S.R.O. 33(I)/2016, Islamabad, the 19th January, 2016

SROS: S.R.O. 33(I)/2016, Islamabad, the 19th January, 2016 Licensed Persons (Obligation under Voluntary Winding-up) Regulations, 2016 TO BE PUBLISHED IN THE GAZETTE OF PAKISTAN EXTRAORDINARY PART II Statutory Notifications (S.R.O.) GOVERNMENT OF PAKISTAN SECURITIES AND EXCHANGE COMMISSION OF PAKISTAN NOTIFICATION Islamabad, the 19th January, 2016 S.R.O. 33(I)/2016. - In exercise of powers conferred by sub-section (4) of section 169 read with of sub-section (2) of section 148 of the Securities Act, 2015 (III of 2015), the following regulations are hereby published by the Securities and Exchange Commission of Pakistan for the information of all persons likely to be affected by these regulations and notice is hereby given that objections and suggestions, if any, received within the next fifteen days will be taken into consideration. CHAPTER-I PRELIMINARY 1. Short title and commencement.- (1) These Regulations shall be called the Licensed Persons (Obligation under Voluntary Winding-up) Regulations, 2016. (2) They shall come into force at once. (3) These regulations shall prescribe how a licenced person will satisfy the Commission about settlement of investor claims before filing winding up petition under Companies Ordinance, 1984. 2. Definitions.- (1) In these Regulations unless there is anything repugnant in the subject or context - (a) Act means the Securities Act, 2015 (III of 2015); (b) claim means the claim against a licensed person and include cash claims of a customer against a securities broker who has defaulted in respect of any dealing of securities in accordance with the provisions of the Act and rules or regulations made thereunder; and (c) Ordinance means Companies Ordinance, 1984 (XLVII of 1984). (2) All words and expressions used but not defined in these regulations shall, have the same meaning as assigned to them in the Act, the Ordinance, the Securities and Exchange Commission of Pakistan Act, 1997 (XLII of 1997) or the Central Depositories Act, 1997 (XIX of 1997) any rules and regulations made thereunder. CHAPTER II APPLICATION FOR APPROVAL TO FILE VOLUNTARY WINDING UP PETITION 3. Application for approval of the Commission,- (1) Notwithstanding…