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.

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PART II
Statutory Notifications (S.R.O)
GOVERNMENT OF PAKISTAN
SECURITIES AND EXCHANGE COMMISSION OF PAKISTAN -.-.-.-.- Islamabad, the 4 th October, 2021 NOTIFICATION S. R. O. 1325 (I)/2021.- The following draft amendments to the Associations with Charitable and Not for Profit Objects Regulations, 2018 proposed to be made by the Securities and Exchange Commission of Pakistan in exercise of powers conferred by section 512 of the Companies Act, 2017 (XIX of 2017), are hereby published for information of all the persons likely to be affected thereby and notice is hereby given that comments, if any, received within fourteen days from the date of publication of this notification will be taken into consideration by the Securities and Exchange Commission of Pakistan, namely:- DRAFT AMENDMENTS In the aforesaid regulations,-

in regulation 5, sub-regulation (3) shall be omitted;
in regulation 7,-
(a) in clause (ii), for the colon at the end a semi colon shall be substituted and thereafter the proviso shall be omitted; (b) for clause (ix), the following shall be substituted, namely:- “(ix) The Company may alter its Memorandum and Articles of Association subject to compliance of relevant provisions of the Act;”; (c) clause (xiv), shall be omitted;

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Lineage: Amended

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Timeline

Amended 1 time · last 2021-12-06

2021-12-06SECPAmendments to the Associations with Charitable and Not for Profit Objects Regulations, 2018amends

Source: Securities and Exchange Commission of Pakistan — original document · Summary generated with machine assistance and reviewed before publication; the authoritative text is the regulator's original document. How RegAlert works