The changes in the security policy of government made from time to time would be enforced for giving security clearance to the companies, the SECP added.
The Commission shall obtain security clearance from Ministry of Interior (MoI) in following cases and in the manner prescribed: Firstly, companies having foreign (other than Afghan and Indian national or origin) subscribers/officers will be incorporated on the basis of an undertaking of each foreign subscriber /officer and case shall be forwarded for security clearance. Provided that in case name of subscriber/officer is not security cleared by MoI, the subscriber/officer and the company, shall take immediate steps for replacement and shall transfer shares if any, held by the subscriber. Secondly, companies having foreign subscribers/ officers who are Afghan or Indian national or of Afghan or Indian origin will be incorporated after receipt of security clearance. Thirdly, security services provider companies will be incorporated after receipt of security clearance from the MoI.
The manner of security clearance shall be subject to any change in the security policy of government from time to time, the SECP said. The Securities and Exchange Commission of Pakistan (SECP) has laid down additional requirements for foreign subscribers and additional information for security clearance of such subscribers.
According to the SECP, in case the subscriber is a foreign company or a foreign body corporate, the registrar shall require additional information including but not limited to, the profile of the foreign company or foreign body corporate, details of its directors, their nationality and countries of origin, copy of its charter, statute or memorandum and articles etc. Provided that the copy of any charter, statute, memorandum, articles or other instrument, constituting or defining the constitution of a foreign company or a foreign body corporate required to be filed with the registrar. This shall be duly certified to be a true copy by the public officer in the country where the foreign company or foreign body corporate is incorporated to whose custody the original is committed or a notary public of the country where the foreign company or foreign body corporate is incorporated; or an affidavit of a responsible officer of the foreign company or foreign body corporate in the country where the company is incorporated.
Provided further that the signature and seal of the official referred or the certificate of the notary public shall be authenticated by a Pakistan diplomatic consular or consulate officer and the certificate of the officer of the foreign company or foreign body corporate shall be signed before a Pakistan diplomatic consular or consulate officer.
In case the subscriber to the memorandum is an individual of foreign nationality, he may be required to file additional documents as deemed necessary by the registrar, the SECP said.