Introduction
Securities and Exchange Commission of Pakistan (SECP) has issued S.R.O.1347 (I)/2018 – Dated November 05, 2018 issued by SECP in exercise of powers conferred by section 10 of the Securities and Exchange Commission of Pakistan Act, 1997 (XLII of 1997) read with section 40 and in partial modification of earlier notifications No. S.R.O 1063(I)/2017, dated October 18, 2017 and S.R.O.247(I)/2017 dated April 7, 2017, to delegate the power and functions of the Commission to the Commissioner – Specialized Companies Division and to the Registrar Modaraba.
Commentary
Powers / Functions granted are under section 40A of the Securities and Exchange Commission of Pakistan Act, 1997 (XLII of 1997) to the followings; to impose penalty for non-compliance of Securities and Exchange Commission of Pakistan (Anti Money Laundering and Countering Financing of Terrorism) Regulations, 2018.
1) Commissioner – Specialized Companies Division, and
2) Registrar Modaraba
Extracts of the SRO 1347(I)/2018 is hereunder.
To whom delegated | Nature of Power / Function |
Commissioner
(Specialized Companies Division) |
To Impose penalty regarding Non-Banking Finance Companies and Notified Entities for violation of Securities and Exchange Commission of Pakistan (Anti Money Laundering and Countering Financing of Terrorism) Regulations, 2018 |
Registrar Modaraba | To Impose penalty regarding Modaraba Companies and Modarabas for violation of Securities and Exchange Commission of Pakistan (Anti Money Laundering and Countering Financing of Terrorism) Regulations, 2018 |
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