Regulatory Alerts2020-09-28
Added · Updated
Amendments to the Companies (Incorporation) Regulations, 2017
The Securities and Exchange Commission of Pakistan amends Regulation 9 to mandate the collection of specific ultimate beneficial owner details for subscribers holding at least twenty-five percent of shares, voting rights, or controlling interest. The amendments require obtaining personal identification data, including names, nationalities, and contact information, for both direct and indirect beneficial owners through intermediary entities. Additionally, Inc. Form-II is updated to include fields for subscriber and director particulars, such as former names, nationalities, and designations, while Section F is modified to require confirmation that UBO information has been obtained and recorded.
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