ISLAMABAD, (Pakistan Point News - APP - 11th August, 2016) : Securities and Exchange Commission of Pakistan (SECP) in consultation with the CDC and other participants, has proposed amendments to the Central Depositories (Licensing and Operations) Regulations, 2016. A statement issued by the Commission here Thursday said the regulation was proposed in order to promote good corporate governance and enhance public confidence. 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.