Amendments to the Associations with Charitable and Not for Profit Objects Regulations, 2018

The Securities and Exchange Commission of Pakistan amends the Associations with Charitable and Not for Profit Objects Regulations, 2018, to impose fit and proper criteria on promoters, directors, and chief executive officers, requiring affidavits confirming compliance. The amendments mandate that all funds, grants, and donations be received through banking channels, with cash receipts under twenty thousand rupees required to be deposited within three working days. Additionally, the regulations introduce new requirements for prior security clearance for foreign funding, donations, members, directors, and chief executive officers, while updating financial statement reporting and license application forms.

SECP published 3 documents in the last 30 days — get each new one by email the day it lands.

GOVERNMENT OF PAKISTAN
SECURITIES AND EXCHANGE COMMISSION OF PAKISTAN -.-.-.-

Islamabad, the 29th November, 2021
NOTIFICATION
S.R.O.1574(I)/2021. – 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 Associations with Charitable and Not for Profit Objects Regulations, 2018, the same having been previously published vide S.R.O. 1325 (I)/2021, dated October 04, 2021, namely: - AMENDMENTS In the aforesaid regulations,-

in regulation 5, sub-regulation (3) shall be omitted;
in regulation 7,-
(a) in clause (ii), for the colon at the end a semi colon shall be substituted and thereafter the proviso shall be omitted; (b) for clause (ix), the following shall be substituted, namely:- “(ix) The Company may alter its Memorandum and Articles of Association subject to compliance of relevant provisions of the Act;”; (c) clause (xiv), shall be omitted; (d) for clause (xvi), the following shall be substituted, namely:- “(xvi) the company shall appoint such directors and chief executive officer who meet the fit and proper criteria as specified under these regulations:

Read the rest free, and get an email when SECP publishes again

Email me when SECP publishes something newOne email per publication, same day. Sign in below to keep reading.

Lineage: In force

amendssupersedesissued underrefers toproposed or not in RegAlertarrows run from the older text to the one that changes it

Timeline

This document amends: Draft Amendments to the Associations with Charitable and Not for Profit Objects Regulations, 2018

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