Amendments to Intermediaries Regulations, 2017

The Securities and Exchange Commission of Pakistan inserts new clauses (iia) and (iib) into regulation 16(1) of the Intermediaries (Registration) Regulations, 2017. These amendments require intermediaries acting as company formation agents to ensure clients are not involved in suspicious activities, money laundering, or terrorist financing consistent with Financial Action Task Force recommendations. Additionally, intermediaries must verify that clients are not listed on the United Nations Security Council designated persons list or subject to existing bans, sanctions, or embargoes.

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GOVERNMENT OF PAKISTAN
SECURITIES AND EXCHANGE COMMISSION OF PAKISTAN -.-.-.- Islamabad, the 14 th December, 2018 NOTIFICATION S. R. O. 1521(I)/2018.- In exercise of the powers conferred by sub-section (1) of section 512 read with section 455 of the Companies Act, 2017 (XIX of 2017), the Securities and Exchange Commission of Pakistan is pleased to notify the following amendments to the Intermediaries (Registration) Regulations, 2017, the same having been previously published vide notification S.R.O. 1079 (I)/2018 dated August 30, 2018, namely:- In the aforesaid Regulations, in regulation 16, in sub-regulation (1), after clause (ii), the following new clauses shall be inserted, namely:- “(iia) ensure that while acting as company formation agent or providing other services, their clients are not involved in any type of suspicious activities or transactions implying money laundering or terrorist financing activities in line with the relevant Financial Action Task Force (FATF) recommendations; (iib) ensure that the client is not placed on the United Nations Security Council (UNSC) list of designated persons or entities linked to terrorist financing or against whom a ban, sanction or embargo subsists, as available on its website;” [File No.SY/SECP/8/13]

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Source: Securities and Exchange Commission of Pakistan — original document · Summary generated with machine assistance and reviewed before publication; the authoritative text is the regulator's original document. How RegAlert works