Regulatory Alerts2020-04-27
Added · Updated
SRO 342 (I)/2020 – Amendments to the Securities Brokers (Licensing and Operations) Regulations, 2016
The Securities and Exchange Commission of Pakistan amends the Securities Brokers (Licensing and Operations) Regulations, 2016, to extend compliance deadlines for category conversions and financial resource requirements to dates specified by the Commission. The amendments reduce the minimum net worth requirement for the Trading and Self Clearing category from 75 million to 50 million rupees, with scheduled increases to 60 million by October 1, 2021, and 75 million by October 1, 2022. New provisions impose asset under custody limits of 15 times net worth for brokers without a Broker Fiduciary Rating and replace net capital maintenance rules with monthly liquid capital statements and quarterly statutory auditor reviews.