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030813
SECURITIES AND
EXCHANGE COMMISSION OF PAKISTAN
Circular No. 19 -Reference No. SECP/ICAP/EM/34/2003/474
August 13, 2003
Applicability of IAS 39 and IAS 40 to Non-Banking Finance Companies (NBFCs) providing investment finance services (Investment Banks), discounting services and housing finance services.
Practical difficulties being faced by NBFCs in
giving effect to the requirements of IAS 39 and IAS 40 in terms of rule 7 of
Non-Banking Finance Companies (Establishment and Regulation) Rules, 2003 (NBFC
Rules), as reported by Investment Banks Association of Pakistan and certain
NBFCs, have been appreciated by the Securities and Exchange Commission of
Pakistan (the Commission). Therefore, by virtue of powers conferred by rule 84
of NBFC Rules, the Commission has decided to grant relaxation to the NBFCs
providing Investment Finance Services, Discounting Services and Housing Finance
Services from the application of IAS 39 and IAS 40, with the direction that such
companies shall continue observing the State Bank of Pakistan’s BSD Circular
Letter No.11 dated September 11, 2002 regarding the application of said IASs,
till further decision.
(Najam Ali)
Executive Director
Distribution
1. Chief Executive of all Investment Banks, Discount Houses and Housing Finance
Companies.
2. Chief Executives of Stock Exchanges, Karachi / Lahore / Islamabad
3. The President, Institute of Cost and Management Accountants of Pakistan
4. The Chairman, Mutual Funds Association of Pakistan
5. The Chairman, Investment Banks Association of Pakistan
6. Press Information Department, Islamabad
7. Associated Press of Pakistan
8. All Officers of the Commission
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