RegAlert2016-02-15
Added · Updated
Central Depositories (Licensing and Operations) Regulations, 2016
The Securities and Exchange Commission of Pakistan establishes licensing requirements for central depositories, mandating an initial paid-up capital of one billion rupees and a net worth of one billion rupees, with existing entities required to meet higher thresholds of four billion and seven billion respectively within five years. The regulations restrict shareholding to specific financial institutions and impose limits, including a maximum of forty-nine percent for non-exchange shareholders and fifteen percent for any single shareholder other than a securities exchange. Central depositories must maintain fit and proper directors, ensure cyber security and business continuity plans, and provide insurance coverage for beneficial owners against losses caused by negligence or default.
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Government of Pakistan
Securities and Exchange Commission of Pakistan NOTIFICATION Islamabad, the 15th February, 2016 S. R. O. 120 (I)/20161 . - In exercise of powers conferred by sub-section (1) of section 169 read with sections 48, 49, 50, 59, 60, 61 and 151 of the Securities Act, 2015 the Securities and Exchange Commission of Pakistan hereby makes the following Regulations, the same being previously published in the official gazette vide S.R.O. 1196(I)/2015 dated 2nd December 2015 and also placed on its website as required under sub-section (4) of section 169 of the said Act, namely:-
CHAPTER I
PRELIMINARY
- Short title and commencement. - (1) These Regulations shall be called the
Central Depositories (Licensing and Operations) Regulations, 2016.
(2) They shall come into force at once. - 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) “Depositories Act” means the Central Depositories Act, 1997 (XIX of 1997) (c) “Ordinance” means the Companies Ordinance, 1984 (XLVII of 1984); and (d) “senior management officer” for the purposes of these regulations in addition to the persons mentioned in clause (lviii) of section (2) of the Act include the following, by whatever name called:
(i) company secretary
(ii) chief financial officer
(iii) head of internal audit
(iv) head of IT, IT security or technology
(v) chief risk and compliance officer
(2) Words and expressions used but not defined in these Regulations shall have the
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Lineage: In force
Show all related documents (14)
- Amends
- Regulation No. 1064 dated 2023-08-10not in RegAlertRegulation No. 1270(I)/2020 dated 2020-11-26not in RegAlertRegulation No. 1304 dated 2019-11-01not in RegAlertRegulation No. 1417 dated 2021-11-03not in RegAlertRegulation No. 18 dated 2021-01-11not in RegAlertRegulation No. 412 dated 2023-03-29not in RegAlert
+4 more
Regulation No. 549 dated 2020-06-11not in RegAlertRegulation No. 82 dated 2017-02-07not in RegAlertRegulation No. 962(I)/2022 dated 2022-06-23not in RegAlertRegulation No. 994 dated 2018-08-10not in RegAlert - Issued under
- The Securities Act, 2015 (Act No. III of 2015)2015The Securities and Exchange Commission of Pakistan Act, 1997 (Act No. XLII of 1997)1997
- Refers to
- Central Depositories Act, 1997 (Act No. XIX of 1997)1997The Companies Ordinance, 1984 (Ordinance No. XLVII of 1984)1984
Source: Securities and Exchange Commission of Pakistan — original document · Summary generated with machine assistance and reviewed before publication; the authoritative text is the regulator's original document. How RegAlert works
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SECP published 3 documents in the last 30 days. We email you each new one the day it's published.