SECP notifies draft regulations for companies compliance, reporting

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ISLAMABAD: Securities and Exchange Commission of Pakistan (SECP) has issued draft regulations which specify the form and manner of filing of various statutory returns as required under the provisions of the Companies Act, 2017, as well as the standardized formats for filing of applications under the various provisions of the Act.
The SECP on Wednesday notified the draft Companies (Compliance and Reporting) Regulations, 2017, to obtain public opinion. The draft regulations have been placed on the SECP’s website.
The statutory forms specified under the draft regulations pertains to commencement of business, registration of altered articles of association, change of principal line of business, returns concerning registration, modification and satisfaction of charge, return for transfer of shares and further allotment of shares, notice of alteration of share capital, special return for change in shareholding of more than 25 percent, annual returns, returns pertaining to global register of beneficial ownership, filing of special resolution, consent to act as director etc.
The formats of applications specified under the draft regulations include change of name, rectification of name, conversion of status of company, alteration in memorandum of association, issue of shares otherwise than right, issue of shares at discount, extension in annual general meeting and laying of financial statements, relaxations concerning financial statements, approval of loan to directors etc.
The regulations also specify the particulars for the registers of members, debenture-holders, directors, and officers etc. to be kept by the companies. In addition to that the mechanism of price determination for transfer of shares of a private company, conduct of shareholders in the meeting, qualification of company secretary, manner of selection of independent director on databank, mechanism for easy exit of defunct company and provisions relating to inactive company have been specified in the draft regulations.
The regulations will replace Companies (General Provisions and Forms) Rules, 1985, and Companies (Easy Exit Scheme) Regulations 2014. They have been notified with the objective of ease of doing business. The public is requested to send their comments by email at commission.secretariat@secp.gov.pk by October 25, 2017.

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