SECP to amend non-banking finance companies’ regulations
Calls for comments and feedback on statutory regulatory order.
ISLAMABAD:
The Securities and Exchange Commission of Pakistan (SECP) has proposed amendments to the Non-Banking Finance Companies and Notified Entities’ (NBFC&NE) Regulations, seeking to safeguard the interests of shareholders. The proposed amendments pertain to Regulation 65 of the NBFC&NE Regulations 2008.
The SECP is seeking comments and feedback from stakeholders on proposed amendments. The statutory regulatory order 1359(I)/2012 of November 5, 2012, has been placed on the SECP’s website for public information, and comments on it may be submitted at comments.nbfcregulations@secp.gov.pk by November 19.
These amendments have been proposed primarily to ensure smooth implementation of Regulation 65, which in the case of most closed-end funds (CEFs) has empowered share and certificate holders to decide whether to convert these CEFs into an open-end scheme or revoke it.
The proposed amendments are expected to strengthen the existing regulatory framework.
Published in The Express Tribune, November 9th, 2012.
The Securities and Exchange Commission of Pakistan (SECP) has proposed amendments to the Non-Banking Finance Companies and Notified Entities’ (NBFC&NE) Regulations, seeking to safeguard the interests of shareholders. The proposed amendments pertain to Regulation 65 of the NBFC&NE Regulations 2008.
The SECP is seeking comments and feedback from stakeholders on proposed amendments. The statutory regulatory order 1359(I)/2012 of November 5, 2012, has been placed on the SECP’s website for public information, and comments on it may be submitted at comments.nbfcregulations@secp.gov.pk by November 19.
These amendments have been proposed primarily to ensure smooth implementation of Regulation 65, which in the case of most closed-end funds (CEFs) has empowered share and certificate holders to decide whether to convert these CEFs into an open-end scheme or revoke it.
The proposed amendments are expected to strengthen the existing regulatory framework.
Published in The Express Tribune, November 9th, 2012.