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.
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