Company Law & Procedures

Vol - II

24th update dated October 31, 2009

This update covers:-

-SRO's: 654, 659, 666, 794, 886 & 944(I)/2009;
-Circular Nos. 31, 32 & 35 of 2009
These are briefly explained as follows:–

Part-II  SECP

1.             On page 74X, SRO 654(I)/2009 dated July 09, 2009 has been reproduced. This is in partial modification of SRO 380(I)/2007 dated May 10, 2007 re: exercise of powers of Commissioner and Officers of the Securities Market Division.

2.             On page 74Z, SRO 659(I)/2009 dated July 14, 2009 has been reproduced. This is in partial modification of SRO 1061(I)/2005 dated October 18, 2005, SRO 971(I)/2006, SRO 839(I)/2008 and SRO 908(I)/2008 re: exercise of powers of Commissioner and officers of the Registration Department.

3.             On page 74AH, SRO 666(I)/2009 dated July 16, 2009 has been reproduced. This is in supersession of SRO 1053(I)/2008, SRO 204(I)/2009 and SRO 415(I)/2009 and in partial modification of SRO 161(I)/2005 dated October 18, 2005 re: powers and functions by Commissioner and officers in respect of Insurance Companies.

Part-IV- CDC & KSE

4.             On pages 35 onwards, KSE Listing Regulations (amended upto September 17, 2009) have been reproduced in place of existing version.

5.             On page 140, SRO 794(I)/2009 dated September 10, 2009 has been reproduced. This is regarding fixation of fee for Renewal of Registration Certificate of Brokers.

Part-V- NBFC’s

6.             On page 171, SRO _____(I)/2009 dated October 01, 2009. This is re: transaction exceeding Rs. 2.5 million to be reported as Currency Transaction Report (CTR). Also reproduced on the same page is SECP’s Circular No. 31 of 2009 dated October 08, 2009 on the subject.

7.             On page 171, SECP’s Circular No. 31 of 2009 dated October 08, 2009. This is re: Filing of Currency Transaction Report (CTR).

8.             On page 171, SECP’s Circular No. 32 of 2009 dated October 09, 2009 has been reproduced. This is re: minimum requirements for Portfolio Management.

9.             On page 175, SRO 886(I)/2009 dated October 13, 2009 has been reproduced. This is re: Extension in time for compliance of certain requirements of the Rules by NBFCs till June 30, 2010.

10.           On page 175, SRO 944(I)/2009 dated October 29, 2009 has been reproduced. This is re: Time to report compliance of certain requirements of the Rules & Regulations by NBFCs till June 30, 2010.

11.           On page 176, SECP’s Circular No. 34 of 2009 dated October 30, 2009. This is re: Implementation and compliance with relevant regulatory framework.

12.           On page 176, SECP’s Circular No. 35 of 2009 dated October 30, 2009 has been reproduced. This is re: Mandatory Certification Requirements for Sales Agents of Asset Management Companies and Pension Fund Managers.