Regulatory Alerts2024-06-03
Added · Updated
The Professional Clearing Members Regulations 2020
The Securities and Exchange Commission of Pakistan establishes a licensing and registration framework for professional clearing members, requiring a minimum net worth of PKR 250 million and prohibiting individuals holding TRE certificates from applying. The regulations mandate strict governance standards, including fit and proper criteria for directors and senior management, segregation of customer assets, and annual audits by State Bank of Pakistan panel auditors. Licensing fees are set at PKR 500,000 for initial applications and PKR 10,000 for renewals, with specific provisions for the cancellation of licenses and the handling of customer dues upon closure.
Share