On 17th June 2016, the Pakistan Senate gave assent to the Financial Institutions (Secured Transactions) Act 2016. The Act was designed to promote the conduct of banking business and increase access to credit, by clarifying the rules applicable to various transactions.
The 2016 Act deals with security interests in moveable property (not including book entry securities). It provides for rules relating to the extent of security interests, methods of perfection, registration requirements, as well as priority. As part of its reforms to the registration regime, the 2016 Act further provides for electronic registration under a ‘Secured Transactions Registry’ to be established on a federal level.
The Financial Institutions (Secured Transactions) Act 2016 is accessible here.