Publication of IFRS Interpretations Committee Update January 2020
International Accounting Standards Board (IASB) on January 24, 2020 published the decisions reached by the IFRS Interpretations Committee (Committee) in its public meetings held on January 21,2020. Topics discussed at the meeting were: Committee’s agenda decision on definition of Lease – Decision making rights (IFRS 16 Leases) – Agenda papers 2-2A Committee’s work in progress…
Read MoreAmendments to IAS 1 Presentation of Financial Statements
International Accounting Standards Board (IASB) on January 23, 2020 has issued narrow-scope amendments to IAS 1 Presentation of Financial Statements to clarify how to classify debt and other liabilities as current or non-current. The amendments aim to promote consistency in applying the requirements by helping companies determine whether, in the statement of financial position, debt…
Read MoreDraft amendments in the Modaraba Companies and Modaraba Rules 1981
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…
Read MoreDraft amendments to the Companies (Incorporation) Regulations 2017
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…
Read MoreDraft amendments to Companies (General Provisions and Forms) Regulations 2018
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…
Read MoreDraft amendment to the Foreign Companies Regulations 2018
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…
Read MoreDraft amendments to the Limited Liability Partnership Regulations 2018
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…
Read MoreAmendments to the Securities and Futures Advisers (Licensing and Operations) Regulations 2017
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…
Read MoreAmendments to the Public Offering (Regulated Securities Activities Licensing) Regulations 2017
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,…
Read MoreDraft amendments to the Anti Money Laundering and Countering Financing of Terrorism Regulations 2018
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…
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