Regulatory Alerts2017-06-30
Added · Updated
The Clearing Houses (Licensing and Operations) Regulations 2016
The Securities and Exchange Commission of Pakistan establishes licensing, operational, and governance requirements for clearing houses. Applicants must pay a one million rupee license fee and maintain an initial paid-up capital and net worth of at least one billion rupees. The regulations impose strict shareholding limits, including a maximum of fifteen percent for any single shareholder and a collective cap of forty-nine percent for non-exchange shareholders. Additionally, clearing houses must appoint a chief executive officer and a chief regulatory officer with prior Commission approval and ensure independent directors comprise at least one-third of the board.
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