Government of pakistan securities and exchange commission of pakistan notification

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Annexure C  
  
FIT AND PROPER CRITERIA
[see Regulation 4, 6(2) and 11(C)]
  
FIT AND PROPER CRITERIA FOR PORMOTERSOR/ SPONSORS, DIRECTORS ,  
CHIEF EXECUTIVE, CHAIRMAN OF THE BOARD OF DIRECTORS, EXTERNAL  
MEMBER AND SENIOR MANAGEMENT OFFICERS OF CREDIT RATING 
COMPANIES  
DEFINITIONS  
"Senior Management officers” means key executives of the credit rating company and includes, 
inter alia, the persons discharging the following functional responsibilities, -
a. 
Any executive, officer acting as second to chief executive officer including chief 
operating officer or by whatever name called;
b. 
chief financial officer, head of accounts or head of finance;
c. 
Senior Analyst or Rating Manager or by whatever name called;
d. 
head of internal audit;
e. 
head of information technology;
f. 
head of human resource;
g. 
head of operations;
h. 
head of marketing;
i. 
head of research;
j. 
head of law, company secretary or compliance officer; and
k. 
any other functional responsibility which the Commission may include.
  
APPLICATION AND SCOPE  
(1) 
The Fit and Proper Criteria in relation to a credit rating company is applicable to the 
following persons:
(i) 
promoters or sponsors and substantial shareholders of the credit rating company;
(ii) 
director of the credit rating company;
(iii) 
chief executive of the credit rating company;
(iv) 
external member; and
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[(v) senior Management officers, other than rating analyst or such other persons by 
whatever name called, of the credit rating company]
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Substituted for the text “(iv) senior Management officers of the credit rating company” vide S.R.O. No.1223(I)/2019 dated
October 10, 2019

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