Regulatory Alerts2016-06-06
Added · Updated
Issue of Sukuk Regulations 2015
The Securities and Exchange Commission of Pakistan establishes regulations governing the issuance of Sukuk by companies, Special Purpose Vehicles, and other bodies corporate to the public or Qualified Institutional Buyers. Issuers must maintain a minimum credit rating of BBB- for the entity and BBB for the instrument, appoint a Shariah Advisor and Investment Agent, and ensure proceeds are utilized as disclosed in the Offering Document. The regulations mandate specific disclosure requirements, including prospectuses for public issues and information memoranda for private placements, alongside annual Shariah compliance audits and reporting obligations to the Commission.
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