The Securities and Exchange Commission of Pakistan (SECP) has withdrawn major reporting requirements for securities brokers at stock exchange, which were laid down under repealed circular number 10 of 2017.
The SECP has issued circular number 6 of 2019 here on Thursday to repeal circular number 10 (reporting by securities brokers) of 2017.
Under repealed circular number 10 of 2017, the SECP had directed all brokers to access compliance status with the regulatory requirements pertaining to the know your customers (KYC), customer due diligence (CDD) and enhanced due diligence (EDD) wherein net traded amount (i.e. value brought-value sold) of an investor in a month is equal to or greater than the specified threshold: investors class (corporate) with investment amount of Rs 25 million; investors class (proprietary-broker) with investment amount of Rs 20 million and investors class (individual) with investment threshold of Rs 5 million.
The SECP has withdrawn the circular relating to the said regulatory requirements pertaining to the KYC, CDD and EDD.
Comments
Comments are closed.