Pakistan”s Securities and Exchange Commission (SECP) has amended company regulations to create a centralized Ultimate Beneficial Ownership (UBO) registry. The registry, located at the SECP, will hold current and precise beneficial ownership details for all companies, aligning with global transparency standards set by organizations like the Financial Action Task Force (FATF) and the Organisation for Economic Co-operation and Development (OECD).

The updated rules mandate companies to provide their UBO data to the SECP annually, starting with the financial year ending on or after June 30, 2025. This information, already collected from shareholders, must be submitted through the SECP”s eZfile system with other required filings.

Access to the UBO data will be granted to financial institutions and other relevant parties as required. Developed through consultations with various stakeholders, this centralized system reflects the SECP”s dedication to matching international best practices. These actions aim to boost investor trust in Pakistan”s financial and regulatory landscape.