Securities Brokers (Licensing and Operations) Regulations 2016

PART II
Statutory Notifications (S. R. O)
Government of Pakistan
Securities and Exchange Commission of Pakistan NOTIFICATION Islamabad, the 24th June, 2016 S. R. O. 569 (I) /2016. - * In exercise of powers conferred by sub-section (1) of
section 169 read with sections 68, 69, 75, 76, 77, 78, 79, 80, 82, 84 and 151 of the Securities
Act, 2015 [(III of 2015) and sub-section (1) of section 114 read with sections 51, 52, 58, 63, 64, 66, 68 and 95 of the Futures Market Act, 2016 (XIV of 2016)]1 , 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. 1087(I)/2015 dated November 5, 2015 and also placed on its website as required under sub-section (4) of section 169 of the said Act, namely:
CHAPTER I
PRELIMINARY

1. Short title and commencement.- (1) These regulations shall be called the
   Securities Brokers (Licensing and Operations) Regulations, 2016.
   (2) They shall come into force on the date of commencement of Part V of the Act. [(3) Any person licenced by the Commission under these regulations to act as securities broker shall be permitted to undertake futures contracts based on securities and financial instruments in terms of sub-section (5) of section 52 of the Futures Market Act, 2016 (XIV 2016).”; and (4) These regulations shall not apply to the futures brokers to offer for trade futures contracts based on commodities and financial instruments in terms of sub-section 4 of
   section 52 of the Futures Market Act, 2016 (XIV 2016). A separate set of regulations shall be
   applicable to the licencing and operations of futures brokers to undertake futures contracts based on commodities and financial instruments.]
2. Definitions.- (1) In these regulations, unless there is anything repugnant in
   the subject or context, –
   (a) “Act” means the Securities Act, 2015 (III of 2015); (b) “advertisement” means dissemination or conveyance of information, or an invitation or solicitation, in respect of the services that the securities broker is licensed to carry on, by any means or in any form, including by means of, —