The Karachi Stock Exchange (KSE) on Monday announced that the date for inviting members' comments on proposed "Regulations for Monitoring and Compliance of the Brokers" replacing "Regulations Governing System Audit of the Brokers of the Exchange, 2004" has been extended to December 22, 2011.
The KSE in a notice to all members informed that the KSE Board of Directors at its meeting held on November 29, 2011 had decided to place the subject regulations on KSE website for members' information and comments. Accordingly, the document titled "New System Audit Regulations-Comparative of Proposed & Existing Regulations" was placed on KSE website on December 1, 2011 seeking members' comments latest by December 15, 2011.
However, in view of he extreme significance of the subject matter in relation to overall brokerage business, regulatory compliance of members and their back office reliability, which plays crucial role in investor confidence, members are hereby given further time to respond to the proposed amendments. Therefore, the date for inviting members' comments has been extended, the notice added.
"In view of the above, the members are requested once again to go through the proposed regulations carefully and submit their suggestions, recommendation and/or comments to the undersigned latest by December 22, 2011," the KSE notice said. The proposed regulations are available on the KSE website.