SECP asks firms to submit UBOs on Form 45

ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) on Tuesday advised companies which have not yet submitted the Beneficial Ownership Declaration on Form 45, to do so at the earliest, as the commission would be concluding the ongoing adjudication proceedings, a statement said.

Every company was required by law to obtain information of its ultimate beneficial owners (UBOs) and file a declaration to this effect with SECP. This was aligned with international practices, designed to improve standards of transparency in ownership and control structure of corporate entities, the statement said.

In this regard, SECP has issued periodic reminders to registered companies concerning their obligation to comply with this provision of law and also carried out extensive awareness campaign through print and social media. In order to facilitate companies in compliance, SECP has introduced a mechanism for online submission of Form 45, which has received an encouraging response.