06- Mar2024
Posted By: BASL

Saint Lucia’s Security Interest In Movable Properties Registry

The Security Interest in Movable Property Act was passed in Parliament in November 2022. Complementary to this legislation was the establishment of the Security Interest in Movable Property Registry (SIMPR) more commonly referred to as the Collateral Registry. This Registry was established and launched on November 29, 2023.

This financial sector reform project seeks to further improve the services offered by creditors to better enable them to cater to the specific needs of the business sector and by extension the average citizenry in Saint Lucia.

More specifically, the project seeks to expand the range of assets which can be utilized as collateral to include movable assets. As such, the law and complementary Registry will add to the legal framework and financial sector tools to further assist creditors in making better decisions in granting credit to the general populace.

During the drafting phase of the legislation as well as the establishment of the accompanying Registry, the Saint Lucia Banker’s Association was heavily involved in the work leading to the passage of the law and establishment of the Registry. The Association sat on the Secured Transactions Reform Project Steering Committee  and also participated in numerous training sessions, presentations, consultations and  discussions on the project at various stages of implementation.