SRO 505 of 2024 – Amendments in Auditors Reporting Obligations Regulations 2018

Government of Pakistan
Securities and Exchange Commission of Pakistan -.-.-.- Islamabad, the 1 st April, 2024 NOTIFICATION S. R. O.505(I)/2024.- In exercise of powers conferred under section 512 of the Companies Act, 2017 (XIX of 2017), the Securities and Exchange Commission of Pakistan hereby makes the following amendments to the Auditors (Reporting Obligations) Regulations, 2018, the same having been previously published in the official Gazette, vide Notification S.R.O. 70(I)/2024 dated January 17, 2024, as required by the section 512, namely: - AMENDMENTS In the aforesaid Regulations, - (1) in regulation 2, in sub-regulation (1), - (a) in clause (vi) the word “and” at the end shall be omitted; and (b) in clause (vii), for the full stop at the end semi colon shall be substituted and thereafter the following new clauses shall be inserted, namely, - “(viii) “Securities Broker” for the purpose of these regulations shall have the same meaning as assigned to it in the Securities Brokers (Licensing and Operations Regulations), 2016; and” (ix) “Futures Broker” for the purpose of these regulations shall have the same meaning as assigned to it in the Futures Brokers (Licensing and Operations) Regulations, 2018.”; (2) in regulation 3, after sub-regulation (3), following new sub-regulation shall be inserted, namely: - “(4) The auditor of a securities broker and/or futures broker shall make out a report to the members of the broker on the financial statements as required under section 249 of the Act, and section 84 of the Securities Act, 2015 and/or section 68 of the Futures Market Act, 2016, and as required under the Securities Brokers (Licensing and Operations Regulations), 2016 and Futures Brokers (Licensing and Operations) Regulations, 2018, as applicable, on the format as provided in Annexure-IIIA.”; and (3) After the Annexure-III, following new annexure shall be added namely,