SECP advises companies to file UBO Declarations

22
Islamabad

The Securities and Exchange Commission of Paki-stan (SECP) once again advised companies to sub-mit Declarations of their Ultimate Beneficial Own-ers (UBOs), through filing of Form 45, as required under Section 123A of the Companies Act, 2017.

The procedure for companies to obtain, maintain and update information about their ultimate benefi-cial owners is specified in the Companies (General Provision & Forms) Regulations, 2018, said a press release issued here.

To ensure standards of transparency in the owner-ship and control structure of corporate entities, the government had introduced amendments to the Companies Act 2017.

These amendments made it mandatory for every company to obtain information of its UBOs, and file a declaration to this effect with the SECP on the prescribed format i.e. Form 45.To facilitate companies, SECP also introduced an online mechanism for submission of Form 45 and issued detailed guidelines, including FAQs.

A video tutorial, explaining the process of online filing of Form 45, can also be accessed at https://www.secp.gov.pk/video-tutorial-of-filing-of-form-45-with-secp-ubo-declaration/.

Companies that have not yet been able to comply with the re-quirements of Section 123, are encouraged to file the Declaration at the earliest.—APP

Previous articleEfforts on to discover new oil, gas reserves to meet demand
Next articleWorkshop for journalists, students