SRO 342 (I)/2020 – Amendments to the Securities Brokers (Licensing and Operations) Regulations, 2016

Government of Pakistan
Securities and Exchange Commission of Pakistan -.-.-.
Islamabad, 27th April, 2020
NOTIFICATION
S.R.O. 342 (I)/2020.- In exercise of the powers conferred by section 169 of the Securities Act, 2015 (III of 2015) and section 114 of the Futures Market Act, 2016 (XIV of 2016), the Securities and Exchange Commission of Pakistan hereby makes the following amendments to the Securities Brokers (Licensing and Operations) Regulations, 2016, the same having been previously published in the official Gazette vide S.R.O. No. 267(I)/2020 dated March 30, 2020, and also placed on its website as required under sub-section (4) of
section 169 of the Securities Act, 2015 and sub-section (4) of section 114 of the Futures
Market Act, 2016, namely:-
In the aforesaid Regulations, -
(1) In regulation 5A, sub-regulation (2), after the words “to a specific category on or before July 15, 2020” the following words shall be inserted, “or such extended date as specified by the Commission” and after the words “respective category till September 30, 2020” the following words shall be inserted, “or such extended date as specified by the Commission”. (2) In regulation 5A, sub-regulation (3), after the words “conversion to “Trading Only” category by July 15, 2020” the following words shall be inserted, “or such extended date as specified by the Commission”. (3) In regulation 5A, the proviso to sub-regulation (3) shall be substituted by the following, namely: - “Provided further that till the time a professional clearing member is available the Trading Only Brokers shall be allowed to keep custody and settle trades of their customers.” (4) In regulation 6, second proviso, after the words “with the financial resource requirements till October 1, 2020” the following words shall be inserted, “or such extended date as specified by the Commission”. (5) In regulation 6, in sub-regulation (1A) the minimum net worth requirement for Trading and Self Clearing category in the table of “75” shall be substituted with “50”. (6) In regulation 6, the first proviso to sub-regulation (1A) shall be substituted by the following, namely: - “Provided that the minimum net worth requirement for Trading and Self Clearing category shall be increased to rupees 60 million with effect from