Regulatory Alerts2021-01-20
Added · Updated
Amendments in the Public Offering (Regulated Securities Activities Licensing) Regulations, 2017
The Securities and Exchange Commission of Pakistan inserts new sub-regulation 12(5a) requiring every development financial institution engaged in underwriting to submit an affidavit confirming compliance with the Regulations, along with a fee of Rs. 100,000, within one month of the end of each calendar year. Scheduled banks already licensed as underwriters or bankers to an issue must submit a compliance affidavit one month prior to the expiry of their existing licenses. Additionally, scheduled banks engaged in underwriting and acting as bankers to an issue under regulation 12(2) are required to submit a compliance affidavit within one month of the end of each calendar year.
GOVERNMENT OF PAKISTAN SECURITIES AND EXCHANGE COMMISSION OF PAKISTAN -.-.-.- Islamabad, the 18th January, 2021 NOTIFICATION S.R.O. 50 (I)/2020. __ In exercise of the powers conferred under section 169 of the Securities Act, 2015 (III of 2015), the Securities and Exchange Commission of Pakistan is pleased to make the following amendments in the Public Offering (Regulated Securities Activities Licensing) Regulations, 2017, notified vide S.R.O 295(I)/2017, the same having been previously published in the official Gazette vide notification 1229(I)/2020 dated November 18, 2020, as required under sub-section (4) of section 169 of the Securities Act, 2015 for eliciting public opinion, namely:- AMENDMENTS In the aforesaid Regulations, - (1) in Regulation 12, aftersub regulation (5), following new sub regulation shall be inserted namely, - “(5a) within one month of the end of each calendar year, every development financial institution engaged in the business of underwriting shall submit an affidavit along with a fee of Rs. 100,000/- that it is compliant with all the requirements of these Regulations. Provided that a scheduled bank already licensed as an underwriter or a banker to an issue, one month prior to expiry of its existing license shall submit an affidavit that it is compliant with all the requirements of these Regulations Provided further that within one month of the end of each calendar year a scheduled bank engaged in the business of underwriter and banker to an issue under regulation 12(2) shall submit an affidavit that it is compliant with all the requirements of these Regulations.” [No. SMD/CIW/Misc./01/2009]