Islamabad, January 25, 2023 (PPI-OT):In a bid to streamline investment processes for Corporate Restructuring Companies (CRCs) and provide greater flexibility for restructuring operations, the Securities and Exchange Commission of Pakistan (SECP) has proposed amendments to the Corporate Restructuring Companies Rules, 2019. The draft amendments have been placed on SECP’s website for public consultation.
Key proposed changes include procedures for raising funds and extending financing for acquisition, trust liquidation, composition and governance of the Corporate Restructuring Board (CRB) and its functions and budgetary allocations. The proposed amendments will simplify the process of rehabilitating distressed entities by providing greater flexibility for CRCs to undertake agency functions for recovery and restructuring.
They will also streamline the process of getting regulatory approvals for Scheme of Arrangement from the CRB. The amendments prescribe procedures for the composition, appointment, and governance of the CRB, including a Code of Conduct for its members and staff etc. These measures are aimed at ensuring a diverse representation of experts from relevant fields, transparency and accountability in the decision-making process.
The proposed amendments draft can be accessed at SECP website at https://www.secp.gov.pk/document/draft-crc-rules-amendments-with-molchanges-for-po/?wpdmdl=46713&refresh=63d0e35b316fa1674634075.
Stakeholders can provide their comments on draft amendments by February 7th, 2023 at ateeq.ahmed@secp.gov.pk.
For more information, contact:
Head, Internal and External Communication
Securities and Exchange Commission of Pakistan (SECP)
NIC Building, 63 Jinnah Avenue, Islamabad
Tel: +92-51-9214005 or +92-51-9214009 (Ext. 378)
Fax: +92-51-9206459
Cell: +92-302-8552254
E-mail: shakil.chaudhary@secp.gov.pk
Website: www.secp.gov.pk