RegAlert2018-08-31
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 and net worth of at least one billion rupees, with existing entities required to reach four billion and seven billion rupees respectively within five years. The regulations impose strict shareholding limits, capping collective securities exchange ownership at forty percent, foreign holdings at twenty percent, and individual non-exchange shareholders at fifteen percent. Central depositories must maintain fit and proper criteria for all directors and senior management, ensure adequate infrastructure and cyber security, and obtain prior Commission approval for any changes to their memorandum of association or share transfers.
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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 same meaning as assigned to them in the Act, the Ordinance, the Securities and Exchange Commission of Pakistan Act, 1997 (XLII of 1997) or the Depositories Act or any rules or regulations made thereunder.
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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.