Futures Exchanges (Licensing and Operations) Regulations 2017

The Securities and Exchange Commission of Pakistan establishes licensing requirements for futures exchanges, mandating an application fee of five million rupees and an annual renewal fee of one million five hundred thousand rupees. Applicants must maintain a minimum net worth of one billion rupees if also holding a securities exchange license, or five hundred million rupees otherwise. The regulations define senior management roles, impose fit and proper criteria on directors and promoters, and require a board composition of at least seven directors with one-third being independent. Additional obligations include maintaining robust risk management systems, establishing settlement guarantee and investor protection funds, and securing prior Commission approval for shareholding changes and the appointment of the chief executive officer.

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Government of Pakistan
Securities and Exchange Commission of Pakistan Islamabad, 22nd June, 2017 NOTIFICATION S. R.O. 547(1)/2017. In exercise of the powers conferred by sub-section (1) of section 114 read with sections 4, 5, 18, 20, and 95 of the Futures Market Act, 2016, the Securities and Exchange Commission of Pakistan is pleased to make the following regulations, the same having been previously published in the Official Gazette vide SRO 239(I)/2017 dated April 5, 2017, and also placed on its website as required under sub-section (4) of section 114 of the said Act, namely:-
CHAPTER I
PRELIMINARY

Short title and commencement.- (1) These regulations shall be called the Futures
Exchanges (Licensing and Operations) Regulations, 2017.
(2) They shall come into force at once.
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) "Ordinance" means the Companies Ordinance, 1984 (XLVII of 1984); and (c) “Securities Act” means the Securities Act, 2015 (III of 2015); and (d) "senior management officer" shall have the same meaning as assigned to it in clause (47) of section (2) of the Act, and also includes the following,- (i) company secretary; (ii) chief financial officer; (iii) head of internal audit; (iv) head of Information Technology (IT); (v) head of Operations; and (vi) chief risk officer

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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