Secured transactions registry established in SECP

ISLAMABAD, May 13: The federal government has entrusted the function of Secured Transaction Registry (STR) for unincorporated entities to the Securities and Exchange Commission of Pakistan (SECP). The registry will record charges/security interests created by entities on their movable assets.The Financial Institutions (Secured Transactions) Act, 2016 enacted to provide an integrated legal framework for creation of security interest over movable assets besides providing for establishment of a secured transactions registry for unincorporated entities.The creation of secured transaction registry will facilitate small borrowers from SME and agriculture sector to secure credit from financial institutions against their movable assets e.g. receivables, intellectual property, inventory, agricultural produce, petroleum or minerals, motor vehicles etc.