As of October 1, 2010, the newly revised Provisions concerning Registration of Patent Right Pledge (hereinafter the Provisions) became effective, which will further promote the utilization of patent and financing channel. The provisions can guarantee the creditor’s rights and regulate the registration of the patent right pledge.
The provisions provide for the competent authority for registration of patent right pledge, the procedures and requirement, the time limit, etc. No administrative fee has to be paid for such registration. The time limit is 7 working days from the receipt of the application for registration where the old provisions required 15 days. When the patent is pledged and without the pledgee’s proof that the right is to be abandoned, assigned or licensed, the competent authority shall not proceed with the procedures for the said abandonment, assignment or license.