SECP outlined mechanism for outsourcing by AMCs

 The Securities and Exchange Commission of Pakistan (SECP) has issued
a Circular No 24/2013, prescribing detailed requirements for
outsourcing of functions performed by asset management companies
(AMCs) on behalf of collective investment schemes (CIS).

SECP registered 415 new companies in Dec

The Securities and Exchange Commission of Pakistan (SECP) registered
415 new limited liability companies in December, raising the total
corporate portfolio to 62,932 companies. Relative to the corresponding
month of last year, 25% growth has been witnessed in company
registration.

SECP revises Code of Conduct for credit rating agencies

The Securities and Exchange Commission of Pakistan (SECP) has issued
revised Code of Conduct for the Credit Rating Agencies (CRAs) which
will replace the 2005 code.

SECP steps up enforcement efforts against corporate and market fraud

The Securities and Exchange Commission of Pakistan (SECP) plans to
ramp up policing of corporate and market fraud by seeking charges
against more individuals and pursuing larger fines against companies
that commit wrongdoing.

Draft Seeds Act

forwarded to PM for approval, National
Biotechnology Policy on cards, minister

The draft of Seeds Act has been vetted by Law Division and forwarded
to the Prime Minister of Pakistan for the approval, Federal Minister
for National Food Security and Research (MNF&R), Sikandar Hayat Khan
Bosan said here Friday.

SECP amends Code of Corporate Governance

The governance standards are dynamic and changing with the development
of constantly evolving corporate sector and financial markets.

This calls for a constant review of the governance framework to keep
pace with global benchmarks. In an endeavor to align our governance
regime with enhanced requirements of  the present times and global
best practices, the Securities and Exchange Commission of Pakistan
(SECP) has approved amendments to certain provisions of the Code of
Corporate Governance for listed companies.

SECP to revisit the list of approved auditors under Section 48(1)

SECP
        to revisit the list of approved auditors under Section 48(1)
of the 2000     Insurance Ordinance
The Securities and Exchange Commission of Pakistan has decided to
revisit the list of approved auditors under Section 48(1) of the 2000
Insurance Ordinance.In a statement issued by the SECP, all interested
auditing firms were asked to file their applications along with

FBR Risk-based ST registration system launched

he Federal Board of Revenue (FBR) has launched a new risk-based sales
tax registration system - ''REGSYS'' (computerised system for
registration of taxpayers) to expedite ST registration process in 2014

SALES TAX NEW REGISTRATION FORM

The Federal Board of Revenue has issued a new sales tax registration
form for fresh applicants under the new registration system. In this

SBP extended expiry dates of the "Financing Facility for Storage o

SBP   extended expiry dates of the "Financing Facility for Storage of
        Agricultural Produce (FFSAP)" and "Refinance Facility for
Modernization of SMEs"

The State Bank of Pakistan has extended expiry dates of the "Financing
Facility for Storage of Agricultural Produce (FFSAP)" and "Refinance
Facility for Modernization of SMEs" and these facilities would be
available till further instructions in this regard.

SECP UNIT LINKED PRODUCTS & FUNDS RULES

The Securities and Exchange Commission of Pakistan (SECP) has issued
draft Unit Linked Products and Funds Rules, 2014, to elicit the public
opinion.
In this regard the Commission has issued through S.R.O 68(I)/2014 on
January 30, 2014, says a statement.

SECP OUTSTANDING INSURANCE PREMIUM ISSUE

The Securities and Exchange Commission of Pakistan (SECP) has proposed
a draft amendments to the Rule 35 of the 2002 Securities and Exchange
Commission (Insurance) Rules by rectifying the issue of outstanding
insurance premium, faced by the insurance industry due to its
provisions, which relates to the payment of premiums by the
policyholders to insurers.

SECP SRO.19 (I)/2014

The Securities and Exchange Commission of Pakistan (SECP) has amended
procedure for listed companies regarding issuance of dividends to the
shareholders. In this regard, the SECP has issued an SRO.19 (I)/2014
here on Thursday. The SECP has issued SRO.19 (I)/2014 in continuation
to the earlier issued SRO.831 (1)/2012 regarding payment of dividends
to the shareholders by the listed companies.

Customs (Customs Act, 1969)

With respect to reference to the High Court (section 196 sub-section1)