Securities and Exchange Commission of Pakistan chairman thanks government for giving timely consent to Companies ‘Ordinance 2016
Islamabad, November 14, 2016 (PPI-OT):After the approval of the President of Pakistan, the new companies ‘law has been promulgated as the Companies Ordinance, 2016. With its promulgation, Pakistan has achieved a historic milestone in providing a modern regulatory framework to the corporate sector in light of the best international practices. Among various other measures for providing ease to-do business to be circulated in due course, the new law empowers the Securities and Exchange Commission of Pakistan to call upon a foreign company operating in Pakistan to furnish information about shareholding in such company.
The new law also requires officers and substantial shareholder (10% share) of a local company to report their investments in any foreign company, which shall be recorded by the SECP in the “Companies’ Global Register of Beneficial Ownership”. The SECP chairman, Mr. Zafar Hijazi, has thanked the government of Pakistan for so speedily giving final touches to the draft sent by the SECP to the relevant ministries for initiating legislative business.
The chairman also thanked the Finance Minister Mr. Ishaq Dar for his keen interest in this law by chairing our consultation seminars on the Companies Bill. He gave full credit to Mr. Ishaq Dar in finalizing the law. He referred to the laudable role of the Finance Minister who held three full day meetings in the Finance Ministry along with SECP officials providing valuable suggestions and guidelines on every aspect of the proposed law, which were incorporated to bring the draft of the companies bill into the present form.
For more information, contact:
Head, Internal and External Communication
Securities and Exchange Commission of Pakistan (SECP)
NIC Building, 63 Jinnah Avenue, Islamabad
Tel: +92-51-9214005 or +92-51-9214009 (Ext. 378)