Research Analyst Regulations, 2015 (Amended as on Aug 1, 2017)

1
PART II
Statutory Notifications (S. R. O)
GOVERNMENT OF PAKISTAN
SECURITIES AND EXCHANGE COMMISSION OF PAKISTAN NOTIFICATION Islamabad, the27th July, 2015 S. R. O. 709 (I)/ 20151 . In exercise of powers conferred under clause (q) of sub-section (2) of section 169 of the Securities Act, 2015 (Act No. III of 2015), the Securities and Exchange Commission of Pakistan hereby makes the following regulations, the same being previously published in the Official Gazette via S.R.O. 232 (I)/2015 dated March 17, 2015 and also placed on its website as a requirement of sub-section (4) of the said Act, namely:-

1. Short title and commencement.- (1) These Regulations shall be called the Research Analyst Regulations,

(2) They shall come into force at once.
2. Definitions.-
a) “Act” means the Securities Act, 2015 (Act No III of 2015); b) “Close relative” shall mean the spouse(s) and lineal ascendant(s) and descendant(s) of the Research Analyst; c) “Commission” means the Securities and Exchange Commission of Pakistan established under section 3 of the Securities and Exchange Commission of Pakistan Act, 1997 (XLII of 1997); d) "Independent Research Analyst" means a person performing the functions of Research Analyst who is not engaged in any other regulated securities activity; e) “Public Appearance” means any participation in a conference call, seminar, forum (including interactive and non-interactive electronic forum2 [, electronic communication and social media communication]), radio or television or internet or web or print media broadcast, authoring a print media article or other public speaking activity in which a Research Analyst, or an officer, director, or employee of a Research Entity or Independent Research Analyst, makes a recommendation or offers an opinion, concerning listed securities or a public offer;