Non-Banking Finance Companies and Notified Entities Regulations, 2008

NON-BANKING FINANCE COMPANIES
AND NOTIFIED ENTITIES REGULATIONS, 2008

SECURITIES AND EXCHANGE COMMISSION OF PAKISTAN * Islamabad the 21 st November, 2008 NOTIFICATION S.R.O. 1203(I)/2008.- In exercise of the powers conferred by sub-section (2) of section 282B of the Companies Ordinance, 1984 (XLVII of 1984), the Securities and Exchange Commission of Pakistan hereby notifies the following Non-Banking Finance Companies and Notified Entities Regulations, 2008 for the regulation of NBFCs carrying out leasing, investment finance services, housing finance services, 1 [discounting services, micro financing] asset management services and investment advisory services and their business activities and notified entities being managed by the aforementioned NBFCs 2 [and Pension Fund Managers and pension fund scheme business managed by them]. [PART I Title and definitions]

1. Short title and commencement.- (1) These Regulations shall be called the
   Non-Banking Finance Companies and Notified Entities Regulations, 2008.
   (2) They shall come into force at once.
2. Definitions.- (1) In these Regulations, unless there is anything repugnant in the
   subject or context,-
   (i) “Asset Management Company” means an NBFC licensed by the Commission to provide asset management services; [(ia) “Buy Now Pay Later (BNPL)” means a buy now pay later arrangement, or a series of arrangements (a) under which a person (the merchant) supplies good or services to another person (the consumer); (b) under which a third person (the BNPL provider) directly or indirectly pays the merchant an amount that is for the supply mentioned in paragraph (a); and (c) that includes a contract between the BNPL provider and the consumer under which the BNPL provider provides finance to the consumer in connection with the supply mentioned in sub-clause (a);] [omitted]