RegAlert2020-09-28
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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GOVERNMENT OF PAKISTAN
SECURITIES AND EXCHANGE COMMISSION OF PAKISTAN -.-.- Islamabad, the 28th September, 2020 S.R.O. 928 (I)/2020.- 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 Companies (General Provisions and Forms) Regulations, 2018, the same having been previously published vide S. R. O. 867(I)/2020 dated September 11, 2020, namely:- AMENDMENTS In the aforesaid Regulations,-
- In regulation 4, after serial No. 45, the following shall be added, namely:-
46 Form 40 Public notice to holders of securities of bearer nature issued by a company
Section 60A and
Regulation 16A (1)
47 Form 41 Register containing particulars of holders of securities of bearer nature and particulars of such securities surrendered or cancelled
Section 60A and
Regulation 16A (4) and (6)
48 Form 42 Notice to members for providing particulars of ultimate beneficial owners
Section 123A (1) and
Regulation 19A (1)
49 Form 43 Declaration by member about ultimate beneficial owners
Section 123A (1) and
Regulation 19A (2)
50 Form 44 Declaration by member about change of ultimate beneficial owners or particulars thereof
Section 123A (2) and
Regulation 19A (3)
51 Form 45 Declaration of compliance with the provisions of section 123A of the Companies Act, 2017
Section 123A (2) and
Regulation 19A (5) - After regulation 16, the following new regulation shall be added, namely:-
“16A. Procedure for registration or cancellation of securities of bearer nature (1) Where a company has issued any equity or debt security of a bearer nature, by whatever name called, it shall, within three months of coming into force of section 60A of the Act, publish a notice as per Form 40, in at least one daily English and Urdu language national newspaper having wide circulation in the province in which the registered office of the company is situated, requiring the
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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
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