Amendments to the Collateral Management Companies Regulations, 2019

Government of Pakistan
Securities and Exchange Commission of Pakistan Islamabad, 25th September, 2020 NOTIFICATION S. R. O. 915 (I)/2020.- In exercise of powers conferred by section 512 read with
section 457 of the Companies Act, 2017 (XIX of 2017) and the Futures Market Act, 2016
(XIV of 2016), the Securities and Exchange Commission of Pakistan is pleased to make the following amendments to the Collateral Management Companies Regulations, 2019, the same having been previously published in official gazette vide S.R.O No. 347(I)/2020 dated April 28, 2020 and also placed on the website of the Commission namely:- In the aforesaid Regulations, - (1) In regulation 2, sub-regulation (1), clause (d), the definition of “Collateral Management Company” shall be substituted by the following, namely, - “(d) "Collateral management Company" or "CMC" means a kind of Agriculture Promotion Company as defined in Section 457(5) of the Act and registered with the Commission under these Regulations;” (2) In regulation 2, sub-regulation (1), clause (g), the definition of “Depositor of Produce” shall be substituted by the following, namely, - “(g) Depositor of Produce means a person who delivers Produce to the Warehouse Operator for storage or transfer of ownership and such term shall, as the context may require, include the legal heirs, assignees, and any other successor-in-interest of such a person;” (3) In regulation 2, sub-regulation (1), clause (h), the definition of “Electronic Warehouse Receipt” shall be substituted by the following, namely, - “(h) "Electronic Warehouse Receipt" or "EWR" means a system generated warehouse receipt issued by accredited Warehouse Operator and shall also be deemed, where applicable, as a proof of storage of Produce;” (4) In regulation 2, sub-regulation (1), clause (j), the definition of “Eligible Pledgee” shall be omitted; (5) In regulation 2, sub-regulation (1), clause (k) and (l) shall be renumbered as clause (j) and (k) respectively; (6) In regulation 2, sub-regulation (1), clause (n), the definition of “Physical Warehouse Receipt” shall be substituted by new definition of “Goods Receiving Note” and shall be renumbered as (l), namely, -