SRO 1196 (I)/2018 - Notification to Draft amendments (FAFT) to the NBFC Regulations

GOVERNMENT OF PAKISTAN
SECURITIES AND EXCHANGE COMMISSION OF PAKISTAN -.-.-.- NOTIFICATION Islamabad 3 rd October, 2018 S.R.O. 1196 (I)/2018.- The following draft amendments to the Non-Banking Finance Companies and Notified Entities Regulations, 2008, proposed to be made by the Securities and Exchange Commission of Pakistan, in exercise of the powers conferred by sub-section (2) of section 282B of the Companies Ordinance, 1984 (XLVII of 1984), are hereby published for information of all persons likely to be affected thereby and notice is hereby given that comments, if any, received within fourteen days of the date of this notification will be taken into consideration, namely:- DRAFT AMENDMENTS In the aforesaid Regulations, in Schedule IX,- i) after the heading “APPLICATION AND SCOPE” section, in paragraph (5), for the second proviso, the following shall be substituted, namely:- “Provided further that in case the sponsor and major shareholder is a body corporate, in addition to the relevant/applicable clauses, corporate behavior of the said body corporate and integrity & track record of the sponsor and ultimate beneficial owners of such corporate body shall be duly considered.” Explanation: Ultimate beneficial owners for the purpose of this clause means natural person or individual who ultimately own 10% or more ownership or control the body corporate.”; and ii) in Annexure A, in clause (b), for paragraph (3), the following shall be substituted, namely:- “3. Shareholding details including details of ultimate beneficial owners”. File No. SCD/NBFC/NBFCR/2018-