Circular No. 01/2002/TT-BTP guides certain issues regarding the authority, procedures, and formalities for registering and providing information on secured transactions at the National Registration Center for Secured Transactions under the Ministry of Justice and its Branches.

CIRCULAR

Guidelines on certain issues regarding authority, procedures, and formalities for registration,

provision of information on secured transactions at the National Office of Secured Transactions under the Ministry of Justice and its branches,

 located in some localities.

___________________

Pursuant to Decree No. 38/CP dated June 4, 1993 of the Government on the functions, tasks, powers, and organization of the Ministry of Justice;

Pursuant to Decree No. 08/2000/NĐ-CP dated March 10, 2000 of the Government on registration of secured transactions,

The Ministry of Justice hereby guides certain issues regarding authority, procedures, and formalities for registration, and provision of information on secured transactions at the National Office of Secured Transactions under the Ministry of Justice and its branches located in some localities as follows:

I. GENERAL PROVISIONS

Article 1. Scope of Application:

This Circular guides the implementation of certain provisions of Decree No. 08/2000/NĐ-CP dated March 10, 2000 of the Government on registration of secured transactions (hereinafter referred to as Decree 08) concerning the following issues:

1.1. Authority, tasks, and powers of the National Office of Secured Transactions under the Ministry of Justice (hereinafter referred to as the National Registration Office) and its branches located in some localities (hereinafter referred to as Branches) in the registration and provision of information on secured transactions;

1.2. Procedures and formalities for registration and provision of information on secured transactions carried out at the National Registration Office and Branches.

This Circular does not guide the procedures and formalities for registration and provision of information on secured transactions through electronic means.

2. Cases of registration of secured transactions at the National Registration Office and Branches:

In accordance with Article 2 and point a, Clause 2, Article 8 of Decree 08, the following cases shall be registered at the National Registration Office and Branches:

2.1. Cases that must be registered include:

a. Pledging of assets where according to the law such assets must be registered for ownership rights;

b. Pledging of assets in cases where the pledgor or a third party holds such assets;

c. Pledging of assets to secure the performance of multiple obligations;

d. Notification documents regarding the disposal of pledged assets, guarantor assets, if the pledging or guaranteeing with such assets has been registered;

2.2. Guaranteeing with assets also shall be registered when individuals or organizations request it;

2.3. Other cases shall be registered in accordance with the provisions of the law.

2.4. Assets mentioned in points 2.1 and 2.2 of this clause include the following types of assets, except aircraft, ships, land use rights, and immovable property attached to land:

a. Cars, motorcycles, other motor vehicles; railway transportation equipment;

b. River boats;

c. Machinery, equipment, production lines, raw materials, fuel, materials, consumer goods, other goods, precious metals, precious stones;

d. Vietnamese currency, foreign currency;

đ. Bonds, stocks, promissory notes, bills of exchange, deposit certificates, commercial drafts, other negotiable instruments valued in money;

e. Property rights arising from copyright, industrial property rights, claims for payment, rights to receive insurance payments, other property rights arising from contracts or other legal grounds;

g. Rights to shares in enterprises, including in foreign-invested enterprises;

h. Rights to exploit natural resources as prescribed by law;

i. Income, rights arising from pledged assets;

k. Other chattels as prescribed in Clause 2, Article 181 of the Civil Code.

3. Scope of authority of the National Registration Office and Branches:

3.1. The National Registration Office and Branches have the authority to register and provide information on secured transactions upon request of individuals and organizations throughout the country. Therefore, individuals and organizations as prescribed in Clause 6 of this Circular have the right to choose to request the National Registration Office or Branches to carry out registration.

Individuals and organizations as prescribed in Clause 1, Section VIII of this Circular have the right to choose to request the National Registration Office or Branches to provide information on secured transactions.

3.2. Registration and provision of information at the National Registration Office or Branches shall have the following legal effect:

4. Tasks and powers of the National Registration Office and Branches in registration and provision of information on secured transactions:

4.1. The National Registration Office and Branches have the following tasks and powers in registering secured transactions:

a) Registering cases as prescribed in Clause 2 of this section;

c) Canceling registrations;

đ) Issuing Certificates of Registration and copies thereof;

e) Correcting errors in the application for registration and in the Certificate of Registration;

đ) Issuing Certificates in cases as prescribed in Point 4.1.a, 4.1.b, 4.1.c, 4.1.d of Clause 4 of this section and copies thereof;

h) Collecting registration fees;

g) Revoking the Certificate of registration in case the person requesting registration declares false or inaccurate contents in the application form for registration, which do not comply with the agreement in the pledge or guarantee contract within the jurisdiction of the National Registration Office and Branches;

h) Notifying in writing all parties jointly guaranteed by the same asset about the disposal of the guaranteed asset;

i) Collecting registration fees;

k) Refusing to register in the following cases:

k.1 The application form for registration is not fully filled out in the sections required to be filled out according to the model issued together with this Circular;

k.2 The person requesting registration does not pay the registration fee;

k.3 The pledging or guaranteeing with assets does not fall within the jurisdiction of the National Registration Office and Branches as prescribed in Clause 2 of this section.

l) Storing files, documents, and preserving the information already registered.

4.2 The National Registration Office and Branches have the following tasks and powers in providing information on secured transactions:

a) Providing information on secured transactions registered at the National Registration Office and Branches; information stored in the National Database System and secured transactions;

b) Collecting fees for providing information on secured transactions;

c) Refusing to provide information on secured transactions in the following cases:

c.1 The application form for information provision is not fully filled out in the sections required to be filled out according to the model issued together with this Circular;

c.2 The person requesting information provision does not pay the information provision fee.

4.3 The National Registration Office and Branches have the authority to handle complaints and denunciations as prescribed in Section IX of this Circular.

5- Responsibilities of Registration Officers:

4.2 Accurately registering the contents declared in the application for registration;

5.1 Implement registration and information provision in accordance with the procedures and formalities prescribed in this Circular;

5.2 Accurately record the contents declared in the application form for registration.

5.3 In case the Registration Officer registers inaccurately the contents declared in the registration request form causing damage, they shall compensate for such damage in accordance with the provisions of the law on the liability for compensation for damage caused by public officials.

6- The person requesting registration

The person requesting registration for pledge or guarantee shall be those listed below:

6.1 The pledgor, the pledgee;

6.2 The guarantor, the beneficiary of guarantee;

6.3 The new pledgor or guarantor, or the new pledgee or beneficiary of guarantee in case of changing one of the parties mentioned in Points 6.1 and 6.2 of this Clause;

6.4 The authorized person.

7- Responsibilities of the person requesting registration

7.1 The person requesting registration must declare all items required to be declared in the registration request form according to the model issued together with this Circular. The contents declared in the form must be accurate, true, and consistent with the agreement of the parties regarding the secured transaction and submitted to the Registration Department or Branch.

7.2 In case the person requesting registration declares contents that are not true or inconsistent with the agreement of the parties regarding the secured transaction causing damage, they shall compensate the damaged party. The parties involved in the registered secured transaction shall bear responsibility for any violation of the law in their transaction.

7.3 The person requesting registration must pay the registration fee.

II. PROCEDURE AND REQUIREMENTS FOR REGISTRATION OF SECURED TRANSACTIONS

1- The person requesting registration must submit a registration request form for pledge of assets according to Model No. 02 or a registration request form for guarantee by assets according to Model No. 03. A valid registration request form is one that has been fully declared in accordance with the model and is consistent with the agreement of the parties in the signed pledge or guarantee contract.

2- The person requesting registration submits the registration request form through one of the following methods:

2.1 Submitting the form directly at the Registration Department or Branch;

2.2 Sending the form via postal service, which may be in the form of guaranteed delivery or express mail;

2.3 Sending the form via fax. Submission of forms via fax can only be done when the person requesting registration is a credit institution registered in the Regular Customer List of the Registration Department under the Law on Credit Institutions.

Credit institutions send the Registration Department a registration document for the Regular Customer List according to Model No. 01. After being registered in the Regular Customer List of the Registration Department, credit institutions are allowed to send registration request forms via fax to the Registration Department or Branch.

The Registration Department guides on the procedures for registering in the Regular Customer List and implements the registration process.

3. The requester for registration pays the fee through one of the following methods:

3.1. Submit directly at the Registration Department or Branch immediately after the registration request form is received by the Registration Officer;

3.2. Transfer money through postal services and attach the payment receipt with the registration request form;

3.3. Transfer money into the account of the Registration Department or Branch where the form is received and provide proof of the transfer to the Registration Department or Branch. For credit institutions registered in the Regular Customer List of the Registration Department, the monthly transfer of the registration fee into the account of the Registration Department or Branch where the registration request form was received is carried out from the 25th day to the last day of each month.

In case the Registration Department or Branch refuses to register due to lack of jurisdiction as stipulated in Point 4.1.k Clause 4 Section I of this Circular, the registration fee will be refunded to the person requesting registration using one of the similar methods as when submitting the fee.

4. After receiving the registration request form, the Registration Officer performs the following tasks:

4.1. Check whether the registration falls within the jurisdiction of the Registration Department or Branch; if it does not fall within the jurisdiction, the Registration Officer is responsible for informing the person requesting registration and guiding them to submit the form to the competent authority for registration of secured transactions;

4.2. In case the form is submitted directly at the Registration Department or Branch, the Registration Officer checks the declaration of items in the form. If the form has been fully declared and the person requesting registration has paid the fee, the Registration Officer records the time of receipt of the form (hour, minute, date, month, year) and provides the person requesting registration with a copy of the registration request form with the time of receipt recorded and a notice of appointment for issuance of the Certificate of Registration;

4.3. In case the Registration Department or Branch receives the registration request form via postal service, the Registration Officer checks the declaration of items in the form and verifies the payment of the fee; if the form has been fully declared according to the model and the fee has been paid in accordance with the regulations, the Registration Officer records the time of receipt of the form via postal service (hour, minute, date, month, year);

4.4. In case the registration request form is sent via fax, the Registration Officer determines whether the person requesting registration is in the Regular Customer List of the Registration Department; if they are a regular customer, the Registration Officer checks whether the declaration of items in the form is complete according to the model, and if it is valid, the Registration Officer records the time of receipt of the form as the time the form was transmitted via fax.

5. Within three days from the date of receiving a valid registration request form, the Registration Department or Branch where the form was received must issue a Certificate of Registration for Pledge of Assets according to Model No. 10 or a Certificate of Registration for Guarantee by Assets according to Model No. 11 to the person requesting registration; in case the form is received via postal service or fax, a copy of the registration request form is also sent along with it. The Registration Department or Branch will not issue a Certificate of Registration to the person requesting registration in case of duplicate registration for a pledge or guarantee contract.

The Certificate of Registration shall be handed over directly at the Registration Department or its branch where the application form for registration was received or sent through the postal service's guaranteed delivery service.

III. PROCEDURE AND REQUIREMENTS FOR REGISTRATION OF CHANGES CONTENTS

ALREADY REGISTERED

1. In case there are changes as follows compared to the already registered contents, the person requesting registration must submit a registration request form for change of the already registered secured transaction content according to Model No. 04 to the Registration Department or Branch where the Certificate of Registration was issued to proceed with the registration of the changed content:

1.1. Change of one of the parties participating in the pledge or guarantee; change of the address of one or more of these parties;

1.2. Substitute, reduce collateral assets;

1.3. Supplement collateral assets;

1.4. Change the order of priority for payment when disposing of collateral assets;

1.5. When the asset is formed or the obligation is established in a case where a pledge or guarantee has been registered using future-formed assets or to secure the performance of future obligations.

2. The application for registration of changes must be fully declared with all required contents according to Form No. 04 and must be consistent with the agreement of the parties regarding the amendment or supplementation of the pledge or guarantee contract related to the registered content.

3. The submission of the application for registration of changes, fees, methods of submission, and refund of fees shall be carried out in accordance with the provisions of Clause 2 and Clause 3, Section II of this Circular.

4. After receiving the application for registration of changes, the Registration Officer will check the declared items in the application and the payment of fees; if the application is fully declared and the fee is paid in accordance with the regulations, then the time of receipt of the application (hour, minute, day, month, year) will be recorded on the application.

In the case of registering to supplement collateral assets, the Registration Officer records the time of registration to supplement collateral assets as the time when the Department of Registration or Branch receives the application for registration to supplement that collateral asset in accordance with Point c, Clause 2, Article 21 of Decree 08.

For the registration of changes in the cases mentioned in Points 1.1, 1.2, 1.4, and 1.5 of Clause 1 of this Section, the Registration Officer retains the registration date already recorded on the Certificate of Registration issued previously.

5. Within three days from the date of receipt of the application for registration of changes, the Department of Registration or Branch which received the application must issue the Certificate of Registration of Changes in the registered secured transaction content according to Form No. 12 to the person requesting registration.

If the person requesting registration of changes is the guarantor, then the Department of Registration or Branch which received the application for registration of changes issues a copy of the Certificate of Registration of Changes in the registered content to the secured party.

The issuance of the Certificate of Registration of Changes in the registered secured transaction content is carried out in accordance with the method prescribed in Clause 5, Section II of this Circular.

IV. PROCEDURE AND FORMALITIES FOR REGISTRATION OF EXTENSION

1. Within six months before the expiration date of the validity period of the registered pledge or guarantee recorded in the Certificate of Pledge Registration or Certificate of Guarantee Registration that needs to be extended, the person requesting registration submits an application for registration of extension of the secured transaction according to Form No. 05 to the Department of Registration or Branch where the pledge or guarantee was registered to proceed with the registration of extension. A valid application for registration of extension is an application that is fully declared with all required contents and is consistent with the agreement of the parties regarding the registration of extension.

2. The submission of the application for registration of extension, fees, methods of submission, and refund of fees are carried out similarly in accordance with the provisions of Clause 2 and Clause 3, Section II of this Circular.

3. After receiving the application for registration of extension, the Registration Officer checks the declared items in the application and the payment of fees; if the application is fully declared and the fee is paid in accordance with the regulations, then the time of receipt of the application (hour, minute, day, month, year) will be recorded on the application.

4. Within three days from the date of receipt of a valid application for registration of extension, the Department of Registration or Branch which received the application issues the Certificate of Registration of Extension of Secured Transaction according to Form No. 13 to the person requesting registration.

If the person requesting registration of extension is the secured party, then the Department of Registration or Branch which received the application issues a copy of the Certificate of Registration of Extension of Secured Transaction to the guarantor.

The issuance of the Certificate of Registration of Extension of Secured Transaction is carried out in accordance with the provisions of Clause 5, Section II of this Circular.

V. PROCEDURE AND FORMALITIES FOR CANCELLATION OF REGISTRATION

1. Before the expiration date of the registration period, the pledgor or pledgee, guarantor or guaranteed party must submit an application for cancellation of registration of secured transaction according to Form No. 06 to the Department of Registration or Branch where the registration was made in the following cases:

1.1. The obligation secured by pledge or guarantee has ended;

1.2. The pledge or guarantee has been canceled or replaced by another secured transaction;

1.3. The pledged or guaranteed asset has been disposed of. In this case, the pledgee or guaranteed party must submit an application for cancellation of registration to the Department of Registration or Branch where the pledge or guarantee was registered.

2. If the applicant for cancellation of registration is the pledgor or guarantor, there must be confirmation from the pledgee or guaranteed party regarding the basis for cancellation of registration.

3. The submission of the application for cancellation of registration is carried out in accordance with the provisions of Clause 2, Section II of this Circular.

The person requesting cancellation of registration is not required to pay the cancellation fee.

4. Within three days from the date of receipt of a valid application for cancellation of registration, the Department of Registration or Branch which received the application carries out the cancellation of registration and issues the Certificate of Cancellation of Registration of Secured Transaction according to Form No. 14 to the person who submitted the application; if the applicant is the pledgor or guarantor, a copy of the Certificate must be sent to the pledgee or guaranteed party.

5. After the expiration date of the registration period, if the applicant does not submit an application for registration of extension, the Department of Registration or Branch will automatically cancel the registration and only issue the Certificate of Cancellation of Registration if requested.

VI. PROCEDURES AND FORMALITIES FOR REGISTERING NOTICES ON THE DISPOSITION OF MORTGAGED OR GUARANTEED ASSETS WITH LAND USE RIGHTS AND FIXED ASSETS ATTACHED TO THE LAND REGARDING THE DISPOSAL OF COLLATERAL ASSETS

1. In the case of registered pledge or guarantee at the Department of Registration or Branch, at least seven days before the disposal of collateral assets, the person disposing of the collateral assets must submit an application for registration of notification of the disposal of collateral assets according to Form No. 07 to the Department of Registration or Branch which issued the Certificate of Pledge Registration or Guarantee Registration.

2. The submission of the application and registration fee for the notification of the disposal of collateral assets is carried out in accordance with the provisions of Clause 2 and Clause 3, Section II of this Circular.

3. Within three days from the date of receipt of a valid application, the Department of Registration or Branch which received the application issues the Certificate of Registration of Notification of Disposal of Collateral Assets according to Form No. 15 to the person who submitted the application.

4- In the case where a property is used as collateral or guarantee to secure the performance of multiple obligations and has been registered with the Registration Department or Branch, upon receiving a request for registration of a notice on the disposal of collateral or guarantee, the Registration Department or Branch that received the request must send a notification to all parties holding the collateral or guarantee regarding the disposal of the property.

5- After completing the disposal of all collateral or guarantee, the person who requested the registration of the notice on the disposal of the secured property must submit a request for cancellation of registration to the Registration Department or Branch where the notice was registered, for the Registrar to carry out the cancellation.

Within three days from the date of receipt of the request for cancellation of registration, the Registration Department or Branch that received the request shall issue a Certificate of Cancellation of Registration according to Form No. 14.

In the case where only part of the collateral or guarantee is disposed of, after completion of the disposal, the person who requested the registration of the notice on the disposal of the secured property must submit a request for registration of amendment of the registered content (reduction of security) to the Registration Department or Branch where the notice was registered, for the Registrar to carry out the registration of amendment.

VII. CORRECTION OF ERRORS

1- In the event that the person requesting registration discovers errors in the registration request form or in the Certificate of Registration issued, they must submit a request for correction of errors according to Form No. 08 to the Registration Department or Branch that received the request or issued the Certificate of Registration to correct it in accordance with the content declared in the error correction request form. In the case of correcting errors in an already issued Certificate of Registration, such Certificate must be submitted together.

2- The submission of documents and fees for the correction of errors shall be carried out in accordance with the provisions of Clause 2 and Clause 3, Section II of this Circular.

3- Upon receipt of a request for correction of errors in the registration request form, the Registrar shall delete the registration receipt time recorded on the original registration request form and record the new receipt time as the time when the error correction request form was received. The registration date for determining the validity period of the registration is the date when the Registration Department or Branch receives the error correction request form.

4- For errors in already issued Certificates of Registration, when correcting errors, the Registrar retains the original registration date recorded in the issued Certificate and proceeds to correct the errors. The corrected portion of the content containing errors on the Certificate must be stamped by the Registration Department or Branch that made the corrections.

In cases where direct correction of the erroneous content is not possible, the Registrar must record the correction details in the error correction section of the Certificate of Registration. In this case, the Registration Department or Branch that received the request will not collect the fee for correction of errors.

Within three days from the date of receipt of a valid request for correction of errors, the Registration Department or Branch shall proceed to correct the errors and return the corrected Certificate of Registration to the person requesting it.

VIII. PROCEDURES AND FORMS FOR INFORMATION DISCLOSURE THE

SECURED TRANSACTIONS

1- Domestic individuals and organizations, foreign individuals and organizations, overseas Vietnamese citizens wishing to obtain information stored in the Register Book or in the National Database of Secured Transactions may do so through the following methods:

1.1 Submitting a request for information provision according to Form No. 09 to the Registration Department or Branch;

1.2 Self-searching and obtaining information in the Register Book at the Registration Department or Branch as guided by the Registrar.

2- The person requesting information provision must pay a fee.

3- The person requesting information provision shall be provided with information about secured transactions stored in the Register Book or the National Database of Secured Transactions based on the name of the guarantor.

4- The submission of requests for information provision on secured transactions and receipt of information; payment of information provision fees shall be carried out in accordance with the provisions of Clause 2, Section II of this Circular.

5- Upon receipt of a request for information provision on secured transactions, the Registrar shall check the request, search for information in the Register Book or in the National Database of Secured Transactions, and verify the payment of fees. Within three days from the date of receipt of the request for information provision, the Registration Department or Branch must provide information to the requester based on the guarantor's name stated in the request.

If the person requesting information provision requests it in writing, the Registrar shall provide the information in writing according to Form No. 16.

IX. SETTLEMENT OF COMPLAINTS AND REPORTS:

1- Settlement of complaints:

1.1 In the field of registration and provision of information on secured transactions, the person requesting registration or requesting information provision has the right to lodge a complaint against the decisions or actions of the Registration Department or its Branches, the Registrar, or civil servants working there, if there is evidence that such decisions or actions are contrary to the law, infringing upon their legitimate rights and interests.

1.2 The authority and time limit for resolving initial complaints shall be implemented as follows:

a) The Branch Director is responsible for settling complaints against their own decisions or actions, those of the Registrar, or civil servants working at the Branch. Within ten days from the date of receipt of the complaint, the Branch Director must accept and process the complaint and notify the complainant in writing; if not accepted, they must also notify in writing and specify the reasons.

Within thirty days from the expiration of the settlement period stipulated in Article 36 of the Law on Complaints and Reports, if the complaint is not resolved or within ten days from the date of receipt of the first decision on the complaint by the Branch Director if the complainant disagrees, they have the right to lodge a complaint with the Director of the Registration Department or initiate administrative litigation at the Court in accordance with the law.

b) The Director of the Registration Department shall be responsible for handling complaints against decisions and actions of his own, of registrars, and civil servants working at the Registration Department. Within ten days from the date of receipt of the complaint, the Director of the Registration Department must accept and process the complaint and notify the complainant in writing; if it does not accept the complaint, it must also notify the complainant in writing and specify the reasons.

Within thirty days from the expiration of the time limit for handling complaints as prescribed in Article 36 of the Law on Complaints and Petitions, if the complaint has not been resolved or from the date of receipt of the first decision resolving the complaint by the Director of the Registration Department, if the complainant disagrees, then the complainant has the right to file a complaint with the Minister of Justice or initiate an administrative lawsuit before the Court in accordance with the provisions of the law.

1.3 The authority and time limit for resolving subsequent complaints shall be implemented as follows:

a) The Director of the Registration Department accepts and resolves complaints that have been resolved by the Branch Manager but there are still complaints or beyond the prescribed time limit without resolution of the complaint. In these cases, the complainant must submit the complaint along with a copy of the decision resolving the complaint of the Branch Manager or related documents (if any) to the Director of the Registration Department.

Within ten days from the date of receipt of the complaint, the Director of the Registration Department must accept and process the complaint and notify the complainant and the Branch Manager who previously resolved the complaint in writing; in case of non-acceptance for processing, it must also notify in writing and specify the reasons.

The time limit for handling complaints is forty-five days, from the date of acceptance for processing. Within thirty days from the expiration of the time limit for handling complaints as prescribed in Article 43 of the Law on Complaints and Petitions, if the complaint has not been resolved or from the date of receipt of the decision resolving the complaint of the Director of the Registration Department, if the complainant disagrees, then the complainant has the right to continue filing a complaint with the Minister of Justice.

b) The Ministry of Justice accepts and resolves complaints against the decision resolving the complaint of the Director of the Registration Department but there are still complaints or beyond the prescribed time limit without resolution of the complaint. Within ten days from the date of receipt of the complaint, the Ministry of Justice must accept and process the complaint and notify the complainant in writing; in case of non-acceptance for processing, it must also notify in writing and specify the reasons.

The time limit for resolving complaints by the Minister of Justice is stipulated in Article 43 of the Law on Complaints and Denunciations. The decision on complaint resolution by the Minister of Justice is the final decision.

2- Handling complaints

2.1 In the field of registration of secured transactions, citizens have the right to report to competent authorities, organizations, or individuals about illegal acts of registrars, civil servants of the Registration Department of the Ministry of Justice causing damage or threatening to cause damage to their own legitimate rights and interests or those of others.

2.2 The authority to handle complaints shall be carried out as follows:

The person making the report may submit a letter or directly report to the competent authority, organization, or individual in accordance with the provisions of the law. In the above cases, the person making the report must clearly state their name, address, and content of the report.

a) In the case of reporting violations of the law by registrars or civil servants working at the Branch in the registration and provision of information on secured transactions, the Branch Manager directly responsible for the registrar or civil servant being reported shall be responsible for resolving the matter.

b) In the case of reporting violations of the law by registrars or civil servants working at the Registration Department or the Branch Manager in the registration and provision of information on secured transactions or the resolution of reports by the Branch Manager is not in accordance with the law or beyond the prescribed time limit without resolution of the report, the Director of the Registration Department shall be responsible for resolving the matter.

c) The Ministry of Justice accepts and resolves reports against improper resolution of reports by the Registration Department or beyond the prescribed time limit without resolution of the report.

2.3 The time limit for handling reports is implemented as follows:

At the latest within ten days from the date of receipt of the report, the receiving agency must accept and process the report; if the report does not fall within its jurisdiction, it must transfer it to the competent agency for resolution and notify the reporter in writing.

The time limit for handling reports shall not exceed sixty days from the date of acceptance for processing; for complex cases, the time limit for handling shall not exceed ninety days from the date of acceptance for processing.

X. IMPLEMENTATION ORGANIZATION

1- This Circular takes effect from February 1, 2002. Collateral and guarantee transactions concluded before this Circular takes effect, which still have implementation periods, must also be registered in accordance with the provisions of this Circular.

2- This Circular annexes model forms for registration and provision of information on secured transactions conducted at the National Registration Department for Secured Transactions and Branches.

3- During the implementation of this Circular, if there are difficulties or obstacles, individuals and organizations are requested to reflect them to the Ministry of Justice for study and resolution.