Regulatory Alerts2021-11-08
Added · Updated
Amendments to the Associations with Charitable and Not for Profit Objects Regulations, 2018 Regulation 10 (2)
The Securities and Exchange Commission of Pakistan amends Regulation 10(2) of the Associations with Charitable and Not for Profit Objects Regulations, 2018, to establish solvency and financial soundness criteria for promoters, directors, and chief executive officers. Eligibility is contingent on the absence of overdue or past due payments exceeding Rs. 200,000 in the latest Consumer Credit Information Report for the individual and their associated businesses. The regulation provides exemptions for independent directors, settled debts, or amounts disputed or resulting from inadvertence, provided appropriate undertakings are submitted.
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