SECP to Set Up Dedicated Corporate Ultimate Beneficial Ownership Registry

The Securities and Exchange Commission of Pakistan (SECP) has proposed certain amendments to the Companies Regulations, 2024 (the Regulations), to set up a centralized Ultimate Beneficial Ownership (UBO) Registry for the corporate sector. In terms of the proposed changes, companies would be required to submit UBO information, already being obtained from their shareholders, to the Commission through the eZfile portal along with other relevant regulatory returns/forms. This information can be accessed by Financial Institutions, as and when required. As a result of coordinated efforts made by various stakeholders, Pakistan was successfully removed from the Financial Action Task Force (FATF) grey list in the year 2022. This achievement enhanced Pakistan’s global credibility to attract foreign investment and improve access to international financial markets. In line with FATF standards, the centralized corporate UBO Registry will ensure maintenance of an accurate, up-to-date, and comprehensive UBO data. This reform is expected not only to highlight Pakistan’s commitment to global best practices but also to strengthen investor confidence in the country’s financial ecosystem. The centralized registry concept is aimed at boosting financial transparency and aligning Pakistan’s AML/CFT framework with global standards set by FATF, the Organization for Economic Cooperation and Development (OECD), and other international organizations.