ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) has decided to setup a centralized Ultimate Beneficial Ownership (UBO) Registry for the corporate sector.
In this regard, the SECP has proposed certain amendments to the Companies Regulations, 2024 (the Regulations) here on Tuesday through issuance of SRO 598(I)/2025.
According to the SECP, in terms of the proposed changes, companies would be required to submit UBO information, already being obtained from their shareholders, to the Commission through the eZfile portal along with other relevant regulatory returns/forms. This information can be accessed by Financial Institutions, as and when required.
As a result of coordinated efforts made by various stakeholders, Pakistan was successfully removed from Financial Action Task Force (FATF) grey list in the year 2022. This achievement enhanced Pakistan’s global credibility to attract foreign investment and improve access to international financial markets.
In line with FATF standards, the centralized corporate UBO Registry will ensure maintenance of an accurate, up-to-date and comprehensive UBO data. This reform is expected not only to highlight Pakistan’s commitment to global best practices but also strengthens investor confidence in the country’s financial ecosystem.
The centralized registry concept is aimed at boosting financial transparency and aligning Pakistan’s AML/CFT framework with global standards set by FATF, Organization for Economic Cooperation and Development (OECD) and other international organizations. The proposed section 48A (Register of Ultimate Beneficial Owners) revealed that company shall submit all the ultimate beneficial owners information to the Registrar maintained on prescribed Form-1 (Application for Company Incorporation), Form-2 (Registration of documents of a Foreign Company) or Form-19 (Declaration of compliance with the provisions of section 123A of the Companies Act, 2017) respectively. The Commission shall keep record of the information in the Register of Ultimate Beneficial Owners as per format Register R-9 (Register of UBO). Every company shall take appropriate steps to verify the identity of any natural
person recorded as a beneficial owner and verify the basis of identification of a person as a beneficial owner, the SECP added.
Copyright Business Recorder, 2025
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