Regulatory Alerts2021-11-22
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Amendments in the Listed Companies (Buy Back of Shares) Regulations, 2019
The Securities and Exchange Commission of Pakistan amends the Listed Companies (Buy Back of Shares) Regulations, 2019, to exclude Special Purpose Acquisition Companies (SPACs) from the definition of securities exchanges for buy-back purposes. A new clause is inserted into regulation 2 to define SPACs with the same meaning as provided in the Public Offering Regulations, 2017. These changes apply to listed companies and SPACs operating under the regulatory framework of Pakistan.
GOVERNMENT OF PAKISTAN SECURITIES AND EXCHANGE COMMISSION OF PAKISTAN Islamabad, the 16th November, 2021 NOTIFICATION S.R.O. 1494(I)//2021.-In exercise of the powers conferred under section 512 read with section 88 of the Companies Act, 2017 (XIX of 2017), the Securities and Exchange Commission of Pakistan is pleased to make the following amendments in the Listed Companies (Buy Back of Shares) Regulations, 2019, the same having been previously published in the official Gazette vide. S.R.O. 1213(1)/2021 dated September 15, 2021, as required under sub-section (1) of said section 512, namely:- AMENDMENTS In the aforesaid Regulations, - (1) in regulation (1), in sub-regulation (3), after the words "securities exchange," the expressions "except for Special Purpose Acquisition Companies as covered in Public Offering Regulations, 2017" shall be inserted; and (2) in regulation (2), in sub-regulation (1), after clause (j) the following new clause shall be inserted, namely: - "(ja) "Special Purpose Acquisition Company (SPAC)" shall have the same meanings as defined under clause (liiia) of the Public Offering Regulations, 2017.". [F. No. SMD/CIW/Misc./09/2015]