Oversight Regulations for Self-Regulatory Bodies of Accountants, 2020

Government of Pakistan
Securities and Exchange Commission of Pakistan -.-.-.- Islamabad, Dated 28th September 2020 S.R.O. 919 (I)/2020. - In exercise of the powers conferred by section 6C of the Anti-Money Laundering Act 2010 (VII of 2010) (“the AML Act”), the Securities and Exchange Commission of Pakistan is pleased to make the following Regulations: -
CHAPTER I
PRELIMINARY

1. Short Title and Commencement. – (1) These shall be called as the “Oversight Regulations for Self￾Regulatory Bodies of Accountants, 2020”.
   (2) They shall come into force at once.
2. Definitions. – For the purpose of this regulation:

1. In this Regulations, unless there is anything repugnant in the subject or context;
   i) “Act” means Anti-Money Laundering Act, 2010. ii) The words and expression used but not defined in these regulations shall have the same meaning as are assigned to them in the Act.
2. “Member in Practice” – means a member of the Institute having certificate of practice and:
   i) Practicing as a "Chartered Accountant" individually (i.e. as a sole-proprietor) or in partnership with chartered accountants. ii) Practicing as a "Management Consultant".
3. “Oversight Body” means the Securities and Exchange Commission of Pakistan “SECP”
4. “Reporting Entity” means Member(s) in Practice when they conduct any activity as specified in
   AMLA in sections (2) (xii) (c) and/or (d).
5. “Self-Regulatory Bodies or “SRB” means:
   i) Institute of Chartered Accountants of Pakistan (ICAP) ii) Institute of Cost and Management Accountants of Pakistan (ICMAP)
   CHAPTER II

3. Duties of Self-Regulatory Body (SRB): —
   (1) Risk Based Approach: Every SRB shall: -
   (a) identify, assess and understand the ML/TF risks to which that SRB’s reporting entities are subject (b) adopt a risk-based approach to the exercise of its supervisory functions as informed by the national risk assessments and the risk assessment carried out by the SRB itself;