Tag: (SECP)

Securities and Exchange Commission of Pakistan notifies draft regulations under the Companies Act and Limited Liability Partnership Act

Islamabad, June 07, 2017 (PPI-OT):The Securities and Exchange Commission of Pakistan (SECP) has notified the draft Companies (Incorporation) Regulations, 2017, draft Intermediaries (Registration) Regulations, 2017 and draft Limited Liability Partnership Regulations, 2017, to obtain public opinion. All the regulations have been placed on the SECP’s website. The draft Companies (Incorporation) Regulations, 2017, specify a simplified procedure for company incorporation process, including procedure for reservation of name of proposed company, list of words prohibited for use as company name, criteria for use of certain names by entities undertaking specialized businesses and procedure for company registration.

The draft Intermediaries (Registration) Regulations, 2017 specify requirements for intermediaries, who will be authorized to file statutory returns/documents/reports to the registrar or the SECP on behalf of companies. The salient features of regulations include eligibility requirements for registration, procedure to obtain registration, renewal and cancellation of registration, mechanism for appointment and removal of authorized intermediary by the company and duties and responsibilities of authorized intermediary. The existing intermediaries shall be required to obtain registration with the SECP within 90 days of notification of regulations.

The Limited Liability Partnership (LLP) is an alternative form of business establishment, which has the flexibility of a general partnership and will avail all the advantages of a limited liability company. The draft Limited Liability Partnership Regulations, 2017, specify the form and manner of registration of LLP, fitness and propriety of designated partners, accounts and audit requirement and conversion of existing firms and private limited companies to LLP. The regulations have been notified to ensure ease of establishing and doing business in Pakistan by the entrepreneurs/companies. The public is requested to send their comments by email at commission.secretariat@secp.gov.pk by June 19, 2017.

For more information, contact:
Head, Internal and External Communication
Securities and Exchange Commission of Pakistan (SECP)
NIC Building, 63 Jinnah Avenue, Islamabad
Tel: +92-51-9214005 or +92-51-9214009 (Ext. 378)
Fax: +92-51-9206459
Cell: +92-302-8552254
E-mail: shakil.chaudhary@secp.gov.pk
Website: www.secp.gov.pk

Securities and Exchange Commission of Pakistan formulates Collateral Management Companies (Establishment and Operations) Regulations

Islamabad, May 03, 2017 (PPI-OT): The Securities and Exchange Commission of Pakistan (SECP) has formulated Collateral Management Companies (Establishment and Operations) Regulations, 2017, under the Companies Ordinance, 1984. In devising the framework, the SECP carried out consultative sessions with the major stakeholders, including provincial departments of agriculture, State Bank of Pakistan, CDC, Pakistan Agriculture Coalition, Pakistan Mercantile Exchange, and others.

Collateral management, one of the core areas in the National Financial Inclusion Strategy, is envisaged to remove distortions, reduce market imperfections, avoid waste and help farmers get the best possible price for their produce while enabling banks to confidently lend against agricultural produce that is professionally graded, stored and preserved.

The SECP is endeavouring to promote electronic trading and warehouse receipt financing of agricultural commodities through the platform of Pakistan Mercantile Exchange to enable the growers to get a fair price for their produce, avail financing facilities and promote an efficient payment system.

The salient features of the regulations are licensing conditions and financial resource requirements for collateral management company, duties of a collateral management company and the warehouse operator, and powers of the SECP to conduct inspection of collateral management company, its accredited warehouses and any matter connected with the warehousing business, as well as issue directives to a collateral management company or its accredited warehouse in the public interest.

The regulations have been published in the official gazette, and have been placed on the SECP’s website (https://www.secp.gov.pk/laws/regulations/).

For more information, contact:
Head, Internal and External Communication
Securities and Exchange Commission of Pakistan (SECP)
NIC Building, 63 Jinnah Avenue, Islamabad
Tel: +92-51-9214005 or +92-51-9214009 (Ext. 378)
Fax: +92-51-9206459
Cell: +92-302-8552254
E-mail: shakil.chaudhary@secp.gov.pk
Website: www.secp.gov.pk

Securities and Exchange Commission of Pakistan amending Sukuk Regulations to facilitate issuers

Islamabad, April 10, 2017 (PPI-OT):In order to develop the Islamic capital market, the Securities and Exchange Commission of Pakistan (SECP) is amending the 2015 Issue of Sukuk Regulations to facilitate the issuers, reducing the cost of issue and easin…

Securities and Exchange Commission of Pakistan invites comments on draft Futures Exchanges (Licensing and Operations) Regulations

Islamabad, April 06, 2017 (PPI-OT):The Securities and Exchange Commission of Pakistan (SECP) moving ahead with the implementation of recently promulgated Futures Market Act, 2016, has formulated draft Futures Exchanges (Licensing and Operations) Regula…

Securities and Exchange Commission of Pakistan granted authorization to float new modaraba of Rs.500 million

Islamabad, March 28, 2017 (PPI-OT):The Securities and Exchange Commission of Pakistan (SECP) has issued authorization to Eman Management (Private) Limited (EMPL) to float Orient Rental Modaraba, having capital of Rs500 […]

Securities and Exchange Commission of Pakistan organizes workshop on Principles of Corporate Governance

Islamabad, March 18, 2017 (PPI-OT): In collaboration with the International Finance Corporation (IFC) and Centre for International Private Enterprise (CIPE), the Securities and Exchange Commission of Pakistan (SECP) conducted workshop […]

Investor Awareness: Securities and Exchange Commission of Pakistan plays its role to enable entrepreneurial ecosystem in Gilgit-Baltistan and Chitral

Gilgit, March 14, 2017 (PPI-OT): The Securities and Exchange Commission of Pakistan (SECP) extended its flagship ‘Jamapunji’ investor awareness drive to the young men and women entrepreneurs of the Gilgit-Baltistan […]