SECP advised to review onerous laws

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The Securities and Exchange Policy Board met in Islamabad at the SECP Headquarters under the Chairmanship of Professor Khalid Mirza. The Policy Board approved the General Takaful Accounting Regulations, 2019, the Provisional Manager and Official Liquidator Regulations 2019, Corporate Rehabilitation Regulations 2019, Directive on adoption of IFRS-14 Regulatory Deferral Accounts under section 225 of Companies Act 17, the Directive on Financial reporting of family window takaful operations by life insurers, and Compliance Of Compulsory Group Insurance Under the Industrial and Commercial Employment (Standing Order) Ordinance, 1968. The Policy Board took up the matter to initiate review process of the Securities Act 2015 keeping in view of removing harsh regulatory impediments that hamper the overall growth of securities market with the aim to facilitate the ease of doing business in the country. The Board also took the decision to review and rationalize the Futures Act, 2016 and the Limited Liability Partnership Act, 2017 which are onerous and cumbersome, so as to constitute a facilitating regulatory environment.