Sukuk (Privately Placed) Regulations, 2017

GOVERNMENT OF PAKISTAN
SECURITIES AND EXCHANGE COMMISSION OF PAKISTAN -.-.- Islamabad, the 21st August, 2017 NOTIFICATION S.R.O. 836(I)/2017.- In exercise of the powers conferred by section 512 of the Companies Act, 2017 (XIX of 2017) read with section 66 thereof and having been previously published in the official Gazette vide Notification No. S.R.O.254(I)/2017 dated April 11, 2017 as required by sub-section (1) of section 506A of the Companies Ordinance 1984 (XLVII of 1984), the Securities and Exchange Commission of Pakistan hereby makes the following Regulations, namely:-
CHAPTER I
PRELIMINARY

1. Short title and Commencement.- (1) These Regulations may be called the
   “Sukuk (Privately Placed) Regulations, 2017”.
   (2) They shall come into force at once.
   (3) They shall apply to all Issues of Sukuk privately placed by any company, Special Purpose Vehicle or body corporate to the Qualified Institutional Buyers. (4) These Regulations shall not apply to an Issue by any company, a Special Purpose Vehicle or body corporate specifically setup by the Federal Government or any provincial Government for the purposes of issue of Sukuk, under any other law.
2. Definitions.- (1) In these Regulations unless there is anything repugnant in the
   subject or context –
   (a) “Act” means the Companies Act, 2017;
   (b) “Commission” means the Securities and Exchange Commission of Pakistan established under section 3 of the Securities and Exchange Commission of Pakistan Act, 1997 (XLII of 1997); (c) “Investment Agent” means an institution licensed by the Commission as a Debt Securities Trustee under the Debt Securities Trustee Regulations, 2017, and appointed by the issuer through execution of investment agency agreement. The Investment Agent shall be responsible to facilitate issue and sale of Sukuk under these Regulations and to safeguard interest of the holders of Sukuk;