Regulatory Alerts2022-03-25
Added · Updated
The Clearing Houses (Licensing and Operations) Regulations 2016
The Securities and Exchange Commission of Pakistan establishes licensing requirements for clearing houses, mandating an initial paid-up capital and net worth of not less than one billion rupees. Applicants must submit specific forms and documents, pay a one million rupee license fee, and comply with ongoing conditions including robust risk management, cyber security controls, and connectivity with exchanges and depositories. The regulations impose strict shareholding limits, restricting non-exchange shareholders to a collective maximum of 49 percent and foreign shareholders to 20 percent, while also defining fit and proper criteria for directors and senior management.