RegAlert2024-02-19
Added · Updated
Fit and Proper Criteria for Promoters, Board of Directors & CEO of Corporate Restructuring Companies
The Securities and Exchange Commission of Pakistan mandates fit and proper criteria for the eligibility assessment of promoters, major shareholders, directors, and the Chief Executive Officer of Corporate Restructuring Companies. Proposed directors and CEOs must obtain prior Commission approval before assuming office, with applications requiring specific information and affidavits. The assessment considers integrity, financial soundness, competence, and conflict of interest, while directors require at least five years of senior management experience and CEOs seven to ten years. The criteria are perpetual, prohibiting individuals from holding concurrent roles in other CRCs or the Corporate Restructuring Board.
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SECURITIES AND EXCHANGE COMMISSION OF PAKISTAN SPECIALIZED COMPANIES DIVISION POLICY, REGULATION AND DEVELOPMENT DEPARTMENT
No. SC/NBFC-1-204/R/CRCR/2023/ 53
February 06, 2024
Circular No. 6 of 2024
Subject: Fit and Proper Criteria for Promoters, Board of Directors & Chief Executive Officer of the Corporate Restructuring Companies
The Securities and Exchange Commission of Pakistan (the “Commission”), in exercise of powers conferred under section 17 of the Corporate Restructuring Act, 2016 (the “Act”) read with rule 3(1) of the Corporate Restructuring Companies Rules, 2019 (the “Rules”), hereby prescribes the following fit and proper criteria for eligibility assessment of promoters, major shareholders, board of directors and Chief Executive Officer of a Corporate Restructuring Company (CRC): -
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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
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SECP published 3 documents in the last 30 days. We email you each new one the day it's published.