Draft Amendment to Securities Brokers (Licensing and Operations) Regulations, 2016 on Beneficial Ownership

Government of Pakistan
Securities and Exchange Commission of Pakistan -.-.-.- Islamabad, the 10 th September, 2018 NOTIFICATION S. R. O. 1100 (I)/2018.- The following amendments to the Securities Brokers (Licensing and Operations) Regulations, 2016 proposed to be made by the Securities and Exchange Commission of Pakistan in exercise of powers conferred by section 169 of the Securities Act, 2015 (III of 2015) read with section 114 of the Futures Market Act, 2016 (XIV of 2016) are hereby published for the information of all persons likely to be affected thereby and, as required by sub￾section (4) of the said section 169 and sub-section (4) of said section 114, notice is hereby given that objections or suggestions thereon, if any, may be sent to the Commission within fourteen days of placement of draft amendments on the website of the Commission, namely:- DRAFT AMENDMENTS In the aforesaid Regulations, (1) in regulation 4, after clause (k), the following new clause shall be inserted, namely:- “(l) its ultimate beneficial owners have not been convicted in any predicate offences provided under Anti-Money Laundering Act, 2010 (VII of 2010), Anti-Terrorist Act 1997 (XXVII of 2010) or any other criminal offence. Explanation:- For the purposes of this regulation, the expression “ultimate beneficial owners” includes natural person or individual who ultimately own or control the entity.”. [No. SMD/SE/2(267)/2016]