RegAlertRule · SECP · 25 Feb 2020
SRO 126 (I)/2020 Notification under Non-Banking Finance Companies (Establishment and Regulation) Rules, 2003
Companies engaged in providing trustee services to Collective Investment Schemes, Real Estate Investment Trusts, or Private Funds are classified as Financial Services Companies under the Non-Banking Finance Companies (Establishment and Regulation) Rules, 2003. This classification applies for the purposes of clause (xxa) of sub-rule (1) of rule 2 of those Rules. The notification explicitly states that this designation does not authorize any company to provide financial services or other activities requiring prior authorization, permission, or license from the Securities and Exchange Commission of Pakistan or other regulatory authorities.
GOVERNMENT OF PAKISTAN
SECURITIES AND EXCHANGE COMMISSION OF PAKISTAN -.-.-.-
Islamabad, the 21 st February, 2020
NOTIFICATION
S.R.O. 126 (I)/2020.- The Securities and Exchange Commission of Pakistan, in exercise of the powers conferred under sub-section (3) of section 282B of the Companies Ordinance, 1984 (XLVII of 1984),read with clause (xxa) of sub-rule (1) of rule 2 of the Non-Banking Finance Companies (Establishment and Regulation) Rules, 2003 (the Rules), is pleased to notify that any company, engaged in providing trustee services to Collective Investment Schemes, Real Estate Investment Trusts or Private Funds, for the purposes of the said Rules, shall be considered as Financial Services Company within the meaning of clause (xxa) of sub-rule (1) of rule 2 of the said Rules. This notification shall not, in any manner, be deemed to entitle any company to carry on or indulge in provision of any financial services or other activities which are required to be undertaken with prior authorization or permission or license by the Commission under the Securities and Exchange Commission of Pakistan Act 1997 (XLII of 1997) or any administered legislation or under any other law administered by any other regulatory authority including the State Bank of Pakistan. No. SCD/NBFC/NBFCR/2020-
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- Issued under
“read with clause (xxa) of sub-rule (1) of rule 2 of the Non-Banking Finance Companies (Establishment and Regulation) Rules, 2003”
“under the Securities and Exchange Commission of Pakistan Act 1997 (XLII of 1997)”
“in exercise of the powers conferred under sub-section (3) of section 282B of the Companies Ordinance, 1984 (XLVII of 1984)”
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