SRO 315 (I)/2017 Amendments to the Issue of Commercial Paper Regulations, 2013

# Government of Pakistan
## SECURITIES AND EXCHANGE COMMISSION OF PAKISTAN

Isalamabad, the 8th May, 2017

## NOTIFICATION

S.R.O. 315 (I)/2017.— In exercise of the powers conferred by section 506A of the Companies Ordinance, 1984 (XLVII of 1984) read with clause (a) of sub-section (4) of section 20 of the Securities and Exchange Commission of Pakistan Act, 1997 (XLII of 1997), the Securities and Exchange Commission of Pakistan is pleased to direct that the following amendments shall be made in the Issue of Commercial Papers Regulations, 2013, the same having been previously published in the official Gazette vide Notification No. S.R.O.1139(I)/2015 dated November 16, 2015 as required by sub-section (1) of section 506A of the said Ordinance, namely:-

In the aforesaid Regulations,

(1) in regulation 1, for sub-regulation (3), the following shall be substituted, namely:-
> “(3) They shall apply to issuance of privately placed commercial papers by a company or body corporate to the persons mentioned in section 120 of the Ordinance.”;

(2) in regulation 2,-
    (a) in sub-regulation (1), clauses (a), (e), (m), (n), (q) and (s) shall be omitted; and
    (b) in sub-regulation (2), for the expression, “the Securities and Exchange Ordinance, 1969 (XVII of 1969)” the expression “the Securities Act, 2015 (III of 2015)” shall be substituted;

(3) in regulation 3, the clauses (c) and (d) shall be omitted;

(4) for regulation 5, the following shall be substituted, namely:-
> “5. Size and Denomination of Commercial Paper.— Size of an issue of Commercial Paper shall not be less than Rs.10 million, denomination of a Commercial Paper shall be its face value and it shall be issued in denomination of Rs 100,000/- or multiples thereof.”;