Paragraph 7 Security interests in existing registered Community designsF1

This paragraph applies where immediately before F2IP completion day an existing registered Community design is the subject of an interest which has been granted as security and does not expire on IP completion day (a “relevant security interest”).

References to the existing registered Community design in any document which grants or refers to the relevant security interest are to be read as including references to the re-registered design which derives from the existing registered Community design.

Section 19 (registration of assignments, etc.) applies in relation to a relevant security interest as if it were a security interest granted in respect of the re-registered design deriving from the existing registered Community design which is subject to the relevant security interest, subject to the following modification.

Where immediately before IP completion day there is an entry in the RCD register relating to the relevant security interest, section 19(5) does not apply to the document granting the interest until after the expiry of the period of 12 months beginning with the day after that on which IP completion day falls.