Search Results for: regulations

License under Section 42 of the Companies Act, 2017 Any three or more persons associated for lawful purpose may by subscribing their names to the memorandum and Articles of association and complying with the requirements of the Companies Act, 2017 and Associations with Charitable and Not for Profit Objects Regulations, 2018 form a company. A not-for-profit association applies its profits or income in promoting its objects only and prohibits the payment of any profits, income, dividend or proceeds to its members. Any such association is required to obtain license under Section 42 of the Act read with regulations 4 and  5 of the Associations with Charitable and Not for Profit Objects Regulations, 2018  before its incorporation as a company. The guidebook as well as format of application forms/enclosures for obtaining license is provided in the Associations with Charitable and Not for Profit Objects Regulations, 2018  which is available at the link provided....

A securities exchange (stock exchange), clearing house and a central depository is required to obtain license from the Commission under the Securities Act, 2015 (the “Act”). While the main provisions relating to licensing of these institutions have been provided in Parts II, III and IV of the Act respectively, the additional licensing conditions and other procedural requirements have been/are to be prescribed through regulations made/being made by the Commission under section 169 of the Act....

Pre-requisites Minimum Paid up Capital requirement [Life Insurer & Family Takaful: Rs.700 million and Non-Life & General Takaful: Rs.500 million]; Maintain a Statutory Deposit @ 10 percent of the Paid up Capital with State Bank of Pakistan; Compliance with the Solvency Requirements pursuant to the provisions of the Insurance Ordinance 2000 and rules made thereunder; Ability to meet and continue to meet its liabilities; Ability to meet and continue to meet the criteria pursuant to The Insurance Companies [Sound & Prudent Management] Regulations 2012; Evidence of appointment of a statutory auditor as approved by the Commission; Evidence of appointment of an actuary, if the applicant proposes to carry on life insurance business; The applicant is, and is likely to continue to be able to comply with such other provisions of the Insurance Ordinance 2000, as are applicable to it. Application Having obtained Certificate of Incorporation, the sponsors/promoters...

Licensing requirements for Third Party Administrator for Health Insurance (TPA) Registration as private or public limited company under Companies Ordinance, 1984 Paid up capital of Rs.50 million Shareholder’s equity of Rs.30 million Application as per Form – I of the TPA for Health Insurance Regulations, 2014 Evidence of payment of fee of Rs.50,000/- for initial registration and Rs.25,000/- for renewal Documents/ information required to be submitted along with application include Memorandum and Articles of Association Details of sponsors/ promoters including names, address, nationality, contribution of number of shares proposed to be held by each sponsor, the proposed positions they’ll hold, educational qualifications and work experience Proposed business plan for initial three financial years including description of services and facilities proposed to be provided Copy of draft agreement to be entered into between TPA and the insurance company/ ...

Licensing requirements for Window Takaful Operations (WTO) Application as per format provided in Annexure – I of the Circular 8 of 2014 Deposit of Rs. 50 million in a separate bank account for window takaful business Documents as per Annexure – II of the Circular 8 of 2014 which include: Company profile Ownership structure (shareholding pattern) Organizational structure (present and proposed) Copies in respect of Certificate of incorporation under Companies Ordinance, 1984 Certificate of registration under Insurance Ordinance, 2000 Minutes of Meeting of the Board of Directors of the Company resolving for commencement of Window Takaful Operations and seeking approval of Commission for WTO Memorandum and Articles of Association while object clause includes WTO Proposed Re-takaful treaties In case of Family Takaful, the statement of statutory funds to be established by the operator In case of Family Takaful, documents of registration set out in Section ...

INVESTOR GUIDELINES FOR LODGING A COMPLAINT COMPLAINTS AND SERVICE DESK GUIDE SECP’s primary function is to safeguard legitimate interests and rights of investors as well as its regulatees. The interest of small investors and minority shareholders is of prime importance to the Securities and Exchange Commission of Pakistan (SECP). In order to keep a vigilant eye and to provide a platform to the general public for voicing their concerns, a Vigilance Cell was set up at the SEC in 2000. This Cell later came to be known as the Service Desk which is responsible for ensuring that grievances/complaints of the general public are heard and redressed, in a quick and efficient manner. The Service Desk also provides assistance for answering general questions regarding the securities laws, rules and regulations and other relevant matters. Queries A service desk provides the very contact window to the general public, investors and regulatees for filing complaints, asking pertinent questions...

Companies Act, 2017 Rules and Regulations Associations with charitable & not for profit objects (licensing & corporate governance) Regulations, 2017  Issued Notified for public opinion The Limited Liability Partnership Regulations, 2017 The Companies (Incorporation) Regulations, 2017 The Intermediaries (Registration) Regulations, 2017 Circulars & Notifications Circular 15 of 2017 Exemption from requirement of National Tax Number under the Companies Act, 2017 Guidelines FAQs on Companies Act, 2017 Picture Gallery ...

INCORPORATION OF A COMPANY   Any three or more persons associated for lawful purpose may, by subscribing their names to the Memorandum of Association and complying with the requirements of the Companies Act, 2017 form a public company and any two or more persons so associated may, in like manner, form a private company. If only one member forms a private company, it is called a single member company. First step towards incorporation of a company is to submit a combined or a separate application for the reservation of Company’s name and incorporation either through e-services or in physical form as per the formats provided in the Companies (Incorporation) Regulations, 2017 (the “Regulations”). Companies (Incorporation) Regulations, 2017 Promoters may adopt the model memorandum and articles of association available on the following link: Memorandum and Articles of Association The promotors will provide three proposed names in the order of priority, ou...

The existing securities exchange (Pakistan Stock Exchange Limited) is registered under section 5 of the Securities and Exchange Ordinance, 1969 and upon commencement of the Act, is required to obtain license under section 5 of the Act within a period of one year of the same. Any new applicant may also apply for license of a securities exchange provided it meets the licensing requirements and other conditions as provided in Part II of the Act or any other conditions as may be prescribed through regulations made by the Commission under section 169 of the Act....

Securities Advisor is a regulated securities activity under the Securities Act, 2015 and Futures Advisor is a regulated activity under the Futures Market Act, 2016. The Role of securities advisor and futures advisor is to give investment advice to others. The Securities and Futures Advisors are required to be licensed with SECP. Licensing of the securities and futures advisors is regulated by the Act read with the Securities and Futures Advisors (Licensing and Operations) Regulations, 2017. SFA Regulations prescribe the eligibility conditions, licensing procedure, effect for refusal of licence, renewal, general obligations and responsibilities of securities and futures advisors. A person desirous of acting as securities or futures advisor shall make an application to the SECP in terms of regulation 5 of SFA Regulations. Grant of Licence The SECP, if satisfied that the applicant is eligible for licence as a securities or futures advisor, the applicant is in compliance with the pro...