Regulatory Alerts2019-11-04
Added · Updated
Amendments to the Central Depositories (Licensing and Operations) Regulations, 2016
The Securities and Exchange Commission of Pakistan amends the Central Depositories (Licensing and Operations) Regulations, 2016, to explicitly permit central depositories to outsource specific regulatory and compliance functions to the extent allowed. A new Regulation 11A authorizes central depositories to outsource compliance functions regarding TRE certificate holders to a securities exchange, subject to prior Commission approval, a board-approved service level agreement, and continued full liability for the outsourced activities. The amendments also insert clarifying language into Regulations 5 and 11 regarding outsourcing arrangements and update Regulation 12 to reference the new outsourcing conditions.
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