Regulatory Alerts2023-09-01
Added · Updated
Circular 13 of 2023: Licensing and Allied Applications with Sponsors/Directors as Foreign Individuals/Entities
The Securities and Exchange Commission of Pakistan mandates that license applications for regulated activities under the Securities Act, 2015 and the Futures Market Act, 2016, involving foreign sponsors, directors, or shareholders, require prior security clearance from the Ministry of Interior. This requirement also applies to any subsequent changes in the status of sponsors, directors, or shareholders to foreign nationals or entities. The directive applies to all regulated entities seeking licenses or modifications under the specified acts and came into immediate effect on August 31, 2023.
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