Amendments to the Futures Brokers (Licensing and Operations) Regulations, 2018

GOVERNMENT OF PAKISTAN
SECURITIES AND EXCHANGE COMMISSION OF PAKISTAN -.-.-.- Islamabad, 21st October, 2019 NOTIFICATION S. R. O. 1239 (I)/2019. - In exercise of the powers conferred by sub-section (1) of
section 114 read with sections 58, 59, 60, 61, 62, 63, 64, 66, 68 and 95 of the Futures Market
Act, 2016, (XIV of 2016), the Securities and Exchange Commission of Pakistan is pleased to make the following amendments to the Futures Brokers (Licensing and Operations) regulations, 2018, the same having been previously published in the official Gazette vide SRO 1116(I)/2019, dated September 19, 2019, namely:- In the aforesaid Regulations,- (1) in regulation 4, in sub-regulation (1), for clause (k) and proviso the following shall be substituted, namely:- “(k) In case of a company other than a company deemed licensed under regulation 3 above, its sponsors have submitted verifiable documents such as wealth statement submitted with the tax authorities or a certificate issued by an auditor enlisted within category “A” of the State Bank of Pakistan’s panel of auditors to demonstrate that its net worth is not less than twice the amount to be subscribed by him personally”; (2) in regulation 7,- (a) in sub-regulation (1), the expression “and net capital balance of Rupees five (05) million” shall be deleted; (b) in sub-regulation 2, for the words “immediately” the expression “ allow a further period of 30 calendar days to the futures broker to comply with the minimum capital requirement and failing of which the futures exchange shall” shall be substituted; (c) sub-regulations 3, 4 , 5 and 6 shall be deleted; (3) in regulation 9,- (a) in sub-regulation (1), after the words “along with” the words “an undertaking stating that it is in compliance with all regulatory requirements and” shall be added; (b) sub-regulation (3), shall be deleted; (c) for sub-regulation (4), the following shall be substituted, namely:- “(4) The Commission upon being satisfied that the applicant continues to meet the requirements for licensing, is in compliance with the provisions of the Act, any rules, regulations, notifications, directives,