ISLAMABAD, (Pakistan Point News - APP - 11th August, 2016) : In order to promote good corporate governance and enhance public confidence, the Securities and Exchange Commission of Pakistan (SECP) in consultation with the Central Depository Company (CDC) and other participants, has proposed amendments to the Central Depositories (Licensing and Operations) Regulations,2016. A central depository is one of the most important capital market infrastructure institutions that functions as custodian of public assets.
The proposed amendments have been notified in the official gazette and also made available on the official website of SECP so as to obtain public comments by August 24, 2016. The proposed amendments to the regulations are aimed at providing clarity with respect to process of appointment of independent directors. The fit and proper criteria applicable to a central depository, its substantial shareholders, directors and senior management officers is further augmented. Also in order to have clarity regarding roles and responsibilities of chief compliance officer, appropriate amendments have been proposed to the regulations.