By a law dated 26 November 2014, the legislator postponed, from 1 December 2014 until 1 January 2017, the entry into force of the law dated 11 July 2013 amending the Civil Code regarding security rights on movable property.

As you may recall, the law dated 11 July 2013 substantially amended and modernized the right of pledge.

In the new system, the effect of the pledge against third parties, and specifically the pledge without dispossession, is based on the registration of the pledge in a national pledge register. It is precisely the setting up of this new register which is creating difficulties: it is still in development and will be operational by 1 January 2017 at the latest.

The law dated 11 July 2013 also provides for the repeal of various other special laws, such as chapter one of the law dated 25 October 1919 on commercial pledge. Thus, if the entry into force of the law dated 11 July 2013 had not been postponed, it would not be possible, as of 1 December 2014, either to set up a commercial pledge on the basis of the rules of the law dated 25 October 1919, or to renew existing commercial pledges reaching maturity.