Futures Brokers (Licensing and Operations) Regulations, 2018

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Government of Pakistan
Securities and Exchange Commission of Pakistan Islamabad, 25th September, 2018 NOTIFICATION S. R. O. 1164(I)/2018.- In exercise of powers conferred by sub-section (1) of section 114 read with sections 58, 59, 60, 61, 62, 63, 64, 66, 68 and 95 of the Futures Market Act, 2016, (XIV of 2016), the Securities and Exchange Commission of Pakistan is pleased to make the following amendments to the Futures Brokers (Licensing and Operations) Regulations, 2018, the same having been previously published in the official Gazette vide SRO 1116(I)/2019 dated September 19, 2019, namely:
CHAPTER I
PRELIMINARY

1. Short title and commencement. - (1) These regulations shall be called the Futures Brokers
   (Licensing and Operations) Regulations, 2018.
   (2) These regulations shall come into force at once.
   (3) These regulations shall apply to Futures Brokers dealing in Futures contracts based on specified commodities and financial instruments offered by or traded on futures exchange other than a securities exchange.
2. Definitions.-(1) In these regulations, unless there is anything repugnant in the subject or context, –
   (a) "Act" means the Futures Market Act, 2016 (XIV of 2016); (b) “Annexure” means annexure appended to these regulations; (c) “advertisement” means dissemination or conveyance of information, or an invitation or solicitation, in respect of the services that the futures broker is licensed to carry on, by any means or in any form, including by means of, — (i) publication in a newspaper, magazine, journal or other periodical; (ii) display of posters, notices, billboards, hoardings etc.; (iii) circulars, handbills, brochures, pamphlets, books or other documents; (iv) letters addressed to individuals or bodies; (v) photographs or cinematograph films; (vi) sound broadcasting, television, the Internet or other media; or (vii) tele-marketing and SMS marketing. (d) “Companies Act” means the Companies Act, 2017 (XIX of 2017); (e) “customer bank account” means the bank account opened by the futures broker with a scheduled bank in Pakistan for deposit of money recevied by the broker from the customer for the purposes of trading in futures contracts; (f) “financail instrument” shall have the same meaning as defined in clause (22) of Section 2 of the Act; (g) “Form” means Forms appended to these regulations;