Executive Commissioner Tesfalem Aatifa and the PFSR Staff joined the June monthly meeting of the Chamber of Commerce held at the Palau Pacific Resort to present the recently passed Secured Transactions Act. The Executive Commissioner gave an overview of the Act and reported on the impending process of implementation, including the development of the central registry for movable collateral. Questions raised were regarding the value in having such a registry in place and the type of information that will be available to users of the registry. An ADB expert will assist in the development and implementation phase and the PFSR’s Administrative Officer, Ms. Tikei Sbal, shall be responsible for maintaining the registry. The Executive Commissioner is willing to schedule another time to speak with the Chamber to report on its progress.

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