Regulatory Alerts2021-12-06
Added · Updated
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.
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