S.R.O. 1914(I)/2022, Islamabad, the 14th October, 2022

SROS: S.R.O. 1914(I)/2022, Islamabad, the 14th October, 2022 Amendments in the Securities Brokers (Licensing and Operations) Regulations 2016 GOVERNMENT OF PAKISTAN SECURITIES AND EXCHANGE COMMISSION OF PAKISTAN Islamabad, the 14th October, 2022 NOTIFICATION S.R.O. 1914(I)/2022.- In exercise of the powers conferred under section 169 of the Securities Act, 2015 (III of 2015) and section 114 of the Futures Market Act, 2016 (XIV of 2016), the Securities and Exchange Commission of Pakistan is pleased to make the following amendments in the Securities Brokers (Licensing and Operations) Regulations 2016, the same having been previously published vide S.R.O. 599(I)/2022 dated 11th May 2022, as required under sub-section (4) of section 169 of the Securities Act, 2015 and sub-section (4) of section 114 of the Futures Market Act, 2016, namely:- AMENDMENTS In the aforesaid Regulations, - (1) After regulation 3, the following new regulation 3A shall be inserted, namely: - "3A. Prior-Permission from the Commission to undertake Securities Broker activity. - (1) A person desirous of performing the functions of Securities broker shall, before obtaining TRE Certificate of a securities exchange, make an application to the Commission as set out in Form A-1 along- with the documents specified in Annexure A-1. (2) The Commission, while considering the application for permission under sub-regulation (1), may require the applicant to furnish such further information or clarification, as it deems appropriate. (3) The Commission, if it is satisfied that the person seeking permission to perform the functions of securities broker has fulfilled the criteria in terms of these regulation may permit by an order in writing to incorporate a securities broker company. (4) The permission granted under sub-regulation (2) shall be valid for a period of six months unless extended for a maximum period of further three months under special circumstances, on the application of the sponsors made before the expiry of initial six months. (5) During the validity of this permission, the sponsors shall obtain the TRE Certificate from securities exchange, get the securities broker company incorporated and…