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| Director General Le Ve Quoc addresses the workshop__Photo: VNA |
The Ministry of Justice’s Department of Registration of Security Transactions and State Compensation on June 30 held a workshop to gather feedback from experts, businesses, lawyers and practitioners on proposed amendments to Decree 99/2022/ND-CP on registration of security interests.
The workshop was chaired by Le Ve Quoc, Director-General of the Department and deputy head of the drafting team. It was attended by legal experts, representatives of credit institutions, lawyers and businesses involved in applying the regulations in practice.
Addressing the event, Quoc said Decree 99, issued on November 30, 2022, would be comprehensively revised, with a new decree expected to replace it.
The revision aims to address limitations and shortcomings that have emerged during implementation, meet requirements for administrative procedure reform and renewed management methods, ensure consistency and coherence within the legal system, and promote the use of digital technology in state management and registration procedures.
Emphasising the importance of the consultation process, Quoc urged delegates to focus on practical difficulties and obstacles arising from the implementation of Decree 99, and to propose specific and feasible solutions to help finalise the draft decree.
The draft decree comprises six chapters and 63 articles. Compared with Decree 99, it retains five articles, adds seven, abolishes four and revises 49 others.
It focuses on improving provisions on dossiers and procedures for online registration, cutting outdated procedures and dossier components, refining rules on registration of changes and deregistration, and adding a separate chapter on data connection and sharing.
The new chapter is intended to create a legal basis for developing a unified database on registration of security interests, improving the effectiveness of state management and making it easier for people and businesses to access information on security interests.
At the workshop, delegates discussed real-time data connection and sharing; clarification of the time at which valid dossiers are received and the time of registration, which serves as the basis for determining priority of payment; validity conditions for e-signatures; and the possibility of preserving the time of registration when change registration is carried out in certain cases.
They also proposed improving provisions on transitional registration of mortgages over property rights and dossier components, with a view to making better use of available data, reducing paperwork and creating more favourable conditions for people and businesses.
Delegates said the draft decree should be further improved regarding the responsibilities of registration applicants and registration agencies. They also recommended adding provisions on the validity of registration when erroneous information is corrected, as well as more specific conditions for the provision of information on security interests.
The draft decree is scheduled to be submitted to the Government for approval in November, according to the Ministry of Justice.- (VLLF)
