MOVABLE PROPERTY SECURITY RIGHTS BILL – TOWARDS IP FINANCING
The IP space in Kenya is continually changing as appreciation of the value of intellectual property rises. Increasingly, individuals and enterprises are becoming alive to the need to register, exploit and enforce their IP rights. Currently, it is not possible to acquire financing in Kenya on the basis of an intangible asset such as intellectual property.
Intangible assets are not recognised as items capable of forming security. The Movable Property Security Rights Bill, which was published in November 2016, seeks to change this position.
It provides for the creation of security rights in intangible assets, and includes intellectual property within the meaning of 'intangible assets'. 'Intellectual property' is defined in the bill as copyright, trademarks, industrial property rights and any other related right created under law.
"This article first appeared on WTR Daily, part of World Trademark Review, in April 2017. For further information, please go to www.worldtrademarkreview.com."Read further