RegAlert2024-05-31
Added · Updated
Futures Exchanges (Licensing and Operations) Regulations 2017
The Securities and Exchange Commission of Pakistan establishes licensing requirements for futures exchanges, mandating an initial 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 five hundred million rupees, or one billion rupees if also holding a securities exchange license, and comply with strict governance standards including board composition and fit-and-proper criteria for directors and senior management. The regulations further require the implementation of robust risk management, cyber security, and business continuity systems, alongside the establishment of settlement guarantee and investor protection funds.
SECP published 3 documents in the last 30 days — get each new one by email the day it lands.
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
Read the rest free, and get an email when SECP publishes again
Lineage: In force
Show all related documents (11)
- Amends
- Regulation dated 2022-10-14not in RegAlertRegulation No. 1063 dated 2023-08-10not in RegAlertRegulation No. 1666 dated 2023-11-17not in RegAlertRegulation No. 1913 dated 2022-10-14not in RegAlertRegulation No. 414 dated 2023-03-29not in RegAlertRegulation No. 561 dated 2022-04-27not in RegAlert
- Issued under
- Futures Market Act, 2016 (Act No. XIV of 2016)2016The Securities and Exchange Commission of Pakistan Act, 1997 (Act No. XLII of 1997)1997
- Refers to
- The Securities Act, 2015 (Act No. III of 2015)2015Central Depositories Act, 1997 (Act No. XIX of 1997)1997The Companies Ordinance, 1984 (Ordinance No. XLVII of 1984)1984
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
More like this from SECP
SECP published 3 documents in the last 30 days. We email you each new one the day it's published.