Before applying for licenses or permission to connect in regulated activities in Pakistan, foreign nationals are now required by the Securities and Exchange Commission of Pakistan (SECP) to acquire security clearance from the Ministry of Interior.
The SECP put the condition into effect by issuing Circular 13 of 2023 on Monday. The new Circulars conditions are going to take effect right away.
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According to the commission’s circular, the SECP has ordered that licenses or regulated operations under the Securities Act of 2015 along with the Futures Market Act of 2016 that have sponsors, directors, or shareholders who are foreign nationals or foreign entities, and any later occurring changes in such sponsors, directors, or shareholders, shall only be granted or allowed upon receipt of the required prior security clearance from the Ministry of Interior.