Securities and Futures Advisors Regulations 2017

Government of Pakistan
Securities and Exchange Commission of Pakistan NOTIFICATION Islamabad, the 21st April, 2017 S. R. O. No. 274 (I)/2017. - In exercise of powers conferred by sub-section (1) of section 169 of the Securities Act, 2015 and sub-section (1) of section 114 of the Futures Market Act, 2016, read with sections 68, 69, 75, 79, 80, 82, 84 and 151 of the Securities Act, 2015, and sections 51, 52, 58, 63, 64, 66, 68 and 95 of the Futures Market Act, 2016, the Securities and Exchange Commission of Pakistan hereby makes the following regulations, the same being previously published in the official Gazette vide S.R.O. 1039(I)/2016 dated November 9, 2016 and also placed on its website as required under sub-section (4) of section 169 of the Securities Act, 2015 and sub￾section (4) of section 114 of the Futures Market Act, 2016, namely:
CHAPTER I
PRELIMINARY

1. Short title and commencement.- (1) These regulations shall be called the
   Securities and Futures Advisers (Licensing and Operations) Regulations, 2017.
   (2) They shall come into force at once.
2. Definitions.- (1) In these regulations, unless there is anything repugnant in the
   subject or context, –
   (a) “advertisement” means dissemination or conveyance of information, or an invitation or solicitation, in respect of the services that the securities adviser/futures adviser is licensed to carry on, by any means or in any form, including by means of,—
   i. publication in a newspaper, magazine, journal or other periodical;
   ii. display of posters, notices, billboards, hoardings etc.;
   iii. circulars, handbills, brochures, pamphlets, books or other documents;
   iv. letters addressed to individuals or bodies;
   v. photographs or cinematograph films;
   vi. sound broadcasting, television, the Internet or other media; or
   vii. tele-marketing and SMS marketing.
   (b) “Asset Management Company” or “AMC” means an NBFC licensed by the Commission to provide asset management services;