Home National SECP advises companies to file UBO declarations

SECP advises companies to file UBO declarations


ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) has, once again, advised companies to submit declarations of their ultimate beneficial owners (UBOs), through filing of Form 45, as required under Section 123A of the Companies Act, 2017.
In a statement on Friday, the SECP said that the procedure for companies to obtain, maintain and update information about their ultimate beneficial owners is specified in the Companies (General Provision & Forms) Regulations, 2018.
To ensure standards of transparency in the ownership 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.
It said that SECP also introduced an online mechanism for submission of Form 45 and issued detailed guidelines, including FAQs, to facilitate companies. A video tutorial, explaining the process of online filing of Form 45, can also be accessed at the SECP website, it added.
Meanwhile, Avanceon Limited has disclosed that the SECP has accorded its approval to Octopus Digital Limited (ODL), a wholly-owned subsidiary of Avanceon Limited, to issue, circulate and publish the prospectus for the issuance of 27,350,000 ordinary shares.
Earlier this month, SECP and PSX had approved the listing application of ODL. According to the notice issued by Avanceon on Friday, the issue consists of 27,350,000 ordinary shares i.e. 20 percent of the total post-IPO paid-up capital of Octopus Digital Limited (Octopus) of the face value of Rs10 each.
The IPO will be conducted through the 100% book building method at a floor price of Rs29 per share with a maximum price band of up to 40% above the floor price.
The bidders shall be allowed to place bids for 100 percent of the issue size and the strike price shall be the price at which the hundred percent of the issue is subscribed. However, the successful bidders shall be provisionally allotted 75% of the issue size i.e. 20,512,500 shares and the remaining 25% i.e. 6,837,500 shares shall be offered to the retail investors.
Meanwhile, the Securities and Exchange Commission of Pakistan (SECP) has deployed an online reporting system for filing of biannual returns under the Employees’ Contributory Funds (Investment in Listed Securities) Regulations, 2018.
The SECP has taken the step to facilitate companies with their statutory compliance, said a statement issued on Friday.
It said the development of this reporting system is part of SECP’s efforts for promoting digitalisation, ease of doing business and creating a paperless environment. The online filing mechanism will reduce administrative burden of handling forms in SECP and help in maintaining a centralised database of the contributory funds.
To avail the online filing facility, companies/trust(s) are required to login into SECP’s e-services with available user ID and click on the process of filing of employee contributory fund return at the process listing page. Those trusts which are not registered in e-services, are required to complete the user registration process with valid CNIC in e-services, said the SECP.
The SECP said that companies/trust(s) can file their returns for the period ended June 30, 2021 by accessing the process from its official website. – TLTP