{"id":387011,"date":"2024-02-14T09:06:11","date_gmt":"2024-02-14T04:06:11","guid":{"rendered":"https:\/\/leadpakistan.com.pk\/news\/?p=387011"},"modified":"2024-02-14T09:06:11","modified_gmt":"2024-02-14T04:06:11","slug":"secp-prescribes-fit-and-proper-criteria-for-key-executives-of-corporate-restructuring-companies","status":"publish","type":"post","link":"https:\/\/leadpakistan.com.pk\/news\/secp-prescribes-fit-and-proper-criteria-for-key-executives-of-corporate-restructuring-companies\/","title":{"rendered":"SECP prescribes fit and proper criteria for key executives of Corporate Restructuring Companies"},"content":{"rendered":"<p> ISLAMABAD<br \/>\nThe Securities and Exchange Commission of Pakistan (SECP), to strengthen the risk mitigation framework and enhance transparency in the approval process, has prescribed fit-and-proper criteria for the key executives, including promoters, major shareholders, board members, directors, and CEOs of corporate restructuring companies (CRCs).<br \/>\nThe Circular, available on SECP\u2019s website, outlines that individual\u2019s fitness and propriety will be evaluated based on factors such as integrity, track record, financial soundness, competence and capability, and potential conflict of interest with the CRC\u2019s business. Importantly, compliance with these criteria is perpetual, and CRCs are obligated to ensure adherence at all times.<br \/>\nFurthermore, CRCs are required to monitor any changes in the status of their CEOs and directors. If any change results in non-compliance with the Fit and Proper Criteria, the CRC\u2019s board is mandated to immediately cease the individual\u2019s functions, inform the SECP, and initiate the process for replacing them with a suitable candidate.<br \/>\nThis circular will streamline the licensing process for CRCs, fostering greater trust and reliability in the sector. Additionally, Annexures for Information to be provided by promoters, major shareholders (other than a body corporate), proposed directors, and proposed chief executive officer of the CRC have been annexed to the Circular for guidance.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>ISLAMABAD The Securities and Exchange Commission of Pakistan (SECP), to strengthen the risk mitigation framework and enhance transparency in the approval process, has prescribed fit-and-proper criteria for the key executives, including promoters, major shareholders, board members, directors, and CEOs of corporate restructuring companies (CRCs). The Circular, available on SECP\u2019s website, outlines that individual\u2019s fitness and [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":{"0":"post-387011","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-business"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>SECP prescribes fit and proper criteria for key executives of Corporate Restructuring Companies<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/leadpakistan.com.pk\/news\/secp-prescribes-fit-and-proper-criteria-for-key-executives-of-corporate-restructuring-companies\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"SECP prescribes fit and proper criteria for key executives of Corporate Restructuring Companies\" \/>\n<meta property=\"og:description\" content=\"ISLAMABAD The Securities and Exchange Commission of Pakistan (SECP), to strengthen the risk mitigation framework and enhance transparency in the approval process, has prescribed fit-and-proper criteria for the key executives, including promoters, major shareholders, board members, directors, and CEOs of corporate restructuring companies (CRCs). 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