Amendments to the Companies (Incorporation) Regulations, 2017

GOVERNMENT OF PAKISTAN
SECURITIES AND EXCHANGE COMMISSION OF PAKISTAN -.-.-.- Islamabad, the 28th September, 2020 NOTIFICATION S.R.O. 927 (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 (Incorporation) Regulations, 2017, the same having been previous published vide S. R. O. 865(I)/2020, dated September 11, 2020, namely:- AMENDMENTS In the aforesaid Regulations,-

1. in regulation 9, -
   i. the title of the regulation shall be changed to “other information to be
   obtained or provided”.
   ii. after sub-regulation (1), following new sub-regulation shall be added,
   namely:-
   “(2) in case of a subscriber holding at least twenty five percent of the shares, voting rights or controlling interest in the proposed company on behalf of some other natural or legal person, following additional particulars of ultimate beneficial owner(s), shall be obtained and maintained:
   a. Name of the subscriber (natural or legal person) b. Name of the natural person(s) who is/are the Ultimate Beneficial Owner (UBO) of subscriber
   c. Father’s name/Spouse’s Name of UBO
   d. NIC/NICOP/ Passport no. of UBO along with date of issue e. Nationality of UBO f. Country of origin of UBO (in case of foreign national or dual national) g. Usual residential address of UBO h. Email address of UBO
   i. Date in which the UBO status was acquired
   (3) in case of indirect shareholding, control or interest being exercised through intermediary companies, entities or other legal persons or legal arrangements in the chain of ownership or control through at least twenty-five percent of the shares, voting rights or controlling interest in the proposed company, reasonable measures shall be taken to obtain the