Regulatory Alerts2023-05-09
Added · Updated
Amendments to Foreign Companies Regulations, 2018 via S.R.O. 532 (I)/2023
The Securities and Exchange Commission of Pakistan amends Regulations 13 and 14 of the Foreign Companies Regulations, 2018, to accept apostilled documents from states acceded to the 1961 Hague Convention and recognized by the Government of Pakistan. Regulation 13 is updated to allow constitutive instruments of foreign companies to be certified as true copies by a public officer, a notary public, an authorized officer via affidavit, or by apostille. Regulation 14 is modified to additionally accept translated documents if they are apostilled by the designated competent authority of the state of origin under the same conditions.
Government of Pakistan Securities and Exchange Commission of Pakistan -.-.-.- Islamabad, the 3 rd May, 2023 NOTIFICATION S.R.O. 532 (I)/2023.- In exercise of the powers conferred by sub-section (1) of section 512 of the Companies Act, 2017 (XIX of 2017), the Securities and Exchange Commission of Pakistan is pleased to make the following amendments to the Foreign Companies Regulations, 2018, the same having been previously published for public comments vide S. R. O. 472 (I)/2023, dated April 10, 2023, namely: - AMENDMENTS In the aforesaid Regulations, - (1) in regulation 13,for sub-regulation (1)the following shall be substituted namely: “(1) A copy of any charter, statute, memorandum, articles or other instrument, constituting or defining the constitution of a foreign company required to be filed with the registrar under clause (a) of sub-section (1) of section 435 and 436 and any other document required to be filed under Part XII of the Act and these regulations, shall be duly – (i) certified to be a true copy by the public officer in the country where the company is incorporated to whose custody the original is committed; or (ii) certified to be a true copy by a Notary public of the country where the company is incorporated; or (iii) certified to be a true copy by an affidavit of an authorized officer of the company duly authorized in the country where the company is incorporated; or (iv) apostillised by the designated competent authority of the state of origin of the foreign public document, who have acceded to the Hague Convention abolishing the requirement of Legalisation for foreign public documents (Apostille Convention) of 1961 and such state is also recognized by the Government of Pakistan for receiving of apostillised documents.’’; (2) in regulation 14, in sub-regulation (2), in proviso, for the full stop at the end, a colon shall be substituted and thereafter the following new proviso shall be added, namely: -
“Provided further that such translation shall also be accepted if the translated document is apostillised by the designated competent authority of the state of origin of the foreign public document, who have acceded to the Hague Convention abolishing the requirement of Legalisation for foreign public documents (Apostille Convention) of 1961 and such state is also recognized by the Government of Pakistan for receiving of apostillised documents.”. [File No. CLD/CCD/PR(12)/2017]