Regulatory Alerts2023-12-05
Added · Updated
Draft Amendments to Modaraba Regulations, 2021
The Securities and Exchange Commission of Pakistan proposes substituting the 10% threshold with 20% in Regulation 11 and mandating IFRS 9 compliance after its adoption in Regulation 14. New requirements are introduced for advertisements inviting investment in Certificate of Mudaraba, requiring disclosure of credit ratings, tenor, expected profit rates, and specific risk disclaimers under Regulation 17. The document omits Regulation 18, imposes a thirty-day deadline for appointing a new chief executive under Regulation 26, and requires independent directors to be selected from a Commission-notified data bank.
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