Search Results for: regulations

December 28, 2021: Chairman SECP Aamir Khan said, "A strong documented economy is vital for economic progress," at the inauguration ceremony of SECP’s first-ever facilitation desk at Lahore Tax Bar Association. SECP has adopted the regulatory guillotine method to review, simplify and update old regulations as per businesses' needs, which has resulted in economically-significant reductions in regulatory costs. Aamir Khan welcomed feedback from the Tax bars towards improving the business climate.       ...

January 11, 2022: SECP Chairman Aamir Khan spoke to a delegation of Law Students from Bahria University, visiting SECP Head Office, for an educational session regarding the corporate registry. The chairman reiterated the importance of simplified regulations to promote ease of doing business. ...

An issue or complaint arising out of activities that are covered under Securities and Exchange Commission of Pakistan Act, 1997; Companies Ordinance 1984; Securities Act, 2015; Insurance Ordinance 2000; Central Depository Companies Act 1997 and Rules and Regulations made there under, related to any of the entities regulated by the SECP Inter-alia the Listed companies, Stock Brokers/Sub-brokers, Stock Exchanges, Depository, Depository Participants, Registrars to an Issue / Share Transfer Agent, Mutual Funds, Credit Rating Agencies etc. may be considered a legitimate complaint. Complainants may also file complaints regarding misconduct, misbehavior or instances in which allegations of fraud are to be reported against an employee or employees of the SECP. Such matters will be reported to the Human Resource department of SECP for necessary investigation and handling. Complaints may be filed by anyone centrally with the Service Desk subject to the following requirements: ...

In certain cases, complaint handling and settlement may take longer than usual. However in such cases the concerned POC/sub-POC will be fully responsible for regularly following up with relevant forums to expedite resolution and to report the same on a regular basis to form part of complaint status and ageing reports circulated to relevant authorities within SECP. The concerned POC/sub-POC will also be responsible for updating the complainant regarding complaint status on a monthly basis. Such exceptions appear below: I. Subjudice Matters After accepting to handle a complaint it becomes evident that the complaint was already subjudice at the time of filing or that it became subjudice during the complaint handling process, the fate of all such complaints will rest with the relevant legal forum. II. Matters under adjudication at the SECP All matters which have been or shall be taken up by the SECP for adjudication for example cancellation of returns under section 468 and bu...

e-Services is a 24/7 available portal developed by SECP to facilitate the users in reservation of name, incorporation of companies, filing of specified forms and related documents required under the Companies Ordinance, 1984 and the Rules and Regulations being administered by SECP, in electronic form to the Registrar of Companies for registration. eServices can be accessed through SECP’s website at www.secp.gov.pk....

Basic obligations imposed on reporting entities include: i. Assessing the money laundering and financing of terrorism risk that it may reasonably expect to face in the course of its business; ii. Establishing, implementing and maintaining an AML/CFT programme (procedures, policies and controls) to detect, manage and mitigate the risk of money laundering and the financing of terrorism; iii. Customer due diligence (CDD) (identification and verification of identity) and ongoing CDD; iv. Suspicious transaction reporting; v. Record keeping. Reporting entities have considerable flexibility within the limits prescribed by Regulations, in how they meet their obligations....

No. The definition of Financial Institution includes lending business activity. Therefore, the Non-deposit taking financial institutions are required to comply with AML/CFT Regulations, 2018 in the same manner as applicable to the other Non-Banking Financial sector institutions....

Reporting entities are required to assess the money laundering and financing of terrorism risk that they may reasonably expect to face in the course of their business. In making this assessment, the reporting entity is required to consider: i. Nature, size and complexity of its business; ii. Products and services it offers; iii. Methods by which it delivers products and services to its customers; iv. Types of customers it deals with; v. Countries it deals with; vi. Institutions it deals with; vii. Any guidance material produced by supervisors; viii. Any other factors that are set out in regulations. Reporting entities also need to consider whether any of their products involve new or developing technologies that may favour customer anonymity....

An AML/CFT programme sets out a reporting entity's internal policies, procedures and controls to detect money laundering and financing of terrorism and to manage and mitigate the risk of it occurring. The programme must be in writing and be based on its risk assessment. Certain elements of a programme are specifically required by the Regulations, including: i. Vetting senior managers and AML staff; ii. Training senior managers and AML staff; iii. Customer due diligence, including enhanced CDD and simplified CDD; iv. Reporting suspicious transactions; v. Monitoring and record keeping; vi. Monitoring and managing compliance with the AML/CFT programme. Risk-based systems and controls should be based on the nature, size and complexity of a reporting entity's business, along with any money laundering and financing of terrorism risks it may face....

Where the regulated person is not able to complete required CDD measures, account shall not be opened or existing business relationship shall be terminated and consideration shall be given if the circumstances are suspicious to warrant the filing of an STR in relation to the customer. The basis of deciding whether an STR is to be filed or not shall be documented and kept on record together with all internal findings and analysis done in relation to a suspicion irrespective of the fact that the transaction is subsequently reported or not. (Section 14(6) of the SECP AML/CFT Regulations, 2018)....