Companies Ordinance: SECP institutes various reforms

Company Law to create awareness of the revised provisions

KARACHI: The Securities and Exchange Commission of Pakistan (SECP) on Monday said that it has instituted various reforms to ensure that the requirements of the Companies Ordinance, 2016 (Company Law) are understood by all stakeholders and the facilitation for incorporation of companies as outlined in the Company Law is provided to the general public.

In order to implement the Company Law and to create awareness of the revised provisions, notices have been sent to all local and foreign companies to comply with the provisions related to global register for beneficial ownership of shareholders, directors and officers of the company.

Notices to around 950 foreign companies have been issued to provide the required information within 30 days. In addition, 75,000 local companies have been advised to provide the required information within 60 days. The SECP chairman has also constituted a committee, which will apprise the corporate sector on the new law and shall respond to queries.

Published in The Express Tribune, November 22^nd, 2016.

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