 |
|
For business information, annual reports, laws, ordinances, regulations and articles. |
|
|
020612
THE GAZETTE OF PAKISTAN
ISLAMABAD THURSDAY, JUNE 13, 2002
PART II
Statutory Notification (S. R. O.)
GOVERNMENT OF PAKISTAN
SECURITIES AND EXCHANGE COMMISSION OF PAKISTAN
NOTIFICATION
Islamabad, the 12th June, 2002
S. R. O. 319 (I) /2002.-- In exercise
of the powers conferred by section 33 of the Securities and Exchange Commission
Ordinance, 1969 (XVII of 1969), the Federal Government is pleased to direct
that the following amendment shall be made in the Cradit Rating Companies Rules,
1995, namely :---
In the aforesaid Rules:---
(1) in rule 2, for clause(a) the following shall be substituted, namely :---
"(a) Commission means the Securities and Exchange Commission of Pakistan:";
(2) in rule 3,--
(a) in clause (b), after the word "Institution", the words "for
a period of not less than five years" shall be inserted ;
(b) in clause (c), the word "and ", at the end, shall be omitted ;
and entity by the Federal Government or a Provincial Government or an institution
which is directly or indirectly owned or controlled by the Federal Government
or a Provincial Government ;
Provided further that the director of the rating company shall inform the Commission
of such nomination, within fifteen days of the receipt of rating mandate from
such entity together with an undertaking that he shall not participate in the
rating process of that entity, "; and
(c) After sub-rule (1) renumbered as aforesaid, the following new sub-rules
shall be added, namely:--
"(2) Neither any change in the shareholding of a rating company shall be
made nor the chairman and chief executive of a rating company shall be changed
without prior approval of the Commission, in writing.
(3) The Commission may, after expiry of the minimum period as prescribed in
clause (b) of rule 3, order
dessation of the applicability of the provisions of rule 32 to a rating company
where the Commission is of
the opinion that it would be in the interest of capital market so to do.".
[No. SC/MFRS/CRC/2002.]
MUHAMMAD HAYAT JASRA.
Executive Director (Law)
