The Institute of Chartered Accountants of Pakistan (ICAP) has issued the following statement regarding the newly issued Non-Banking Finance Companies (Establishment and Regulation) Rules, 2003:
“Some queries have been received from students regarding SECP circular No 15 issued on 2 December 2002 relating to transfer of regulatory regime of NBFCs from State Bank of Pakistan to SECP. This circular would not affect the syllabus or examination contents of Module “E” for Summer 2003 examination.
The new NBFC Rules issued by SECP on 1 April 2003 under SRO no 310(1)/2003 would be effective for examination purposes from Winter 2003 examination.”
These newly issued rules replace the following:
– The Leasing Companies (Establishment and Regulation) Rules, 2000
– Investment Companies and Investment Advisors Rules, 1971
– Asset Management Companies Rules, 1995
– Venture Capital Companies and Venture Capital Rules, 2001
– Housing Finance Companies (Establishment and Regulation) Rules, 1997
– Investment Finance Companies SRO 585(I)/87
