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Consultation · SECP · 20 May 2020

Draft amendments to Public Offering (Regulated Securities Activities) Regulations 2017

licensing
securities

The Securities and Exchange Commission of Pakistan proposes amendments to the Public Offering (Regulated Securities Activities Licensing) Regulations, 2017, to expand the definition of eligible consultants for an issue. The draft adds scheduled banks, audit firms, development financial institutions, and investment banks registered as market makers to the list of entities that can serve as consultants, while imposing market-making compliance requirements on the financial institutions. It also substitutes the eligibility criteria for underwriters to include scheduled banks, development financial institutions, Mutual Funds compliant with the non-banking finance companies framework, and licensed securities brokers. These draft changes are published for public consultation, with objections or suggestions to be considered if received within fourteen days of placement on the Commission's website.

PakistanSecurities and Exchange Commission of Pakistan

GOVERNMENT OF PAKISTAN
SECURITIES AND EXCHANGE COMMISSION OF PAKISTAN Islamabad, the 20 th May 2020 NOTIFICATION S.R.O. 456 (I)/2020. __ The following draft amendments to Public Offering (Regulated Securities Activities Licensing) Regulations, 2017 proposed to be made by the Securities and Exchange Commission of Pakistan in exercise of the powers conferred under section 169 of the Securities Act, 2015 (III of 2015), are hereby published for information of all the persons likely to be affected thereby and notice is hereby given that objections or suggestions, if any, received within fourteen days from the date of its placement on the website of the Commission, shall be taken into consideration by the Securities and Exchange Commission of Pakistan, namely:- In the aforesaid Regulations, - (1) In Schedule I, under heading “2. Specific Conditions:”,- (i) in clause “(2) Consultant to the issue:”, (a) in sub clause (i), after sub clause (a), following new sub clauses shall be added namely: - “(ai) a scheduled bank registered with the securities exchange as market maker; or (aii) an Audit firm engaged in professional management services; or (aiii) a development financial institution registered with the securities exchange as market maker; or (aiv) an investment bank registered with the securities exchange as market maker; or” (b) in sub clause (ii), the word “and”, at the end, shall be omitted. (c) after sub clause (iii), following new sub clause shall be added namely: - “(iv) in case of scheduled bank, investment bank and development financial institution registered with the securities exchange as market maker it must be compliant with all the requirements laid down by the securities exchange relating to market making.” (ii) in clause “(3) Underwriter:” for sub clause (i), following shall be substituted namely: -

“(i) it is a scheduled bank, a development financial institution, Mutual Funds compliant with non-banking finance companies framework or a licensed securities broker; and ” [No. SMD/Misc./01/2009] ( Ejaz Alam Khan ) Secretary to the Commission

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3 obligations · 1 permission · 4 definitions
  • Obligation 3
  • Permission 1
  • Definition / condition 4
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The documents this one cites, and the documents that cite it.

The Securities Act, 2015 (Act No.III of 2015)2015 · PK-LAWThe Securities Act, 2015 (Act No. III of 2015) (2015-05-13)Public Offering (RegulatedSecurities Activities Licensing) …Not in RegAlertPublic Offering (Regulated Securities Activities Licensing) Regulations, 2017 — Not in RegAlertDraft amendments to PublicOffering (Regulated Securitie…2020-05-20 · this documentDraft amendments to Public Offering (Regulated Securities Activities) Regulations 2017 (2020-05-20)
amendssupersedesissued underrefers todashed card: not in RegAlert (or proposed)arrows run from the older text to the one that changes it
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Amends
  • Public Offering (Regulated Securities Activities Licensing) Regulations, 2017Not in RegAlert

    “The following draft amendments to Public Offering (Regulated Securities Activities Licensing) Regulations, 2017 proposed to be made by the Securities and Exchange Commission of Pakistan”

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