Regulatory Alerts2021-10-06
Added · Updated
Draft Amendments to the Associations with Charitable and Not for Profit Objects Regulations, 2018
The Securities and Exchange Commission of Pakistan proposes amendments to the Associations with Charitable and Not for Profit Objects Regulations, 2018, requiring companies to receive all funds through banking channels, with cash donations under Rs. 20,000 permissible if deposited within three working days. The draft mandates that promoters, directors, and chief executive officers meet fit and proper criteria, including specific qualification and experience requirements for single and multiple object companies, and necessitates prior security clearance for foreign funding, members, directors, or chief executive officers. Additionally, the regulations introduce new affidavit requirements for appointments, update reporting forms, and clarify that license conditions contradicting these regulations are void.