Draft Licencing and Corporate Governance Regulations: SECP extends date for submission of public opinion

The Securities and Exchange Commission of Pakistan (SECP) has extended the date for submission of public opinion on Draft Licencing and Corporate Governance Regulations for Associations Not-for-Profit to June 30, 2013. Earlier the proposed regulations had been published in the official Gazette vide S.R.O. 301(I)/2013 dated April 8, 2013, for soliciting stakeholders comments within 15 days before finalisation.
In the meantime, the SECP is planning to hold round table conferences with the stakeholders, especially, corporate NGOs to obtain their suggestions & recommendations. The proposed regulations will result in increased transparency and assurance with respect to proper utilisation of donations and funds received by the Associations Not-for-Profits; this in turn will result in increased confidence of both domestic and international Donors in the subject entity. The regulations require licensed NGOs to appoint a chief financial officer, company secretary and chief internal auditor, while at the same time defining their respective roles. -PR