Regulations: SECP notifies futures exchanges

ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) has notified the Futures Exchanges, Licensing and Operations Regulations, 2017. Salient features of the regulations include application of fit and proper criteria to the majority shareholders, directors and senior management officers, providing a code of conduct for the board of directors and senior management officers of a futures exchange, a statement released Friday said.

The regulations provide guidelines for the composition of the board of directors, appointment of CEO and chief regulatory officer with the SECP's approval as well as related matters.

They also require management of the exchange to constitute a risk committee and appointment of a chief risk officer at the futures exchange. The new regulations also enlist financial resource requirements of minimum paid-up capital (net of losses) of Rs500 million.

Published in The Express Tribune, June 24^th, 2017.

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