Specific legal provisions on financial leasing are found in Law No on Financial Leasing dated 12 May 2005.

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1 Albania Specific legal provisions on are found in Law No on dated 12 May Lessors are regulated. Financial institutions, banks as well as any legal person having as sole business object activities and the minimum share capital required by the Financial Leasing Law can act as lessors. Licensing and supervision is conducted by the Bank of Albania. Contracts are regulated in a publicly available register. According to the local practitioners, the repossession of assets in case of default usually takes 3 months. Out of court repossession is not possible. Armenia Specific legal provisions on are found in Civil Code. Lessors are not regulated. Financial leasing contract shall be notarized, but are not subject to state registration. The Civil Code does not have any specific provisions for repossession of leased assets in case of default. Azerbaijan Specific legal provisions on are found in the Civil Code. Lessors are not regulated. There are no registration requirements with respect to lease of real estate made for a term no more than 11 (eleven) months, as well as for equipment lease (save for vehicles lease). The Civil Code does not have any specific provisions for reposition of leased assets in case of default. Generally the enforcement it is not simple and it usually takes several months to repossess.

2 Belarus Specific legal provisions on are found in the Civil Code and in a Decree of the Council of Ministers of the Republic of Belarus N865 dated 6 June Lessors are not regulated. Leasing agreements for properties that are subject to (title) registration are subject to registration. Bosnia and Herzegovina Specific legal provisions on are found in the FBiH ans RS Leasing laws. Lessor can be only licensed entity, fulfilling certain conditions. Leasing agreements for properties that are subject to (title) registration are subject for registration in those registries and for other types of assets in a pledge registry. These laws introduced expedient court controlled repossession procedures. Bulgaria Specific legal provisions on are found in the Law on Commerce. Lessors are not regulated. The Registered Charges Act stipulates that the parties of a lease contract and the object thereof shall be registered in the Central Register of Charges. Repossession are generally efficient with the exception of the procedure involving motor vehicles (due to the nature of the motor vehicles which can be moved abroad or into another region bailiffs have territorial competence and are not competent for the whole territory of the country).

3 Croatia Specific legal provisions on are found in the Leasing law. Lessors have to have a license from the Croatian Agency for Supervision of Financial Services which also maintains register of all leasing items. Repossession is generally seen as quite efficient process. Egypt Specific legal provisions on are found in the Law. Only licensed companies can offer leasing services. Leasing contracts are registered and any party can obtain a copy of the register for a small fee. Repossession is seen as relatively simple and quick process (supervised in a summary court proceeding). Georgia Specific legal provisions on are found in the Civil Code. Only licensed companies can offer leasing services. Leasing contracts are registered in the public registry. The Civil Code provides for a simple repossession procedure but these are met with difficulties in practice.

4 Hungary Specific legal provisions on are found in the new Civil Code. Financial leasing services can be performed on a commercial scale only by financial institutions. Leasing of real estate is subject to mandatory registration, while leasing of other assets is optional. The repossession process is perceived as simple and quick. Jordan Specific legal provisions on are found in the Law on. Financial leasing services are not regulated. The registration of leasing contracts is mandatory only in case of immovable assets and movable assets for which the laws in force require (title) registration. Kazakhstan Specific legal provisions on are found in the Civil Code and the Law on. Financial leasing services are not regulated. The leasing agreements are not registered. The repossession process is perceived as generally simple and quick.

5 Kosovo Specific legal provisions on are found in the Law on Leasing. Financial lessors are regulated by the Kosovo Central Bank. Registration of agreements are not mandatory but can be registered in pledge register for movables and in specific title registries (immovable and movable). The average time it takes for the repossession procedure to be executed is around 3 months. Kyrgyz Republic Specific legal provisions on are found in the Law on Leasing. Financial lessors are regulated. Agreements are registered in title registries. Latvia Specific legal provisions on are found in Commercial Law. Financial lessors are not regulated. There are no requirements to register the agreements. Lithuania Specific legal provisions on are found in the Civil Code. Financial lessors are not regulated. Leasing agreements are registered.

6 Macedonia Specific legal provisions on are found in the Leasing law. Lessors have to have a license from the Ministry of Finance. Leasing contracts are registered in specific registry maintained by the Central Registry of the Republic of Macedonia. Repossessions are quick and the self-help is allowed if provided in the contract. Moldova Specific legal provisions on are found in the Leasing law. Lessors are not regulated and there is no requirement to register agreements. Repossessions are done through a simplified court procedures which can get delayed by debtor obstructions. Mongolia Specific legal provisions on are found in the Leasing law. Lessors are not regulated and there is no requirements to register agreements. Repossessions are complicated by the 3 months grace period after default that the lessor needs to respect before starting the process.

7 Montenegro Specific legal provisions on are found in the Law on. Lessors are not regulated. In case of leased immovable property, the leasing agreement is registered in the in the Real Estate Registry and in case of leased movable assets it is registered in the Charge Registry. Repossessions are done through a simplified court procedure and is confirmed to be quick in practice. Morocco Specific legal provisions on are found in the Commercial Code and the Banking Law. Financial leasing activities are reserved only for credit institutions. Leasing contracts are registered. Poland Specific legal provisions on are found in the Civil Code. Lessors are not regulated and there are no requirements to register the leasing agreements. Generally, the process of repossession of an asset is complicated, as it involves court proceedings. The lessor is not entitled to selfhelp remedies and may not deprive the lessee of the property even in the case of a breach of the contract or the lessee's illegal possession of the property.

8 Romania Specific legal provisions on are found in the Government Ordinance No. 51/1997 on leasing operations and leasing companies and in the Law 571/ the Romanian Fiscal Code. Lessors, banks and NBFIs are regulated by the Bank of Romania (central bank). Only leasing agreements of immovable property have to be registered. Repossessions are perceived as quick and simple. Russia Specific legal provisions on are found in the Civil Code and the Federal Law on. Lessors are not regulated. Leasing agreements of immovable property, of enterprise and of registered immovable have to be registered. The assets are repossessed with the involvement of the commercial (arbitrazh) court which may be time-consuming and depends a lot on the type of assets.

9 Serbia Specific legal provisions on are found in the Law on. Lessors have to have a license from the Ministry of Finance. Leasing contracts are registered in specific registry maintained by the Serbian Business Registries Agency. Repossessions are done through summary court proceedings. Slovak Republik The contract concluded with a consumer is subject to the Act on Consumer Credits and Other Credits and Loans to Consumers. Where the lease is to be granted to consumers (in Slovak spotrebitel ), the person granting the lease must be registered in the Register of Creditors maintained by the National Bank of Slovakia. Leasing contracts are not registered. There are no explicit statutory rules regulating repossession and it primarily depends on the provisions of a particular lease contract. However, if properly drafted, the repossession process may be simple and quick for movable assets. In case of real property, the repossession process may require the court involvement in the repossession, which may become both expensive and timeconsuming.

10 Slovenia There are no special provisions on. The general provisions regarding lease contract from the Obligations Act would apply. Lessors are not regulated and leasing contracts are not registered. Repossession process is usually simple and quick as lessees give contractual consensus to repossession of property on default. Such practice is in most cases not challenged at court. Tajikistan Specific legal provisions on are found in the Law No. 9 of 22 April 2003 on leasing. Lessors are regulated. Leasing contracts are subject to registration depending on their subject. Leasing of Real Estate requires registration. Repossessions if challenged are court controlled and tend to get delayed. Tunisia Specific legal provisions on are found in the Law No dated 26 July Lessors are regulated. Financial leasing is an activity that could be performed by certain financial institutions invested with licenses and authorisation and working under the supervision of the Central Bank of Tunisia. There is a register of leasing contracts within the Tribunal of first instance having jurisdiction which could be consulted by third parties to establish if real estate or equipment has been leased.

11 Turkey Specific legal provisions on are found in the Law Numbered 6361 On, Factoring And Financing Companies. Lessors are regulated by the Banking Regulation and Supervision Board. Leasing contracts of movable assets are registered in the special register held by a notary located near the residence of the lessee. Leasing contracts of immovable assets are registered in the statements part of the title deed while the contracts related to vessels are registered in the vessel register. Repossessions is not perceived to be simple and quick. Turkmenistan Specific legal provisions on are found in the Law on Leasing No. 391-I of September 15, Lessors are not regulated. Leasing contracts of movable assets are not registered. Leasing contracts of immovable assets are registered in the relevant registry.

12 Ukraine Specific legal provisions on are found in the Law. Lessors are not regulated. However, lessor who is not a financial institution and who regularly provides services must register with the State Commission for Regulation of Financial Services Markets of Ukraine. Leasing contracts of movable assets are registered in the Encumbrances Registry as contractual encumbrances and of immovable assets in the land registry (land is excluded from leasing). Repossession is perceived as cumbersome and inefficient. Uzbekistan Specific legal provisions on are found in the Civil code and the Law on Leasing dated 14 April Lessors are not regulated and leasing contracts are not registered.