Thursday, March 23, 2023

SECP requests that firms file a Beneficial Ownership Declaration

In submitting Form 45, mandated under Section 123A of the Company Act,2017, the Securities and Exchange Commission of Pakistan (SECP) has requested firms to provide information to their ultimate beneficial owners.

When submitted prior to August 13, 2021, SECP will not impose any penalties for submitting late UBO Forms 45.

The Regulations for Businesses (General Supply & Forms) of 2018 describe how companies can obtain, maintain, and update their ultimate beneficiary owners.

The Government introduced the Company Act 2017 modifications requiring every Company to receive information about its UBO and to submit a statement with SECP in this respect on the specified format i.e. Form 45 in order to guarantee transparency standards of ownership and control structure for companies.

SECP also has an online system to submit Form 45 and provided extensive guidelines, including FAQs, in order to help firms.

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