Regulatory Alerts2020-09-28
Added · Updated
Amendments to the Limited Liability Partnership Regulations, 2018
The Securities and Exchange Commission of Pakistan amends the Limited Liability Partnership Regulations, 2018 to introduce a definition of 'ultimate beneficial owner' as a natural person holding at least one-fourth of net profits and losses or exercising control. It mandates every Limited Liability Partnership to maintain a register of ultimate beneficial owners, requiring partners with significant interests to submit declarations identifying such owners within fourteen days of notice or partnership induction. LLPs must file an annual declaration of compliance with the registrar within fifteen days of receiving partner declarations and are required to use new specific forms for notices, declarations, and compliance reporting.