Regulatory Alerts2020-09-28
Added · Updated
Amendments to the Companies (General Provisions and Forms) Regulations, 2018
The Securities and Exchange Commission of Pakistan amends the Companies (General Provisions and Forms) Regulations, 2018, to introduce new procedures for bearer securities and ultimate beneficial owners. Companies must publish notices requiring holders of bearer securities to surrender them for registration within three months, with non-compliance leading to court-ordered cancellation. Additionally, companies are required to identify ultimate beneficial owners holding at least 25% of shares or voting rights, mandating members to submit declarations within fourteen days and companies to maintain detailed registers and file compliance forms with the registrar.
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