Regulatory Alerts2017-08-03
Added · Updated
Securities and Exchange Commission of Pakistan Research Analyst Regulations 2015 Amendment Notification SRO 348(I)/2017
The Securities and Exchange Commission of Pakistan amends the Research Analyst Regulations, 2015 to expand the definition of 'electronic forum' to include electronic and social media communications, and redefine 'securities exchange' to include White-Labeling service providers. New definitions are introduced for 'Research Report' and 'White-Labeling service provider,' while exclusions are specified for general market commentary, economic analyses, and internal communications. Research Analysts are required to base facts on reliable information, disclose sources, refrain from predicting court outcomes, and consistently define terms in recommendations. Additionally, White-Labeling Service Providers are treated as Research Analysts when their content is published under a Research Entity's name, and all such entities must inform the Commission before commencing business.