Regulatory Alerts2018-11-07
Added · Updated
Amendments to the Securities Brokers (Licensing and Operations) Regulations, 2016
The Securities and Exchange Commission of Pakistan inserts a new clause (l) into regulation 4 of the Securities Brokers (Licensing and Operations) Regulations, 2016. This amendment requires that the ultimate beneficial owners of a securities broker have not been convicted of predicate offences under the Anti-Money Laundering Act, 2010, the Anti-Terrorist Act, 1997, or any other criminal offence. The definition of ultimate beneficial owners is specified to include any natural person who ultimately owns or controls ten percent or more of the entity.