The Securities and Exchange Commission of Pakistan (SECP) will make it mandatory for foreign companies operating in Pakistan to maintain registers containing detailed particulars of its directors, principal officer, other officers, Pakistani members and debenture holders under new regulatory regime.
According to the draft Foreign Companies Regulations, 2017 issued by the SECP through an SRO 1209 (I)/2017, foreign company shall keep a register of its Pakistani members containing the specified particulars. In case of individual member, particulars included registration/folio number, full name, father's name/husband name, CNIC/NICOP/passport number, nationality, residential address and occupation, if any. In case of member other than natural person, particulars included registration/folio number; name; official address and name of authorized contact person, the SECP said.
Foreign companies operating in Pakistan will provide additional particulars in the case of a company having a share capital. Particulars added number of shares held by each member, class/kind of shares held, distinctive number of each share held, amount paid on the shares of each member, date on which each person was entered in the register as a member and date on which any person ceased to be a member and the reason for ceasing to be a member.
Particulars of Pakistani debenture holders: The foreign company shall keep a register of its Pakistani debenture holder containing the particulars. In case of individual debenture holder, particulars included registration/folio number, full name, father's name/husband name, CNIC/NICOP/passport number, nationality, residential address and occupation, if any.
In case of debenture holder other than natural person, particulars included registration/folio number, name, official address and name of authorized contact person. Additional particulars included number of debentures held by each holder, distinctive number of each debenture held, amount paid on the debentures held by each holder, date on which each person was entered in the register as a debenture-holder and date on which any person ceased to be a debenture-holder.
Particulars of directors and officers: The foreign company shall keep a register of its directors, principal officer and other officers containing the particulars. In case of an individual, particulars included full name, father/husband name, nationality, CNIC/NICOP/passport number, residential address, designation held in company and details of other directorship or positions held.
In the case of a person other than natural person, name, registered address, address of principal office, and particulars of each of its directors or office-bearers and in the case of a firm, name, address and particulars of each partner, and the date on which each became a partner. The registers maintained by a foreign company shall be open to inspection and copies thereof shall be supplied to the commission as in the case of similar registers maintained by a company under the Act, the SECP added.