ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) has notified the Futures Exchanges (Licensing and Operations) Regulations, 2017, a statement said on Friday.
The regulations have been issued under the Futures Market Act, 2016, it added. The salient features of the regulations included application of fit and proper criteria to the majority shareholders, directors and senior management officers, providing a code of conduct for the board of directors and senior management officers of a futures exchange.
The regulations provide guidelines for the composition of the board of directors, appointment of CEO and chief regulatory officer with the SECP’s approval, as well as the related matters, it said.
They also require management of the exchange to constitute a risk committee and appointment of a chief risk officer at the future exchange, the statement added. The new regulations also enlist financial resource requirements of minimum paid-up capital (net of losses) of Rs500 million.
However, the existing futures exchange would have three years to meet this threshold, it said. The regulations have been published in the official gazette and placed on the SECP’s website (www.secp.gov.pk).
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