the Register, to be added by the Emirates Development Bank.
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Article (4) Service Fees The services provided by the Register listed in the schedule attached hereto shall be subject to the fees assigned to them respectively.
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Article (5) Collection of Fees The fees of the services provided by the Register as shown in the schedule attached hereto shall be collected by the means decided by the Emirates Development Bank.
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Article (6) Amendment of Fees The Cabinet shall be the entity competent of making any amendments to the fees contained in the present Resolution, by addition, removal or amendment.
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Cabinet Resolution of 2019 Register of Finance Leases of Movables 3
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Article (7) Implementing Resolutions The Minister of Finance shall issue the resolutions and set forth the procedures necessary for the implementation of the provisions of the present Resolution.
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Article (8) Publishing and Entry into Force The present Resolution shall be published in the Official Gazette and shall enter into force on the day following the day of publishing thereof. Mohammed Bin Rashid Al Maktoum Prime Minister On: 13 Zul Hijjah 1440 H Corresponding to: 14 August 2019 A.D
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Cabinet Resolution of 2019 Register of Finance Leases of Movables 4 Annex 1 Schedule of Fees of the Services Provided by The Register Attached to Cabinet Resolution No. (56) of 2019 SN Description of Service Fee In AED 1 Registering a Lessor in the Register for the first time 500 one time 2 Registering a Lease in the Register 100 per application 3 Amending the data of a registered Lease 100 per application 4 Registering the disposition transferring the ownership of a leased asset 100 per application 5 Making an annotation of the assignment of a Lessee of its rights and obligations prescribed thereto under a Lease to another Lessee replacing thereof in accordance with the provisions of Federal Law No. (8) of 2018 referred to hereinabove. 100 per application 6 Issuing a certificate of registering a Lease in the Register. 200 per application 7 Extending the period of registration of a Lease in the Register 100 per application 8 Cancelling the registration of a Lease in the Register 50 per application
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Note: The Arabic text of this legislation is the authoritative version as per the official UAE Legislation portal.
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