BDO Pakistan -- SECP Circular No 15 , SECP Circular No 16

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SECP Circular No 15 , SECP Circular No 16

SECP Circular No 15 - Additional conditions to modaraba authorization certificate
SECP Circular No 16 - Religious Board for Modarabas has been re-constituted for a term of three years and would start functioning with immediate effect.
SECP Circular No 17 - Re-launched an amnesty scheme, ‘Companies Regularization Scheme’, to give relief to those companies and their management, which have, in the past, defaulted in the filing of various statutory returns under the Companies Ordinance, 1984. The scheme shall remain operative, for a period of forty-five days from 15th May, 2009, and shall apply to the defaults committed up to 31st December, 2008. The schemeis applicable on all types of companies other than listed companies. These includenon-listed public companies, private companies, associations not-for-profit, tradeorganizations, companies limited by guarantee and foreign companies.
SECP Circular No 18 read with SRO 388(I)/2009 – Amendments made to Second Schedule of Modaraba Companies and Modaraba Rules, 1981 regarding the scale of fees.
SECP SRO 444(1)/2009 – Amendments to Sixth Schedule of Companies Ordinance relating to application processing fees
SECP SRO 445(1)/2009 – Amendments in the Listed Companies (Substantial Acquisition of Voting Shares and Takeovers) Regulations 2008
- Asian Development Bank (ADB) signed trade financing agreements with 5 Pakistan banks, allowing the LCs of these banks to be accepted worldwide with the guarantee of ADB.
- BPRD Circular No 9 (2009) – All microfinance banks are directed to deposit, with Central Depository Company of Pakistan Ltd (CDC), sponsor shares and subsequently issued bonus/right shares issued to sponsors of Microfinance banks.
- BPRD Circular No 10 (2009) - Amendments in Microfinance Credit Guarantee Facility. In partial modification of the guidelines for Microfinance Credit Facility issued vide BPRD Circular No. 15 dated December 19, 2008, it has been decided to further incentivize commercial banks to provide whole sale funds to eligible Microfinance Banks/Institutions under the MCGF.
- FSCD Circular No 6 – Rate of remuneration for June 2009 on Special Cash Reserve Account(US$) maintained with the State Bank of Pakistan is 0%
- SBP has allowed foreign clients of National Commodity Exchange Limited (NCEL) to trade at the exchange through Special Convertible Rupee Accounts (SCRA)
- BSD Circular Letter No. 4 – SBP revised the date for reporting the consumer rating scoring in the e-CIB system to 31 December 2009. Progress reports to be submitted by 15 July and 15 October
- BPRD Circular No 11 (2009) – pensions may be disbursed through all branches of all the licensed banks and banks may be instructed to transfer the amount of pension in the pensioners account on the procedure adopted for payment of salaries.
- IBD Circular No 2 (2009) – Revision of Capital Adequacy Requirements for Islamic B anking Branches
- BPRD Circular Letter No. 16(2009) – Format for reporting of data of unclaimed deposit. It has now been decided that Banks/DFIs shall provide the requisite data as per the revised scheme of format.
- SMEFD Circular Letter No 7 – Financing facilities under the LTFF scheme shall also be available to export oriented units/projects which presently are not eligible under LTFF scheme for import of generators/captive power plants.
- FSCD Circular No 7 – Changes in rules governing Primary Dealer System
- FSCD Circular No 8 – Applications are invited from interested financial institutions for appointment as Primary Dealer of Government Securities for the year 2009-10
- FSCD Circular No 9 – With effect from 15 June 2009 Foreign Exchange Exposure Limit (FEEL) of Authorised Dealers (Ads) will be calculated as 20% of their paid up capital (free of losses) with a maximum cap of Rs 2,000,000