Foreign cos told to give details of members holding 25pc of shares

ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) Monday directed all foreign companies to provide details of an individual member, if he/she held at least 25 percent of the shares, voting rights or controlling interest in the company on behalf of some other person.

The SECP has issued S.R.O. 866 (I)/2020 for introducing draft amendments to the Foreign Companies Regulations, 2018 here on Monday.

According to the revised Foreign Companies Regulations, in case of a member of a foreign company holding at least 25 percent of the shares, voting rights or controlling interest in the foreign company on behalf of some other person, following additional particulars of ultimate beneficial owner(s), shall be obtained, maintained and duly updated by the foreign company: Name of the member of the foreign company not having beneficial interest in the foreign company; name of the natural person who is the ultimate beneficial owner of the foreign company; father's name/Spouse's Name; NIC/NICOP/Passport no. along with date of issue; nationality; country of origin; usual residential address; email address.

In case of indirect shareholding or control, the SECP has sought particulars of legal persons or legal arrangement through whom shareholding, interest or control exercised in the chain of ownership or control.