Regulatory Alerts2017-05-10
Added · Updated
SRO 315 (I)/2017 Amendments to the Issue of Commercial Paper Regulations, 2013
The Securities and Exchange Commission of Pakistan amends the Issue of Commercial Papers Regulations, 2013, to specify that they apply to privately placed commercial papers issued by companies or body corporates. The amendments introduce a minimum issue size of Rs. 10 million with a denomination of Rs. 100,000 or multiples thereof, and allow issuers to determine the discount rate. Issuers must complete the issue within two weeks of opening for subscription, with unsold portions prohibited from further issuance, and subscribers must pay the discounted value through an Issuing and Paying Agent. Additionally, the Issuing and Paying Agent is required to submit a report on the issue to the Commission within five days of receiving the issuer's report.