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ABOUT THE SECURED TRANSACTIONS REGISTRY
The Secured Transactions Registry (STR) is an online register established under the Financial Institutions (Secured Transactions) Act, 2016 (STA). Through this website:
- Financial institutions may register, amend and terminate security interests created on movable property of Entities by filing statements as per the STA.
- Any person may search for existing security interests on movable assets of Entities (other than companies) registered in the STR.
- Any person may also search the register of charges maintained under section 102 of the Companies Act, 2017.
Establish priority rights of a Secured Creditor in an Entity's collateral
The first creditor to register a security interest will have priority in the collateral should the Entity (borrower) default.
Make an informed lending decision
An entity (i.e. any individual/business/organization) contacts a Secured Creditor (financial institution) for a loan. The entity may offer the Secured Creditor a security over its movable assets.
The Secured Creditor searches the records of the STR to see whether any other Secured Creditor has already registered a security interest on the asset(s) offered as collateral.
If the Secured Creditor finds that a security interest in the proposed collateral has already been registered, it has several options:
- Contact the existing Secured Creditor to determine if there is sufficient excess value in the collateral to secure the proposed loan.
- Obtain an agreement with the existing Secured Creditor to subordinate (become second in priority) the existing security interest to the new Secured Creditor's interest.
- Decide not to lend because the credit risk is too great.
Discover if there are pre-existing security interests in any movable asset(s).
A prospective buyer may think again about its decision to purchase an asset if any third party has any security interest in that asset.
The security interest can survive a customer's insolvency.
The Securities and Exchange Commission of Pakistan (SECP) is maintaining the Registry. Almost all business with the Registry is conducted online through this website. There is rarely any need to visit in person. The Registry is responsible for administering the website and collecting applicable filing fees. Filers are responsible for entering the information required to make a legally proper filing in the STR. As per law, the Registrar is not required to review or verify any filings. Therefore, it is up to the filer to provide the relevant and correct information to ensure effectiveness of a security interest under the law.