SECP

Section Subject Change and its effect 2(33) Definition of Financial Statements has been altered Now all the statements required by IFRS are the requirements of the Companies Act as well. 2(49) Definition of Private company changed Legal glitch removed, no practical effect 2(66) Definition of Special Resolution Updated Now listed companies can hold a general…

The Currency Management Department of the State Bank of Pakistan (SBP) has issued a notification stating that Fresh Bank Notes will not be issued on the occasion of Eid-ul-Fitr 2020. Based on the notification issued a meeting was held by the COVID-19 committee chaired by the Director General Banking on 29 April 2020 where it was decided…

The Securities and Exchange Commission of Pakistan has issued guidelines on cyber security framework for the insurance sector, providing principles to make the information technology systems of insurance companies and their partners secure and resilient. Cyber risk presents an evolving challenge for the insurance sector due to growing interconnections.

SECP vide SRO 84(I)/2020 (dated February 7, 2020) issued draft amendments in the Modaraba Companies and Modaraba Rules 1981 for public comments. The amendments mainly relate to: Registration of modaraba company (Rule 8); Submission of annual report by modaraba company (Rule 9); Submission of periodical reports (Rule 10); Annual balance sheet (Rule 11); Authentication of…

SECP vide SRO 83(I)/2020 (dated February 7, 2020) issued draft amendments to the Companies (Incorporation) Regulations 2017 for public comments. The draft amendments propose to require additional particulars of ultimate beneficial owners where a subscriber not being a natural person holds twenty percent or more voting interest in the proposed company. The draft amendments can…

SECP vide SRO 82(I)/2020 (dated February 7, 2020) issued draft amendments to Companies (General Provisions and Forms) Regulations 2018 for public comments. The draft amendments propose to introduce new forms for: Notice to holders of bearer securities issued by a company; Register containing particulars of holders of bearer securities; Notice to members having ultimate beneficial…

SECP vide SRO 81(I)/2020 (dated February 7, 2020) issued the draft amendment to the Foreign Companies Regulations 2018 for public comments. The draft amendments propose to seek more details of the ultimate beneficial owners of the foreign companies. The draft amendments require that the particulars of each corporate body, which is member/ director/secretary of the…

SECP vide SRO 80(I)/2020 (dated February 7, 2020) issued draft amendments to the Limited Liability Partnership Regulations 2018 for public comments. The amendments relate to: Application for incorporation of limited liability partnership (Regulation 8); Registration of changes in Partners (Regulation 13); and Change in forms – LLP form III & form V. The draft amendments…

SECP issues amendments to the Securities and Futures Advisers (Licensing and Operations) Regulations 2017: SECP vide SRO 75(I)/2020 (dated February 3, 2020) issued amendments in the Securities and Futures Advisers (Licensing and Operations) Regulations 2017. The amendments relate to: Conditions for grant of license and prohibitions (regulation 3); Application and procedure for grant and renewal…

SECP issues amendments to the Public Offering (Regulated Securities Activities Licensing) Regulations 2017: SECP vide SRO 76(I)/2020 (dated February 3, 2020) issued amendments to the Public Offering (Regulated Securities Activities Licensing) Regulations 2017. The amendments aim to relax certain conditions of initial public offering for corporate sector aimed at encouraging new listings, safeguarding public interests,…