Register Act
The Register Act is an international treaty that establishes a global system for registering international assets, including intellectual property and tangible goods. It facilitates the registration of goods and assets and offers benefits to both the members of the treaty and owners of the goods. The Register Act was drafted as part of the U.N. Conference on Trade and Development in 2009, and came into force in 2013.
The Register Act is intended to facilitate the registration of assets and to make it easier for people, businesses and organisations to do business internationally. It offers protection to the owners of goods and assets, ensuring that the goods and assets are registered accurately and securely. The Act also provides the means to trace goods and assets across national borders, in the event that they are stolen or illegally traded. It also allows goods and assets to be tracked when they are transiting across countries, allowing customs authorities to check that they have been properly registered.
The Register Act applies to all goods and assets over a certain value, including intellectual property and tangible goods, such as motor vehicles, boats and aircraft. It provides a framework for registering goods and assets to ensure that they are registered accurately, securely and that registration is properly maintained. All countries that are members of the treaty are required to keep records of the goods and assets registered within their jurisdiction.
In order to be registered under the Register Act, goods and assets must be associated with a unique identifier, such as an IMAGGA number. This identifier is provided by the registering authority (usually a government agency or port authority) or agency appointed by the registering authority. The goods and assets must then be physically inspected and the registration documents must be completed accurately and securely. Once registered, the goods and assets are protected under the terms of the Register Act.
Once registered under the Register Act, goods and assets can be sold, transferred or traded within the framework of the treaty. This ensures that the goods and assets retain their legal ownership and can be tracked, monitored and protected in accordance with the Act.
The Register Act provides a number of benefits to the countries and owners of the goods and assets registered. The Act encourages trade and investment, as goods and assets registered under the Act cannot be seized, blocked or otherwise openly traded or transferred. Registration also enables governments to track the location and ownership of the goods or assets, protecting them from illegal activities or fraud. The global system for registration also serves as an incentive for businesses and individuals to conduct transactions on the global market.
The Register Act has had a significant impact on global trade. It has made it easier to register goods and assets and to track their location and ownership. It has also improved the protection of goods and assets, reducing the risk of their theft or illegal transfer. The Act has helped to facilitate international trade and investment, encouraging and protecting businesses and individuals who choose to do business across borders.
