Regulatory Alerts2023-04-18
Added · Updated
Draft Amendments to Foreign Companies Regulations, 2018
The Securities and Exchange Commission of Pakistan proposes substituting regulation 13(1) to allow foreign companies to file constituting documents certified by a public officer, notary public, authorized officer affidavit, or apostilled under the 1961 Hague Convention if the state of origin is recognized by Pakistan. Additionally, regulation 14(2) is amended to accept translations of such documents if they are apostilled by the designated competent authority of the recognized state of origin. These draft amendments are published for public comment, with suggestions or objections to be received within fourteen days of publication in the official Gazette.
Government of Pakistan Securities and Exchange Commission of Pakistan -.-.-.- Islamabad, the 10th April, 2023 NOTIFICATION S.R.O. 472 (I)/2023.- The following draft amendments to Foreign Companies Regulations, 2018 proposed to be made by Securities and Exchange Commission of Pakistan in exercise of the powers conferred under section 512 of the Companies Act, 2017 (XIX of 2017), are hereby published, as required by proviso to the said section 512, for information of all the persons likely to be effected thereby and notice is hereby given that suggestions or objections, if any, received within a period of fourteen days from the date of its publication in the official Gazette, shall be taken into consideration by the Securities and Exchange Commission of Pakistan, namely:- DRAFT AMENDMENTS In the aforesaid Regulations, - (1) in regulation 13,for sub-regulation (1)the following shall be substituted namely: “(1) A copy of any charter, statute, memorandum, articles or other instrument, constituting or defining the constitution of a foreign company required to be filed with the registrar under clause (a) of sub-section (1) of section 435 and 436 and any other document required to be filed under Part XII of the Act and these regulations, shall be duly – (i) certified to be a true copy by the public officer in the country where the company is incorporated to whose custody the original is committed; or (ii) certified to be a true copy by a Notary public of the country where the company is incorporated; or (iii) certified to be a true copy by an affidavit of an authorized officer of the company duly authorized in the country where the company is incorporated; or (iv) apostillised by the designated competent authority of the state of origin of the foreign public document, who have acceded to the Hague Convention abolishing the requirement of Legalisation for foreign public documents (Apostille Convention) of 1961 and such state is also recognized by the Government of Pakistan for receiving of apostillised documents.’’;
(2) in regulation 14, in sub-regulation (2) in proviso, for the full stop at the end, a colon shall be substituted and thereafter the following new proviso shall be added, namely:- ‘’Provided further that such translation shall also be accepted if the translated document is apostillised by the designated competent authority of the state of origin of the foreign public document, who have acceded to the Hague Convention abolishing the requirement of Legalisation for foreign public documents (Apostille Convention) of 1961 and such state is also recognized by the Government of Pakistan for receiving of apostillsed documents.”. [File No. CLD/CCD/PR(12)/2017]