Page 34 - Newsletter May 2018

Newsletter The Institute of Chartered Accountants of Pakistan technical update Update: SECP notifies time period for submission of particulars by the shareholders of listed companies Local Regulatory Framework in relation to payment of dividend: SECP vide S.R.O 421(I)/2018 (dated April 2, 2018) notified the time SECP notifies the draft Companies (Manner and period for submission of information by shareholders Selection of Independent Directors) Regulations of a listed companies under Regulation 4(7) of the 2018 for public comments: The Securities & Exchange Companies (Distribution of dividend) Regulations 2017. Commission of Pakistan (SECP) vide S.R.O 359(I)/2018 The shareholders of listed companies are to submit (dated March 15, 2018) notified the draft ‘Companies specified particulars of designated bank account to (Manner and Selection of Independent Directors) the company within a period of 45 days from the date Regulations 2018’ for public comments. The regulations of this notification so that the companies can make specify the requirements and procedures for maintenance of databank of independent directors by arrangements for making payment of dividend in the institutes/bodies authorised for the purpose by the electronic mode. SECP. The regulations also specify the requirements and procedures for the companies to access the database SECP notifies seven AAOIFI Shariah Standards for along with the conditions applicable to selection of public comments: SECP vide S.R.O. 436(I)/2018 (dated independent directors from the databank. April 9, 2018) notified seven Shariah Standards of the Accounting and Auditing Organisation for Islamic SECP notifies the definition of Public Interest Financial Institutions (AAOIFI) for public comments. The Company under the Securities and Exchange last date for submission of comments was April 23, 2018. Commission of Pakistan Act 1997: SECP vide S.R.O 360(I)/2018 (dated March 15, 2018) notified the definition These standards are Shariah Standard No. 21 – Financial of a ‘Public Interest Company’ for the purposes of Papers (Shares & Bonds), Shariah Standard No. 27 Section 36H of the Securities and Exchange Commission – Indices, Shariah Standard No. 30 – Monetisation of Pakistan Act 1997. The notification states that a ‘Public (Tawarruq), Shariah Standard No. 44 – Obtaining Interest Company’ shall mean a company which falls and Deploying Liquidity, Shariah Standard No. 45 – under the criteria of public interest company as laid Protection of Capital and Investments, Shariah Standard down in the 3rd Schedule to the Companies Act 2017. No. 46 – Al-Wakalah Bi Al-Istithmar (Investment Agency), and Shariah Standard No. 53 – Arboun (Earnest Money). SECP notifies draft Limited Liability Partnership Regulations 2018 for public comments: SECP vide SECP notifies draft Employees Contributory Funds S.R.O. 407(I)/2018 (dated March 26, 2018) notified (Investment in Listed Securities) Regulations 2018 draft ‘Limited Liability Partnership Regulations 2018,’ for public comments: SECP vide S.R.O. 435(I)/2018 for public comments. The draft regulations present (dated April 9, 2018) notified draft ‘Employees the proposed regulatory framework for formation, incorporation, governance and operation of a limited Contributory Funds (Investment in Listed Securities) liability partnership. Regulations 2018,’ for public comments. The last date for submission of comments was April 23, 2018. The SECP directs companies to submit material facts draft regulations propose a comprehensive regulatory about special resolutions and ordinary resolutions framework for investments by employee contributory relating to special business: SECP vide S.R.O funds in listed securities. 423(I)/2018 (dated April 3, 2018) directed the companies to submit material facts as specified therein, where a SECP notifies IFRS 16 – Leases for adoption: SECP vide special resolution of members is required and where an S.R.O. 434(I)/2018 (dated April 9, 2018) notified IFRS 16 ordinary resolution of members in respect of a special – Leases issued by International Accounting Standards business is required. A company shall annex a statement Board (IASB) for adoption. The standard will be effective containing the specified material facts to the notice from annual reporting periods beginning on or after of general meeting where a special business is to be January 1, 2019 and will supersede currently effective transacted. IAS 17 – Leases. 34 May 2018