Amendments to the Securities and Futures Advisers (Licensing and Operations) Regulations, 2017

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GOVERNMENT OF PAKISTAN
SECURITIES AND EXCHANGE COMMISSION OF PAKISTAN -.-.- NOTIFICATION Islamabad, the 15th January, 2021 S. R. O. 49 (I)/2021.- In exercise of powers conferred by section 169 of the Securities Act, 2015 (III of 2015) and section 114 of the Futures Market Act, 2016 (XIV of 2016), the Securities and Exchange Commission of Pakistan hereby makes the following amendments to the Securities and Futures Advisers (Licensing and Operations) Regulations, 2017, the same having been previously published in the official Gazette vide S.R.O 647(I)/2020 dated July 27, 2020 namely:- In the aforesaid Regulations,- (1) In regulation 4,- (a) in sub-regulation (1), in clause (c), for the colon (:), at the end, the expression “; or” shall be substituted and thereafter following new clause shall be inserted, namely: - “(d) An individual having relevant mandatory certifications from the Institute of Financial Markets as specified by the Commission and meeting fit and proper criteria given at Annexure A.” (b) in sub-regulation (2), in clause (g), after the first proviso at the end, following new proviso shall be inserted, namely: - “Provided further, that in case of an individual, the conditions referred in sub-regulation (2) above, shall not be applicable except clause (a), (f) and (g).” (2) In regulation 6, in first paragraph, after the words “in case of a company” the expression “and Rs. 500,000 in case of an individual” shall be inserted; (3) In Annexure A,- (a) under the heading Application and Scope, in second paragraph, after the word “future advisers” appearing for the first time, the expression “, in case if it is a company,” shall be inserted; (b) under the heading “Financial Soundness and Integrity” after clause (iv), following new clause shall be inserted, namely;