Secured Transactions Registry Regulations, 2020

GOVERNMENT OF PAKISTAN
SECURITIES AND EXCHANGE COMMISSION OF PAKISTAN -.-.- Islamabad, the 30th April, 2020 NOTIFICATION S.R.O. 348 (I)/2020- In exercise of the powers conferred by section 72 of the Financial Institutions (Secured Transactions) Act, 2016 (XXXI of 2016), the Securities and Exchange Commission of Pakistan is pleased to make the following regulations, namely:-
PART I – PRELIMINARY

1. Short title and commencement.- (1) These Regulations shall be called the
   Secured Transactions Registry Regulations, 2020.
   (2) They shall come into force at once.
2. Definitions. - (1) In these Regulations, unless there is anything repugnant in
   the subject or context.-
   (a) “Act” means the Financial Institutions (Secured Transactions) Act, 2016 (XXXI of 2016); (b) “certified search report” means a search report generated by the register, with a unique identification number and a QR code, on payment of prescribed fee; (c) “client account” means an account established with the Registry to file statements under section 23, 24 and 26 of the Act; (d) “Rules” means the Financial Institutions (Secured Transactions Registry) Rules, 2019; (e) “search only account” means an account that is established with the Registry to conduct certified search of the register; and (f) “user account” means a client account or a search only account. (2) Words and expressions used but not defined in these Regulations shall, unless there is anything repugnant in the subject or context, have the same meanings as are assigned to them in the Act or the Rules.
   PART II – USER ACCOUNTS
3. Purpose and establishment of user accounts.- (1) Statements under section
   23, 24 and 26 of the Act shall be filed in the register through a client account.