GOVERNMENT OF PAKISTAN
SECURITIES AND EXCHANGE COMMISSION OF PAKISTAN -.-.-.-

Islamabad, the 30th November, 2022

NOTIFICATION

S.R.O. 2108 (I)/2022.- In exercise of the powers conferred under sections 512 and 457 of the Companies Act, 2017 (XIX of 2017) read with the Futures Market Act, 2016 (XIV of 2016), the Securities and Exchange Commission of Pakistan is pleased to make the following amendments in the Collateral Management Companies Regulations, 2019, the same having been previously published vide S.R.O. 1897 (I)/2022 dated 11th October 2022, and also placed on the website of the Commission namely:-

AMENDMENTS

In the aforesaid Regulations, -

(1) in regulation 10, for the expression “in accordance with the fees and charges prescribed by the CMC with prior approval of the Commission” the expression “in accordance with the schedule of fees and charges approved by its board of directors and published on its website by the CMC” shall be substituted; and

(2) in regulation 11, -

(i) in sub-regulation (4), for the words “the Commission” the words “its board of directors” shall be substituted and thereafter the proviso, shall be omitted;

(ii) after sub-regulation (4) amended as aforesaid, the following new sub-regulation shall be inserted, namely: -

“(4A) The CMC shall biennially review the Standard Operating Procedures to evaluate their adequacy and effectiveness in covering the relevant risks, applicable legal and operational requirements, and make changes where necessary, with the approval of its board of directors and subject to consultation with stakeholders and vetting by a professional having relevant expertise.”.

[File No. (4) SMD/PMEX/CMS/2017]