The General Office of the State Administration for Market Regulation ("SAMR") has recently distributed the Circular on Launching the Pilot Application of the National Market Regulation Business System for the Registration of Pledge on Movable Property (the "Circular").
It is decided in the Circular that, beginning from May 25, 2018, a two-month pilot program will be initiated to use the National Market Regulation Business System for the Registration of Pledge on Movable Property by administrative bureaus for industry and commerce in Beijing Municipality, Shanghai Municipality and Wuhan city; this business system will enable authorities to handle various affairs relating to the registration of pledge on movable property, such as online application, online examination and approval, online pronouncement and online inquiry, all on the network. In addition, the Circular expressly states that, in dealing with the registration of pledge on movable property in the business system, the county-level administrative department for industry and commerce or for market regulation at a pledger's domicile shall, in strict accordance with provisions of the Real Right Law and rules set out in the Measures for the Registration of Pledge on Movable Property, examine, register and publish materials submitted by the party concerned. Relevant documents, including the Register of Pledge on Movable Property generated by this business system when materials submitted are considered qualifying upon the examination, shall have the same effect as those issued by authorities on the spot.