Asset Backed Securitization Regulations, 2022

GOVERNMENT OF PAKISTAN
SECURITIES AND EXCHANGE COMMISSION OF PAKISTAN Islamabad, the 1 st December, 2022 NOTIFICATION S.R.O. 2135 (I)/2022.- In exercise of the powers conferred by sections 512, 63 and 66 of the Companies Act, 2017 (XIX of 2017), read with section 169 of the Securities Act, 2015 (III of 2015) , the Securities and Exchange Commission of Pakistan hereby makes the following regulations, the same had previously been published in the Official Gazette vide S.R.O. 870 (I)/2022 dated June 23, 2022 as required by sub-section (4) of section 169 of the Securities Act, 2015, namely:-
CHAPTER I
PRELIMINARY

1. Short title and commencement. __ (1) These regulations shall be called the
   Asset Backed Securitization Regulations, 2022.
   (2) They shall come into force at once.
   (3) They shall apply to offer of debt securities, including redeemable capital, debentures and sukuk by special purpose vehicles under securitization process. (4) Special purpose vehicles owned or controlled by the Federal Government or Provincial Government may also adopt these regulations to the extent in accordance with applicable law.
2. Definitions. __ (1) In these regulations, unless there is anything repugnant in the
   subject or context –
   (a) “Act” means the Securities Act, 2015 (III of 2015); (b) “Commission” means the Securities and Exchange Commission of Pakistan; (c) “Obligor” means an entity/person who is obligated to make payments on debt or receivables under a contractual agreement or any other arrangement; (d) “Regulations” means the Asset Backed Securitization Regulations, 2022; (e) “Rules” means the Companies (Asset Backed Securitization) Rules, 1999; (f) “Schedule” means a schedule appended to these Regulations. (2) All other terms and expressions used but not defined in these regulations shall have the same meanings as are assigned to them in the Rules, the Act, the Companies Act, 2017 (XIX of 2017) or the Securities and Exchange Commission of Pakistan Act, 1997 (XLII of 1997).