Exchange companies: Licences to be renewed for 5 years

KARACHI: The State Bank of Pakistan (SBP) has decided that the licences of exchange companies will be renewed for five years from the date of expiry of the licence. Earlier, the duration of the licences of exchange companies was linked with the inspection rating of the respective exchange company. Licences will now be renewed after giving due consideration, inter alia, to the SBP inspection report, compliance status, corporate governance and financial health of the exchange company, the central bank said on Wednesday. The request for the renewal must reach the SBP at least 60 days before expiry of the licence, it added.

Published in The Express Tribune, February 5^th,  2015.

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