SRO 1079 (I)/2018 - Notification for Draft Amendments in Intermediaries (Registration) Regulations, 2017

GOVERNMENT OF PAKISTAN
SECURITIES AND EXCHANGE COMMISSION OF PAKISTAN -.-.-.- Islamabad, the 30 th August, 2018 NOTIFICATION S. R. O. 1079 (I)/2018.- The following draft amendments to the Intermediaries (Registration) Regulations, 2017 (the Regulations) which are proposed to be made by the Securities and Exchange Commission of Pakistan, in exercise of powers conferred by section 512 of the Companies Act, 2017 read with clause (b) of section 43 of the Securities and Exchange Commission of Pakistan Act, 1997 (XLII of 1997), are hereby published for eliciting public opinion thereon and notice is hereby given that comments, if any, received within fourteen days of the date of this notification will be taken into consideration by the Securities and Exchange Commission of Pakistan. DRAFT AMENDMENTS In the aforesaid Regulations, in regulation 16, in sub-regulation (1), after clause (ii), the following new clauses shall be inserted, namely:- “(iia) ensure that while acting as company formation agent or providing other services, their clients are not involved in any type of suspicious activities or transactions implying money laundering or terrorist financing activities in line with the relevant Financial Action Task Force (FATF) recommendations; (iib) ensure that the client is not placed on the United Nations Security Council (UNSC) list of designated persons or entities linked to terrorist financing or against whom a ban, sanction or embargo subsists, as available on its website;” [File No.SY/SECP/8/13]