SECP
Acceptance of donations from foreign sources without prior permission
SECP issues circular regarding acceptance of donations from foreign sources without prior permission: SECP vide Circular No. 16 of 2019 (dated December 5, 2019) directed to all companies licensed under section 42 of the Companies Act 2017, which intend to receive foreign funding/donations, to apply to the Commission along with eight sets of following documents…
Read MoreFinancial operation of family window takaful operations by life insurers
SECP issues circular regarding financial operation of family window takaful operations by life insurers: SECP vide Circular No. 15 of 2019 (dated November 18, 2019) in exercise of powers under Rule 11(1)(c) of the Takaful Rules 2012 has given the following requirement of financial reporting to be followed by the life insurers relating to financial…
Read MoreIFRS 14
SECP issues notification of IFRS 14: SECP vide SRO 1480(I)/2019 (dated November 27, 2019) notified that the International Financial Reporting Standard (IFRS) 14 – Regulatory Deferral Accounts and any further revisions issued by the International Accounting Standards Board (IASB) shall be followed for the preparation of financial statements for the annual reporting periods beginning on…
Read MoreCompanies (Submission of Information regarding Income Tax Return) General Order 2019
SECP withdraws the Companies (Submission of Information regarding Income Tax Return) General Order 2019: SECP vide SRO 1479(I)/ 2019 (dated November 26, 2019) has withdrawn the Companies (Submission of Information regarding Income Tax Return) General Order 2019 issued vide SRO 1048 (I)/2019 dated September 11, 2019.
Read MoreGeneral Takaful Accounting Regulations,2019
SECP issues General Takaful Accounting Regulations,2019 SECP vide SRO 1416(1)/2019 (dated November 20, 2019) issued General Takaful Accounting Regulations 2019. These Regulations shall be applicable to regulatory returns and the published financial statements of operators and also direct the Takaful Operators or Window Takaful Operators to comply with the requirements of International Financial Reporting Standards…
Read MoreDraft Modaraba Regulations 2019
SECP issues draft Modaraba Regulations 2019 SECP vide SRO 1417(1)/2019 (dated November 19, 2019) issued draft Modaraba Regulations 2019 for information of all the stakeholders and to strictly regulate and monitor the Modaraba sector in Pakistan. The regulation includes the following: Prudential regulations such as: Maximum exposure of a modaraba to a person or group;…
Read MoreCorporate Rehabilitation Regulations
SECP issues Corporate Rehabilitation Regulations, 2019: Securities and Exchange Commission of Pakistan (SECP) vide SRO 1415(1)/2019 (dated November 19, 2019) issued Corporate Rehabilitation Regulations. The regulations mainly include the following: Eligibility Criteria and application procedure for inclusion in panel of insolvency expert; Requirement to display panel on the website of the Commission; Remuneration of insolvency…
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