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ISLAMABAD: A meeting of the Senate Standing Committee on Finance has decided to sent two FATF related bills, - the Limited Liability Partnership (Amendment) Bill, 2020 and the Companies (Amendment) Bill, 2020, with some amendments to the Senate for voting on amendments today.

A meeting of the finance committee presided over by Farooq H Naek Tuesday decided to hold a vote as to whether amendments seeking further clarity into the definitions, and specifying the percentage of ownership should be added to the companies amendment bill or not, and four members voted in favour of the amendments, while three voted against them.

Talking to Business Recorder, sub-committee convener Musadik Malik said the main committee has neither approved nor rejected the companies amendment bill and decided to send both the laws and amendments to the House for taking a decision.

Thus, the committee decided in view of paucity of time that the amendments would be brought in House.

Earlier, Senator Musadik Masood Malik, convener of the sub-committee formed on Monday, briefed the committee about the deliberations and briefing by the Securities and Exchange Commission of Pakistan (SECP) as to the meanings of the terms direct and indirect control, ultimate beneficial owner among others as mentioned in both acts.

The sub-committee was informed that any person who directly through himself/herself or indirectly through his spouse, children or any company maintains 25 percent ownership of a company comes under the category of being termed as the ultimate beneficial owner of the company and the obligation of maintaining his name in the register falls with the company itself, otherwise, penalties can be imposed.

Similarly, any person who has value shares or has power over appointment of board of directors (among other instruments) is considered to be exercising control over the company directly or indirectly.

The sub-committee was also given an undertaking by the SECP that although the threshold of 25 percent is not mentioned in the law, it will be specified in the regulations made by the SECP.

Similarly, an undertaking was given that the terms of 'five years' for maintaining records for companies in case of dissolution will be followed and would not be changed.

The Limited Liability Partnership (Amendment) Bill could not be discussed because of paucity of time.

The Standing Committee that met with Senator Farooq Naek in the chair, deliberated further on the bill, and observed that while The Companies (Amendment) Bill has the mention of these definitions in the relevant section and the Limited Liability Partnership (Amendment) Bill does not have the same.

Similarly, members also discussed the efficacy of undertakings in comparison to actual amendments that can be brought and made part of the bill.

A vote was held to make a decision as to whether amendments seeking further clarity into the definitions and specifying the percentage of ownership should be added to the bill or not.

Four members voted in favour of the amendments, while three voted against them.

Consequently, it was decided that amendments shall be brought in House.

The meeting was attended among others by Senator Sherry Rehman, Musadik Malik, Dilawar Khan, Zeeshan Khanzada, Imamuddin Shauqeen, Mohsin Aziz, and Additional Secretary from the ministry, director general FATF Pakistan, the chairman SECP, and the Legal Advisor SECP.

Copyright Business Recorder, 2020

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