Friday, June 5, 2020

Secured transactions registry established in SECP

Featured

Bolstering the economy during the COVID-19 pandemic

As the tally of Coronavirus cases in Pakistan crosses 80,000, the impacts of the pandemic are beginning to gain...

Australia pledges $207 million for a regional vaccine program

Australia will pledge 300 million Australian dollars (207 million US dollars) to provide vaccines for children in the Indian...

The UN Economic Council holds a meeting to discuss helping governments recover from Corona

The United Nations Economic and Social Council UN ECOSOC held a wide-ranging political debate to explore funding options for...
Zain Zubair
Zain Zubair
Zain Zubair is a staff writer for World News Observer. He is studying ACCA in Pakistan. Besides Accountancy and writing pieces, he loves cooking and nature photography. Zain has attended various modern journalism workshops. Contact: [email protected]

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.

It is likely that the establishment of STR will improve Pakistan’s ranking in “getting credit” indicator of the World Bank’s Ease of Doing Business index that requires establishment of an integrated or unified collateral registry to register security interests in movable assets by incorporated and unincorporated entities.

The SECP is already maintaining a registry of charges/security interests created by companies for moveable and immovable assets under the Companies Act, 2017.

Zain Zubair
Zain Zubair
Zain Zubair is a staff writer for World News Observer. He is studying ACCA in Pakistan. Besides Accountancy and writing pieces, he loves cooking and nature photography. Zain has attended various modern journalism workshops. Contact: [email protected]

Latest News

Bolstering the economy during the COVID-19 pandemic

As the tally of Coronavirus cases in Pakistan crosses 80,000, the impacts of the pandemic are beginning to gain...

Australia pledges $207 million for a regional vaccine program

Australia will pledge 300 million Australian dollars (207 million US dollars) to provide vaccines for children in the Indian and Pacific region, Australian Minister...

Emergency in Russia after 20 thousand tons of fuel leaked into a river in Norilsk

Russian President Vladimir Putin has ordered the lifting of the state of emergency in the city of Norilsk, Siberia, after 20,000 tons of fuel...

The UN Economic Council holds a meeting to discuss helping governments recover from Corona

The United Nations Economic and Social Council UN ECOSOC held a wide-ranging political debate to explore funding options for the pandemic and to mobilize...

Tokyo to issue an alert on the Coronavirus after 34 new cases have been confirmed

Japanese government sources said today, Tuesday, that the capitalist government of Tokyo is considering issuing what the governor of Tokyo, Yoriko Koike, called "the...

Related News