Regulatory Alerts2023-09-22
Added · Updated
Draft Amendments to Futures Brokers Licensing Regulations
The Securities and Exchange Commission of Pakistan proposes creating an 'Agri-Only futures broker' sub-category with a reduced minimum net worth requirement of Rs. 5 million, compared to Rs. 10 million for standard futures brokers. The amendments introduce specific licensing forms, educational qualification standards requiring 16 years of education, and corporate governance exemptions for single-member companies in this category. Additionally, futures exchanges are mandated to scrutinize license renewal applications one month prior to expiry, considering customer complaints and compliance records, while brokers offering internet-based trading must implement strict cyber-security and digital signing protocols.
Topics
Share