Regulatory Alerts2012-03-30
Added · Updated
Debt Securities Trustee Regulations, 2012
The Securities and Exchange Commission of Pakistan establishes a mandatory registration framework for entities acting as Debt Securities Trustees, requiring existing providers to register within three months and new applicants to submit Form A with a non-refundable fee of one hundred thousand rupees. The regulations define eligibility criteria for Scheduled Banks, Development Finance Institutions, and Investment Finance Companies, while imposing strict conflict-of-interest prohibitions and detailed operational duties, including semi-annual reporting on covenant compliance and redemption reserves. Registration is valid for three years and subject to renewal, with the Commission empowered to restrict, suspend, or cancel registration for non-compliance, fraud, or failure to meet minimum requirements.