There has been active scholarly discussions and legislative efforts to reform secured transactions law for movable assets and receivables in Korea over past ten years. As a result of these efforts, the Act on Security of Movable Assets, Receivables, etc. was passed by the Legislature in May 2010. This Act will introduce a new system of publicity by registration of security in movable assets and receivables, etc. from June 2012 and is expected to facilitate secured transactions for movable assets and receivables which have not been widely used before. In line with the forthcoming new registration system in Korea, it will be meaningful to study on the registration system of security in movable assets provided in Draft Common Frame of Reference ("DCFR") since it is a model registration system which has a possibility to apply to all EU member countries. According to Book IX. Proprietary Security in Movable Assets of DCFR, the main characteristics of the system of registration can be summarized as follow: it is a notice filing system; it is a direct entry system where entries can be made without involvement of a public registrar; it operates electronically so that it is accessible online; and it covers all types of proprietary security. It is also noteworthy the model registration system suggested in DCFR has a lot in common with modern rules on security in movable assets in UNCITRAL Legislative Guide on Secured Transactions. An introduction of a new registration system will be the first step in terms of reform of Korean secured transactions law for movable assets. Therefore, comparative legal studies and empirical research should be continued in order to establish an appropriate legal system on security in movable assets in harmony with the Civil Code of Korea as well as model laws or legislative guide on secured transactions.