Clearing Houses (Licensing and Operations) Regulations, 2016

# Government of Pakistan
Securities and Exchange Commission of Pakistan

## NOTIFICATION

Islamabad, the 9th August, 2016

S. R. O. **733** (I)/2016. - In exercise of powers conferred by sub-section (1) of section 169 read with sections 22, 23, 24, 35, 36, 37 and 151 of the Securities Act, 2015, the Securities and Exchange Commission of Pakistan hereby makes the following Regulations, the same have been previously published in the official Gazette vide S.R.O. 338(I)/2016 dated 15th April 2016 and also placed on its website as required under sub-section (4) of section 169 of the said Act, namely:-

## CHAPTER I
### PRELIMINARY

**1. Short title and commencement,**
(1) These Regulations shall be called the Clearing Houses (Licensing and Operations) Regulations, 2016.
(2) They shall come into force at once.

**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) "fund" means settlement guarantee fund established by the clearing house under section 26 of the Act;
(c) "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 information technology (IT);
    (v) head of IT security; and
    (vi) chief risk officer;
(d) "trust" means the trust constituted by the trust deed under the Trust Act, 1882 (II of 1882); and
(e) "Ordinance" means the Companies Ordinance, 1984 (XLVII of 1984).
(2) Words and expressions used but not defined in these Regulations shall have the