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

Link of the Document

AML SCD Delegation of Power notification from PLAD Final