RegAlert2023-11-23
Added · Updated
The Securities Brokers (Licensing and Operations) Regulations, 2016
The Securities and Exchange Commission of Pakistan establishes licensing requirements and operational rules for securities brokers, including provisions allowing licensed brokers to undertake futures contracts based on securities and financial instruments. The regulations mandate prior permission from the Commission for incorporation, require sponsors to hold at least 51% of share capital, and impose fit and proper person criteria on directors and senior management. Applicants must demonstrate financial resources not less than twice the paid-up capital requirement, maintain mandatory personnel certifications, and ensure ultimate beneficial owners have no relevant criminal convictions.
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PART II
Statutory Notifications (S. R. O)
Government of Pakistan
Securities and Exchange Commission of Pakistan NOTIFICATION Islamabad, the 24th June, 2016 S. R. O. 569 (I) /20161 . - * In exercise of powers conferred by sub-section (1) of
section 169 read with sections 68, 69, 75, 76, 77, 78, 79, 80, 82, 84 and 151 of the Securities
Act, 2015 2
[(III of 2015) and sub-section (1) of section 114 read with sections 51, 52, 58, 63, 64, 66, 68 and 95 of the Futures Market Act, 2016 (XIV of 2016)], the Securities and Exchange Commission of Pakistan hereby makes the following regulations, the same being previously published in the official Gazette vide S.R.O. 1087(I)/2015 dated November 5, 2015 and also placed on its website as required under sub-section (4) of section 169 of the said Act, namely:
CHAPTER I
PRELIMINARY
- Short title and commencement. - (1) These regulations shall be called the
Securities Brokers (Licensing and Operations) Regulations, 2016.
(2) They shall come into force on the date of commencement of Part V of the Act.
[(3) Any person licenced by the Commission under these regulations to act as securities broker shall be permitted to undertake futures contracts based on securities and financial instruments in terms of sub-section (5) of section 52 of the Futures Market Act, 2016 (XIV 2016).; and (4) These regulations shall not apply to the futures brokers to offer for trade futures contracts based on commodities and financial instruments in terms of sub-section 4 of section 52 of the Futures Market Act, 2016 (XIV 2016). A separate set of regulations shall be applicable to the licencing and operations of futures brokers to undertake futures contracts based on commodities and financial instruments.] - 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) “advertisement” means dissemination or conveyance of information, or an invitation or solicitation, in respect of the services that the securities broker is licensed to carry on, by any means or in any form, including by means of, —
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Lineage: In force
Show all related documents (21)
- Amends
- SRO 342 (I)/2020 – Amendments to the Securities Brokers (Licensing and Operations) Regulations, 20162020Amendments to the Securities Brokers (Licensing and Operations) Regulations, 20162019Amendments to the Securities Brokers (Licensing and Operations) Regulations, 20162018Regulation No. 1665(I)/2021 dated 2021-12-30not in RegAlertRegulation No. 1896(I)/2022 dated 2022-10-10not in RegAlertRegulation No. 1914(I)/2022 dated 2022-10-14not in RegAlert
+9 more
Regulation No. 202(I)/2024 dated 2024-02-14not in RegAlertRegulation No. 301(I)/2022 dated 2022-02-23not in RegAlertRegulation No. 360(I) dated 2023-03-14not in RegAlertRegulation No. 416(I)/2023 dated 2023-03-29not in RegAlertRegulation No. 556(I)/2021 dated 2021-04-29not in RegAlertRegulation No. 592(I)/2019 dated 2019-05-28not in RegAlertRegulation No. 77 dated 2018-01-29not in RegAlertRegulation No. 77(I)/2020 dated 2020-02-03not in RegAlertRegulation No. 808(I)/2022 dated 2022-06-15not in RegAlert - Issued under
- Futures Market Act, 2016 (Act No. XIV of 2016)2016The Securities Act, 2015 (Act No. III of 2015)2015The Securities and Exchange Commission of Pakistan Act, 1997 (Act No. XLII of 1997)1997
- Refers to
- The Companies Act, 2017 (Act No. XIX of 2017)2017Anti-Money Laundering Act, 2010 (Act No. VII of 2010)2010Central Depositories Act, 1997 (Act No. XIX of 1997)1997
Source: Securities and Exchange Commission of Pakistan — original document · Summary generated with machine assistance and reviewed before publication; the authoritative text is the regulator's original document. How RegAlert works
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