Amendments to the Foreign Companies Regulations, 2018

GOVERNMENT OF PAKISTAN
SECURITIES AND EXCHANGE COMMISSION OF PAKISTAN -.-.-.- Islamabad, the 28th September, 2020 NOTIFICATION S.R.O. 926 (I)/2020.- In exercise of the powers conferred under 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 Foreign Companies Regulations, 2018, the same having been previously published vide S.R.O. 866 (I)/2020 dated September 11, 2020 as required by proviso to sub-section (1) of section 512, namely:- AMENDMENTS

1. In the aforesaid Regulations, in regulation 2, in sub-regulation (1), -
   a. After clause (vii), the word “and” shall be deleted; b. After clause (viii), the semi-colon (;) and the word “and” shall be inserted;
   c. After clause (viii), clause (ix) shall be inserted as under:
   (ix) ultimate beneficial owner means a natural person who ultimately owns or controls a foreign company, whether directly or indirectly, through at least 25% of shares or voting rights or by exercising effective control in that company through other means. ‘Control through other means’ may be exercised through a chain of ownership or through close relatives or associates having significant influence or control over the finances or decisions of the foreign company.
2. In the aforesaid Regulations, in regulation 6, sub-regulation (3) shall be renumbered
   as sub-regulation (2)
3. In the aforesaid Regulations, after regulation 6, a new regulation 6A shall be inserted
   as follows:
   6A. Maintenance of records of ultimate beneficial owners of foreign company.- In case of a member of a foreign company holding at least twenty five percent of the shares, voting rights or controlling interest in the foreign company on behalf of some other person, following additional particulars of ultimate beneficial owner(s), shall be obtained, maintained and duly updated by the foreign company:
   a. Name of the member of the foreign company not having beneficial interest in the foreign company b. Name of the natural person who is the ultimate beneficial owner of the foreign company
   c. Father’s name/Spouse’s Name
   d. NIC/NICOP/ Passport no. alongwith date of issue e. Nationality f. Country of origin