S.R.O. 82(I)/2017, Islamabad, the 7th February, 2017

GOVERNMENT OF PAKISTANSECURITIES AND EXCHANGE COMMISSION OF PAKISTANIslamabad, the 7th February, 2017NOTIFICATIONS.R.O. 82(I)/2017.- In exercise of powers conferred by sub-section (1) of section 169 of the Securities Act, 2015 (III of 2015), the Securities and Exchange Commission of Pakistan hereby makes the following amendments to the Central Depositories (Licensing and Operations) Regulations, 2016, the same having been previously published in the official Gazette vide S.R.O. 732(I)/2016 dated August 09, 2016 and also placed on its website as required under sub-section (4) of section 169 of the said Act, namely:-In the aforesaid Regulations,--(1) in regulation 5,-(a) re-numbered as sub-regulation (1);(b) in sub-regulation (1), re-numbered as aforesaid,-(i) after the word "on" appearing for the first time, the word "an" shall be inserted;(ii) after the word "ongoing basis", the words "or within such time as the Commission may direct" shall be inserted;(iii) for clause (b), the following shall be substituted, namely:-"(b) make adequate arrangements including insurance cover for indemnifying the beneficial owners of the securities for any loss that may be caused to such beneficial owners by the wrongful act, negligence or default of the depository or any of its employees for a minimum amount as may be annually determined by the central depository based on predetermined criteria as approved by the Commission from time to time;";(iv) in clause (c), for the word "capability", the word "capacity" shall be substituted;(v) for clause (e), the following shall be substituted, namely:-"(e) establish and maintain connectivity with the clearing house(s) and CDS elements and enter into service level agreement(s) with the securities exchange(s) and clearing house(s);";(vi) for clause (f), the following shall be substituted, namely:-"have a documented business continuity plan including a disaster recovery site;";(vii) after clause (f), substituted as aforesaid, the following new clauses shall be inserted, namely:-"(fa) continuously improve the quality and efficiency of its systems and procedures, and attain relevant internationally recognized certifications;(fb) put in place…