Secured Transactions Project

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This Multilateral Investment Fund (MIF) program assists the Government in establishing an efficient legal and institutional framework for secured transactions that will improve credit service access for enterprises of all sizes, especially small and medium-size businesses. The components are: (a) modernization of legislation for secured transactions; (b) Credit Bureau support; (c) modernization of registry systems; and (d) continuing education in commercial law.Component 1 helps the authorities and other stakeholders consolidate and modernize the legal framework for secured transactions and movable property, principally through a review of existing legislation and the drafting of a new law - the Movable Property Security Act (MPSA).Component 2 helps the Government, commercial banks and otherinterested parties establish the legal and technical framework for an efficient credit bureau system. The component also provides technical support to the Trinidad and Tobago's (T&T) Bankers Association to develop a fully operational and reliable credit bureau. Component 3 helps the Government modify the proposed computerized registry system to accommodate the new form of charge created by the proposed MPSA. The project will establish a single computerized registry, the Movable Property Registry (MPR), where notice of all secured transactions will be registered. Component 4 provides courses to inform the legal community about the new system for registering and enforcing charges relating to movable property.