The pioneering research of economists such as Joseph Stiglitz into the economics of information has shown that financial markets are characterised by problems of information - what economists refer to as imperfect or asymmetric information – which prevent purely market determined outcomes being optimal for all participants in these markets.
The Act, among others, augments existing legislation governing credit delivery and also seeks to promote a Secured Transactions Regime (STR) with defined legal framework for credit, improved standards of disclosure, transparency and speedy enforcement mechanisms. Mr. Chairman, an important organ to be established by Act 773 to facilitate the achievement of these objectives was the Collateral Registry.