RECORDER REPORT

ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) has proposed changes in eligibility requirements for registration of an individual or firm or a limited liability partnership or a company as an intermediary for providing services for corporate sector.

The SECP has issued SRO 1245 (me) /2017 here on Wednesday to issue draft amendments to the Intermediaries (Registration) Regulations, 2017 (the Regulations).

Under existing regulations, all individuals, firms or companies already engaged by the companies, promoters of the proposed companies or foreign companies, as the case may be, for filing of documents on their behalf prior to the notification of these regulations shall obtain certificate of registration within three months of coming into force of these regulations.

As per proposed amendments, all individuals, firms or companies already engaged by the companies, promoters of the proposed companies or foreign companies, as the case may be, for filing of documents on their behalf prior to the notification of these regulations shall obtain certificate of registration not later than March 31, 2018, draft regulations added.

Following is the text of the SRO issued here on Wednesday:  SRO 1245 (I)/2017.- The following draft amendments to the Intermediaries (Registration) Regulations, 2017 (the Regulations) which are proposed to be made by the Securities and Exchange Commission of Pakistan, in exercise of powers conferred by section 512 of the Companies Act, 2017 (XIX of 2017) are  hereby published for eliciting public opinion thereon and notice is hereby given that comments, if any, received within fourteen days of the date of this notification will be taken into consideration by the Securities and Exchange Commission of Pakistan, namely:-

DRAFT AMENDMENTS

In the aforesaid Regulations,-

(a) in regulation 3, sub-regulation (2), for the expression “within three months of  coming into force of these regulations”, the expression “not later than March 31, 2018”, shall be substituted; and

(b) in regulation 3, sub-regulation (3), for the expression “period of three months of  coming into force of these regulations”, the expression “expiry of time period referred in sub-regulation 2 of regulation 3, ” shall be substituted.