The Securities and Exchange Commission of Pakistan (SECP) has relaxed key compliance requirements for the non-banking finance companies (NBFCs) including extension up to May 31, 2020, for submission of the quarterly financial statements.
The SECP has also allowed inspection of documents/record of companies as provided in regulation 19 of the Company (Registration Offices) Regulations, 2018 for which companies should take prior appointment through email or phone call to the respective company registration office (CRO).
According to the SECP circular number 16 of 2020, issued here on Wednesday, the Covid-19 has affected many businesses around the world and has been declared as a pandemic.
Due to the prevailing situation and in pursuance to the challenges faced by asset management companies in complying with certain requirements of the Non-Banking Finance Companies and Notified Entities Regulations, 2008 (the "NBFC Regulations"), the SECP in exercise of the powers conferred under Section 282B(3) of the Companies Ordinance, 1984 read with sub-regulation 67(A) of the NBFC Regulations, hereby allows the following further relaxations in relation to compliance with certain requirements of the NBFC Regulations: First, the time period for submission of the quarterly financial statements of Open-End Scheme and Close-End Scheme for the quarter ended on March 31,2020 under Regulation 18(2)(t) of the NBFC Regulations is extended by 30 days i.e. till May 31,2020.
Second, the time to ensure compliance with minimum fund size for Open-End Schemes under Regulation 54 (3b) oft he NBFC Regulations, 2008 is increased to 180 days for Open-End Schemes currently non-complaint with minimum fund size requirement and Open-End Schemes that may become non-complaint within next 90 days of issuance of this circular, the SECP added.
In continuation to this office Circular No 13 of 2020 dated April 14, 2010 and keeping in view the difficulties being faced by the general public regarding inspection of companies' record and issuance of certified true copies, the following measures have been taken for ease and facilitation of the public: Inspection of documents/record of companies as provided in regulation 19 of the Company (Registration Offices) Regulations, 2018, has been allowed.
However, prior appointment shall be obtained via email or phone call to the respective CRO, providing name of the company and intended date of visit.
The CRO incharge shall allow inspection ensuring adequate health security measures.
The certified copies of returns can be issued and collected from the respective CRO within two working days and in case not collected within the prescribed time, the same shall be sent via courier, the SECP added.
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