SECP proposes centralized UBO registry for companies

April 15, 2025 (MLN): The Securities and Exchange Commission of Pakistan (SECP) has proposed key amendments to the Companies Regulations, 2024, aimed at establishing a centralized Ultimate Beneficial Ownership (UBO) Registry for the corporate sector.

Under the proposed changes, companies will be required to submit UBO information already being collected from their shareholders to the Commission via the eZfile portal, along with other regulatory returns and forms.

This centralized information will be accessible to financial institutions as and when required.

The development comes as part of Pakistan’s broader strategy to strengthen financial transparency and compliance.

Notably, Pakistan was successfully removed from the Financial Action Task Force (FATF) grey list in 2022, following collaborative efforts by various stakeholders.

This achievement improved the country’s global credibility, boosted investor confidence, and enhanced access to international financial markets.

In line with FATF standards, the creation of a centralized UBO Registry will ensure the maintenance of accurate, up-to-date, and comprehensive beneficial ownership data.

This reform underlines Pakistan’s commitment to global best practices while reinforcing trust in its financial ecosystem.

The centralized registry is designed to enhance transparency in the corporate sector, according to the press release issued today.

It also aims to align Pakistan’s Anti-Money Laundering and Counter Financing of Terrorism (AML/CFT) framework with international standards set by FATF, the Organization for Economic Cooperation and Development (OECD), and other global institutions.

SECP has invited feedback on the proposed concept and associated amendments from the business community, corporate sector, professionals, civil society, and other stakeholders within 14 days. 

SECP reaffirmed its commitment to strengthening Pakistan’s financial system through enhanced transparency, stakeholder collaboration, and adherence to global best practices.

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