SROS: S.R.O.77(I)/2025, Islamabad, the 27th January, 2025

GOVERNMENT OF PAKISTANSECURITIES AND EXCHANGE COMMISSION OF PAKISTANIslamabad, the 27th January, 2025NOTIFICATIONS.R.O.77(I)/2025. - The following draft amendments to the Real Estate Investment Trust Regulations, 2022, proposed to be made by Securities and Exchange of Pakistan, in exercise of the powers conferred by sub-section (2) of section 282B of the Companies Ordinance, 1984 (XLVII of 1984), is hereby published for information of all persons likely to be affected thereby and notice is hereby given that comments, if any, received by the Commission within fourteen days from the date of placement of the draft amendments on the website of the Commission will be taken in to consideration, namely:-DRAFT AMENDMENTSIn aforesaid Regulations, -(1) in regulation 2, in sub-regulation (1), -(a) in clause (ii) after sub-clause (a), after paragraph (xi) the following new paragraph shall be added, namely:-“(xia) Limited Liability Partnership;”;(b) for clause (iii), the following shall be substituted, namely:-“(in) “Borrowing” means funds received for a REIT Scheme with an obligation to pay back these funds:(a) from financial institutions through loan arrangement; or(b) through issuance of debt securities; or(c) from associated companies/ associated undertakings/ sponsors/ directors of the REIT Management Company, after prior approval of unitholders through special resolution;Provided that tenure of borrowing from sponsors/directors of the RMC shall not exceed 12 months.”;(c) in clause (vii), for the expression “means the value to be received by the REIT Scheme”, the expression “amount received by the REIT Scheme/SPV” shall be substituted;(d) in clause (viii), after the expression “rehabilitation of the Real Estate” at the end, the expression “with the purpose of generating capital gains from sale of the Real Estate or any part thereof;” shall be added;(e) for clause (x), the following shall be substituted, namely:-“(x) “Financial Close” means when all the project and financing agreements have been signed and all conditions on those agreements have been met in a manner that enables the RMC to draw down the required financing for the REIT…