{"id":61515,"date":"2020-02-16T10:09:00","date_gmt":"2020-02-16T05:09:00","guid":{"rendered":"https:\/\/www.zameen.com\/news\/?p=61515"},"modified":"2020-02-21T16:56:40","modified_gmt":"2020-02-21T11:56:40","slug":"details-sought-of-ultimate-beneficial-owners-foreign-firms","status":"publish","type":"post","link":"https:\/\/www.zameen.com\/news\/details-sought-of-ultimate-beneficial-owners-foreign-firms.html","title":{"rendered":"SECP seeks details of \u2018ultimate beneficial owners\u2019 of foreign firms"},"content":{"rendered":"\n<p>Islamabad:\nThe Securities and Exchange Commission of\nPakistan (SECP)&nbsp;has directed all foreign companies operating in the\ncountry to provide detailed records of their \u2018ultimate beneficial owners\u2019,\naccording to news sources. <\/p>\n\n\n\n<p><strong>Read:<\/strong> <a href=\"https:\/\/www.zameen.com\/news\/secp-proposes-amendments-companies-act-2017.html\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\"SECP proposes amendments in Companies Act 2017 (opens in a new tab)\">SECP proposes amendments in Companies Act 2017<\/a><\/p>\n\n\n\n<p>To this effect, the SECP has issued SRO 81 (I)\/2020 to amend the Foreign Companies Regulations, 2018 framework. As per the revisions proposed, all corporate bodies (which are members\/ secretaries\/ directors of foreign firms) will be required to reveal the details of their owners \u2013 in case the members are corporate entities.<\/p>\n\n\n\n<p>According to the SECP\u2019s specifications, the \u201cultimate beneficial owner means a natural person who ultimately owns or controls a foreign company and includes the persons who exercise ultimate effective control through a chain of ownership or by means of control other than direct control of not less than 25 percent of shares, voting rights or controlling interest in the foreign company.\u201d<\/p>\n\n\n\n<p> <strong>Read:<\/strong> <a href=\"https:\/\/www.zameen.com\/news\/pmdu-praises-secp-on-complaint-resolution.html\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\"PMDU praises SECP on complaint resolution (opens in a new tab)\">PMDU praises SECP on complaint resolution<\/a><\/p>\n\n\n\n<p>Further, the records provided by the companies should include the information about all direct shareholdings, control or interest. For indirect shareholding\/control, particulars of all legal persons or arrangements\u2019 details (whether made abroad or in Pakistan) need to be provided to the <a href=\"https:\/\/www.zameen.com\/news\/secp-to-support-foreign-investment.html\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\"SECP. (opens in a new tab)\">SECP.<\/a> <\/p>\n\n\n\n<p>These\nparticulates should include the owner\u2019s name, company details (Limited Liability Partnership (LLP), partnership firm, trust,\nor any other corporate structure), incorporation date\/ registration date,\nregistration authority\u2019s name, email address, business address, and country-of-origin\nname. <\/p>\n","protected":false},"excerpt":{"rendered":"<p>Islamabad: The Securities and Exchange Commission of Pakistan (SECP)&nbsp;has directed all foreign companies operating in the country to provide detailed records of their \u2018ultimate beneficial owners\u2019, according to news sources. Read: SECP proposes amendments in Companies Act 2017 To this effect, the SECP has issued SRO 81 (I)\/2020 to amend the Foreign Companies Regulations, 2018 framework. As per the revisions proposed, all corporate bodies (which are members\/ secretaries\/ directors of foreign firms) will be required to reveal the details of their owners \u2013 in case the members are corporate entities. According to the SECP\u2019s specifications, the \u201cultimate beneficial owner means a natural person who ultimately owns or controls a foreign company and includes the persons who exercise ultimate effective control through a chain of ownership or by means of control other than direct control of not less than 25 percent of shares, voting rights or controlling interest in the foreign company.\u201d Read: PMDU praises SECP on complaint resolution Further, the records provided by the companies should include the information about all direct shareholdings, control or interest. For indirect shareholding\/control, particulars of all legal persons or arrangements\u2019 details (whether made abroad or in Pakistan) need to be provided to the SECP.&hellip;<\/p>\n","protected":false},"author":75,"featured_media":61188,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[15012],"tags":[19629,19631,19630],"persona":[],"class_list":{"0":"post-61515","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-allied-industries","8":"tag-details-on-secp-seeks-details-of-ultimate-beneficial-owners-of-foreign-firms","9":"tag-foreign-companies-regulations","10":"tag-ultimate-beneficial-owners","11":"cat-15012-id"},"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.2 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Details sought of \u2018ultimate beneficial owners\u2019 foreign firms - Zameen News<\/title>\n<meta name=\"description\" content=\"SECP has directed all foreign companies operating in the country to provide detailed records of their \u2018ultimate beneficial owners\u2019\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.zameen.com\/news\/details-sought-of-ultimate-beneficial-owners-foreign-firms.html\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Details sought of \u2018ultimate beneficial owners\u2019 foreign firms - Zameen News\" \/>\n<meta property=\"og:description\" content=\"SECP has directed all foreign companies operating in the country to provide detailed records of their \u2018ultimate beneficial owners\u2019\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.zameen.com\/news\/details-sought-of-ultimate-beneficial-owners-foreign-firms.html\" \/>\n<meta property=\"og:site_name\" content=\"Pakistan Real Estate News &amp; 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