Regulatory Alerts2017-08-07
Added · Updated
Research Analyst Regulations, 2015 (Amended as on Aug 1, 2017)
The Securities and Exchange Commission of Pakistan establishes regulations governing Research Analysts and Research Entities, defining key terms such as Independent Research Analyst, Research Entity, and Research Report. The rules mandate minimum qualifications, including specific degrees and two years of relevant experience, alongside mandatory certifications. They impose strict requirements for internal policies to manage conflicts of interest, restrict trading activities around report publication, and prohibit compensation structures tied to non-research services. Additionally, the regulations enforce comprehensive disclosure obligations regarding financial interests and relationships with subject companies, require fair distribution of reports, and stipulate a five-year record-keeping period.