The Securities and Exchange Commission of Pakistan (SECP) has established a Special Committee to propose amendments to the Companies Act, 2017. In this regard, the SECP has reached out to the Pakistan Banks’ Association (PBA) to gather feedback and comments on potential revisions to the Act.
The SECP has indicated that feedback can encompass various aspects of the Companies Act, including governance, compliance, financial reporting, stakeholder facilitation, and other areas requiring legislative attention.
In response, PBA has urged its member banks to consult their respective internal departments and provide their feedback and comments on the proposed amendments.
As of May 5, 2023, PBA is in the process of compiling and consolidating the feedback received from member banks. The compiled feedback will be submitted to the SECP shortly for further consideration and action.
Source: PBA