The People's Bank of China recently released the Measures for the Registration of the Pledge of Accounts Receivable, to be implemented from January 1, 2020.
There are some prominent revisions: in the chapter of supplementary rules, some articles are added to regulate the registration of guaranteed transactions on other movable properties and rights; scrapping the requirement that registration agreement must be uploaded to increase registration efficiency; shorten the time limit for initial registration and extended registration to one month; add clauses to stipulate the responsibilities and duties of financing parties in a legal dispute; and revise or add clauses about the name of creditors and pledge borrowers, cancellation registration, revocation registration and the right to interpret the articles.