New rules unveiled: listed companies to enlist persons having access to inside information: SECP

In a major move to check insider trading offences in stock exchanges, the Securities and Exchange Commission of Pakistan (SECP) has decided to make it mandatory for the listed companies to record names of persons having access to inside information. In this regard, the SECP has issued Access to Inside Information Regulations, 2016 here on Monday.
According to the proposed regulations, the SECP has proposed obligations of listed companies. All listed companies will maintain and regularly update a register to enlist persons employed under contract or otherwise, who have access to inside information, in a manner. A listed company shall designate a senior management officer who shall be responsible for entering or removing names of persons in the said register in a timely manner.
The said designated officer shall be obliged to keep proper records including basis for inclusion or exclusion of names of persons in the said list and make the same available as and when required by the commission. Format of register to enlist persons who have access to inside information: It is hereby stated that below list contains names of all the persons that have access to inside information and that the persons listed have acknowledged the requirements of Part x of the Securities Act, 2015 relating to the prohibition to conclude transactions with the use of inside information and to advise the persons to whom they provide inside information, the SECP added.