Changes to security registration regime

BIS has recently finished consulting on proposed regulations which will change the current regime for the registration of security created by UK companies and LLPs.

Some of the key reforms include:

• the introduction of an electronic registration procedure, in addition to the continuing ability to file in paper form;
• a requirement to file only "brief particulars" (which do not include a lengthy summary of the secured assets) where a copy of the charge instrument is also filed;
• only a copy of the instrument (as opposed to the original) will need to be filed.

The 21-day filing deadline will remain. The changes are due to come into force with effect from 1 October 2012.