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KARACHI: The State Bank of Pakistan (SBP) has directed the Financial Institutions to submit shareholding information within 15 days from the close of each calendar year.

In order to reduce the compliance burden of Financial Institutions, including banks, DFIs and MFBs, the SBP has decided to consolidate the instructions issued by it, from time to time, on the shareholding returns.

Accordingly, now the banks, DFIs and MFBs will furnish their shareholding information as per described format on calendar year basis within 15 days from the close of each calendar year.

Further, all locally incorporated banks will continue to furnish information about the shareholding of Chairman, Managing Director or Chief Executive Officer, by whatever name called, as per the format given by the SBP on calendar year basis within 15 days from the close of each calendar year.

The required information will be furnished to Banking Policy & Regulations Department (BPRD) through scanned copies of duly signed returns as well as soft copies of the above returns on MS Excel formats.

All locally banks and DFIs are required to submit returns and information related to shareholding of Chairman or President, Managing Director, CEO, directly or indirectly in the Banking Companies on yearly basis.

Implementation of IFRS 9: SBP issues final instructions

In addition, through another circular, the SBP has decided that submission periodical returns in hard-copy format will be discontinued, effective from December 31, 2022. Now financial institutions are not required to submit hard copy of quarterly returns of Capital Adequacy Ratio (CAR), Net Stable Funding Ratio (NSFR) and Liquidity Monitoring Tool-Available Unencumbered Assets. Similarly, hard copy of Monthly Returns including Liquidity Coverage Ratio (LCR), Liquidity Monitoring Tool-Concentration of Funding, Liquidity Monitoring Tool - LCR by Significant Currency, Liquidity Monitoring Tool - Market related Monitoring Tools. Fortnightly Returns including, Liquidity Monitoring Tool-Contractual Maturity Mismatch is also not required.

However, the SBP has directed Financial Institutions to ensure timely submission of CAR, LCR and NSFR returns, within 14 working days from the close of respective reporting period, on the SBP’s DAP portal.

Liquidity Monitoring Tools’ returns within 14 working days from the close of respective reporting period on the dedicated email, ie, [email protected]

Further, Financial Institutions will continue to submit their annual audited CAR returns, duly certified by external auditor, within three (03) months from the close of each calendar year in hard-copy format as well as on the DAP portal.

Copyright Business Recorder, 2022

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