SECP standardizes criteria for financial soundness and integrity of REITs

ISLAMABAD, May 20: In order to standardize the criteria for determining the financial soundness and integrity of directors, chief executive officers, promoters, majority shareholders and key executives of regulated entities, the Securities and Exchange Commission of Pakistan (SECP) has amended the Non-Banking Finance Companies and Notified Entities Regulations, 2008 and Real Estate Investment Trust Regulations, 2015.

The amended regulatory framework stipulates that a person shall not be considered fit and proper if any overdue/past due payment to a financial institution, irrespective of amount, are appearing in the overdue column of latest CIB report of the person and of the companies, firms, sole proprietorship etc.