Centralized Customer Protection Compensation Fund Regulations, 2017

Securities exchanges must establish and maintain a centralized customer protection compensation fund, with its minimum size determined every three years by an independent expert using Commission-approved methodologies. The fund is financed through initial contributions from demutualization trust funds, ongoing levies on traded securities, a percentage of exchange revenue, fines, and investment income. When customer claims exceed assets recovered from a defaulter, securities exchanges must pay the shortfall from the fund on a pro-rata basis, while also maintaining claim databases and disclosing fund balances publicly.

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PART II
Statutory Notifications (S. R. O)
GOVERNMENT OF PAKISTAN
Securities and Exchange Commission of Pakistan NOTIFICATION Islamabad, the 28th April, 2017. S.R.O. 301(I)/2017. - In exercise of the powers conferred by clause (h) of sub-section (2) of
section 169 of the Securities Act, 2015 (III of 2015), read with clause (b) of section 43 of the
Securities and Exchange Commission of Pakistan Act, 1997 (XLII of 1997), thereof, the Securities and Exchange Commission of Pakistan is pleased to make the following regulations, the same having been previously published vide S.R.O. 506(I)/2016 dated 1 st June, 2016 as required by sub-section (4) of section 169 of the said Act, namely:-

Short title and commencement.- (1) These regulations shall be called the
Centralized Customer Protection Compensation Fund Regulations, 2017.
(2) They shall come into force from the date of publication of the Customers Compensation Fund (Establishment and Operation) Rules, 2017 in the official Gazette.
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) “demutualization regulations” means the Stock Exchanges (Corporatisation, Demutualization and Integration) Regulations, 2012 prescribed under the Stock Exchanges (Corporatisation, Demutualization and Integration) Act, 2012; and

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Lineage: In force

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Issued under: The Securities Act, 2015 (Act No. III of 2015)2015 The Securities and Exchange Commission of Pakistan Act, 1997 (Act No. XLII of 1997)1997 Central Depositories Act, 1997 (Act No. XIX of 1997)1997 The Companies Ordinance, 1984 (Ordinance No. XLVII of 1984)1984Act No. XV of 2012not in RegAlert

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