The government will give security clearance to the foreign companies (having foreign subscribers/officers) operating in Pakistan for registration with the Securities and Exchange Commission of Pakistan (SECP) taking into account any changes made in security policy of government. Explaining the recently issued draft amendments to the Companies (Incorporation) Regulations, 2017 issued by the SECP, sources told Business Recorder here Monday that a new clause has been added in the said regulations pertaining to the additional requirements for foreign subscribers and security clearance.
Under the amended regulations, the manner of security clearance shall be subject to any change in the security policy of government from time to time. The SECP shall obtain security clearance from Ministry of Interior (MoI) in following cases and in the manner prescribed:
Firstly, companies having foreign (other than Afghan and Indian national or origin) subscribers/officers will be incorporated on the basis of an undertaking and case shall be forwarded for security clearance. Provided that in case name of subscriber/officer is not security cleared by MoI, the subscriber/officer and the company, shall take immediate steps for replacement and shall transfer shares if any, held by the subscriber.
Secondly, companies having foreign subscribers/officers who are Afghan or Indian national or of Afghan or Indian Origin will be incorporated after receipt of security clearance. Thirdly, security services provider companies will be incorporated after receipt of security clearance from MoI. Fourthly, the manner of security clearance shall be subject to any change in the security policy of government from time to time, the SECP added.
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