Investment banks: SECP wants entities to use full names

ISLAMABAD:

Securities and Exchange Commission of Pakistan (SECP) has directed all investment banks to use their complete and legal names, said a statement here on Friday.   

The SECP directed the banks to use their names such as “ABC Investment Bank Limited” instead of abridged names, as “ABC Bank” as the use of abridged name can incorrectly portray them as commercial banks in eyes of the general public.

The SECP’s direction is based on the rationale that the nature of business and regulatory framework for commercial banks and investment banks are totally different. Therefore, all the investment banks are directed not to use such logos and names and have been advised to alter their websites, billboards, letterheads, deposit certificates and other communication tools to eliminate this ambiguity within four weeks.

Published in The Express Tribune, July 26^th, 2014.

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