The Public Offering (Regulated Securities Activities Licensing) Regulations, 2017 [“Regulations”] were promulgated vide S.R.O. 295(I)/2017 dated 2 May 2017 and subsequently amended vide S.R.O/ 1569(I)2018 dated 26 December 2018 by the Securities and Exchange Commission of Pakistan (SECP)
This brief is published to create a better understanding of these Regulations.
The Salient features of these regulation are given below:
These Regulations are made to regulate the functions and responsibilities of persons (intermediaries) dealing in regulated securities activity.
These Regulations are applicable on all persons who are dealing in regulated securities activity that is to say, carrying on the businesses of: Banker to an issue; Consultant to the issue; and Underwriter [“Regulated Persons”].
These Regulations provide requirements related to the eligibility criteria for licensing a proper process and procedure of granting a license. These Regulations have also emphasized on maintenance of proper records for banker to the issue, consultant to the issue and underwriter for a period of 10 years.
These regulations would repeal Underwriters Rules, 2015 and shall come into force at once that is to say from the date of its promulgation viz. 26 December 2018.
© 2021 KPMG Taseer Hadi & Co., a Partnership firm registered in Pakistan and a member firm of the KPMG global organization of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee. All rights reserved.
For more detail about the structure of the KPMG global organization please visit https://home.kpmg/governance.
The information contained herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavour to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation. The KPMG name and logo are registered trademarks or trademarks of KPMG International.