Government of pakistan securities and exchange commission of pakistan notification

  
23. 
Commission’s power to require returns.- (1) The Commission may by written 
notice require a credit rating company to submit to the Commission such periodic returns as it may 
direct.
24. 
Annual financial statements, etc. to be submitted to Commission.- A credit 
rating company shall submit, within four months after the end of each financial year, its auditor's 
report to the Commission along with –
(a) 
its annual financial statements; and
(b) 
a confirmation in writing by the credit rating company that it is in compliance with 
the Act and the rules and regulations made thereunder.
25. 
Financial resource requirement.- Every credit rating company shall maintain at 
all times a minimum equity of Rs.50 million.
 
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Substituted for the text “Companies Ordinance, 1984 and shall make them available on its website” vide S.R.O. No.1223(I)/2019 
dated October 10, 2019. 

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[25A. Relaxation from the requirement of Regulation: Where the Commission is 
satisfied that it is not practical to comply with any of the requirements of Regulation, it may, for reasons 
to be recorded, based on the application of the company relax the same subject to such conditions as it 
may deem fit.] 
26. 
Savings and Repeals.- (1) Save as provided in Regulation 26(2), the Credit Rating 
Companies Rules, 1995(“the Rules”) and the Code of Conduct issued under the Rules, issued vide 
letter dated January 13, 2014 are hereby repealed.
(2) Save as otherwise specifically provided, nothing in these Regulations shall affect or be 
deemed to affect anything done, action taken, investigation or proceedings commenced, order, 
relaxation granted unless withdrawn, appointment, conveyance, mortgage deed, document or 
agreement made, fee paid or accrued, resolution passed, direction given, proceedings taken or 
instrument executed or issued, under the repealed Rules and any such thing, action, investigation, 
proceedings, order, appointment, conveyance, mortgage deed, document, agreement, fee, 
resolution, direction, proceedings or instrument shall if in force at the coming into force of these 
Regulations and not inconsistent with any of the provisions of these Regulations, continue to be in 
force, and have effect as if it were respectively done, taken, commenced, made, directed, passed, 
given, executed or issued under these Regulations.
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Inserted vide S.R.O 582(I)/2020 dated June 29, 2020.

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