SECP approves Foreign Companies Regulations 2017

SECP approves Foreign Companies Regulations 2017

ISLAMABAD - Securities and Exchange Commission of Pakistan has approved the Foreign Companies Regulations, 2017 and a number of regulations concerning capital market, insurance and corporate governance.

The approval was given at a meeting of the Commission in Islamabad today.

Foreign Companies Regulations, 2017 primarily cover the areas pertaining to name reservation of foreign companies, registration of certain documents of foreign companies and provisions regarding accounts and financial statements.

The procedure and filing requirements for registration of documents of a foreign company have been amended suitably and with clarity to make these simpler.

The Commission also approved the proposed amendments to the Motor Vehicles Act, 1939, for public consultation.

It also approved publication of the draft General Takaful Accounting Regulations, 2018, to elicit public opinion.

The SECP deliberated in detail on segregation of non-core functions of Central Depository Company and approved amendments in its regulations to remove the restriction on CDC to segregate its non-core business.

The Commission also unanimously approved for publishing the draft amendments to the Real Estate Investment Trust Regulations, 2015 in order to promote investment in real estate through capital market.