The Professional Clearing Members Regulations 2020

PART II
Statutory Notifications (S. R. O)
Government of Pakistan
Securities and Exchange Commission of Pakistan NOTIFICATION Islamabad, the _____, 2020 S. R. O. _____(I) /2020. - In exercise of the powers under sub-section (1) of section 169 read with sections 68, 69, 75, 78, 79, 80, 82 and 151 of the Securities Act, 2015 (III of 2015), the Securities and Exchange Commission of Pakistan hereby makes the following regulations, the same having been previously published in the official Gazette vide S.R.O. 594(I)/2020 dated June 30, 2020 and also placed on its website as required under sub-section (4) of section 169 of the said Act, namely:-
CHAPTER I
PRELIMINARY

1. Short title and commencement. - (1) These regulations shall be called the
   Professional Clearing Members Regulations, 2020.
   (2) They shall come into force at once.
2. Definitions. - (1) In these regulations, unless there is anything repugnant in the
   subject or context, –
   (a) “Act” means the Securities Act, 2015 (III of 2015); (b) “Annexure” means annexures appended to these regulations; (c) “Companies Act” means the Companies Act, 2017 (XIX of 2017); (d) “customer” for the purposes of these regulations includes a licensed securities broker and customers of such securities brokers; (e) “customer bank account” means the bank account opened by the professional clearing member with a scheduled bank in Pakistan wherein all customer money is deposited and maintained or separate bank account opened in the name of customer; (f) “customer custody account” means a sub-account in the central depository system opened by the professional clearing member for depositing and holding securities owned by a customer;