SECP

SECP vide SRO 56(I)/2020 (dated January 28, 2020) issued draft amendment to the Anti Money Laundering and Countering Financing of Terrorism Regulations 2018 for public comments. The amendments propose to direct the securities brokers, futures brokers, insurance companies, takaful operators, Non-Banking Finance Companies (NBFCs) and Modarabas to identify beneficial owners of investments and source of…

SECP vide SRO 54(I)/2020 (dated January 28, 2020) issued amendments to the Listed Companies (Buy-Back of Shares) Regulations 2019. The amendments have omitted the condition that after purchase of treasury shares by a company, the free float of company does not fall below twenty percent of the total paid up share capital of the purchasing…

SECP issues draft Companies (Further issue of shares) Regulations, 2020: The Securities & Exchange Commission of Pakistan (SECP) vide SRO 33 (I)/2020 (dated January 15, 2020) issued draft Companies (Further issue of shares) Regulations 2020 for public comments. These regulations, after final notification, would replace the Companies (Further issue of shares) Regulations 2018. The regulations…

ICAP issues circular on clarifications provided by SECP on the Listed Companies (Code of Corporate Governance) Regulations 2019 The Institute of Chartered Accountants of Pakistan (ICAP) on January 16, 2020 issued a circular on recent clarifications provided by the Securities & Exchange Commission of Pakistan (SECP) on application of the Listed Companies (Code of Corporate…

SECP has finalized and proposed amendments to the Companies Act 2017 with respect to: Provide further ease of doing business by removing the requirements of seal and practical difficulties being faced in implementation of section 17 and 83 of the Act; Facilitating Startups through conducive regulatory environment; Encouraging innovation and supporting new business models; and…

Pakistan’s first Centralized Repository for Life Insurance Sector launchedKarachi February 24: To complement government’s objectives of providing ease of doing business and enhanced consumer protection, Pakistan’s first ever centralized information repository is established for life insurance sector. The repository that will function under the regulatory impetus of SECP will hold critical data of life insurance…

SECP vide SRO 48(I)/2020 (dated January 27, 2020) has issued for public comments draft amendment to the Associations with Charitable and Not for Profit Objects Regulations 2018. The draft amendments propose to exempt an independent director from the requirements relating to solvency and financial soundness under the fit and proper criteria applicable on promoters, directors…

The SECP has proposed amendments in the Auditors (Reporting Obligations) Regulations, 2018. The draft amendment proposal is available hereunder:

SECP Regulatory Sandbox Guidelines 2019: PSX vide Notice No. PSX/N-600 (dated December 12, 2019) has informed all market participants that the SECP has issued the SECP Regulatory Sandbox Guidelines 2019. The objective of the guideline is to promote innovation in the financial services industry through reduction of regulatory uncertainty by allowing testing of new products,…

PSX issues amendments in Chapter 19 – Risk Management Regulations: Pakistan Stock Exchange (PSX) vide Notice No. PSX/N-1598 (dated December 13,2019) made following amendments in Chapter 19 – Risk Management Regulations of PSX Rule book with the approval of SECP for all TRE certificate holders: Enhancement of scrip based circuit breaker from 5% or Re.1,…