The Securities and Exchange Commission of Pakistan (SECP) has directed all unlisted companies licensed with it to ensure public dissemination of audited financial statements through the Financial Portal for Unlisted Companies (FPUC), developed by the Pakistan Stock Exchange Limited (PSX).
Under the directive, all unlisted SECP licensed companies must contact PSX within 30 days to get access to the FPUC and upload their latest available annual audited financial statements for public dissemination. Such companies shall continue to upload future audited financial statements for public dissemination through the FPUC until listing on the PSX. Future uploads shall be made as per timelines specified in the relevant laws governing preparation and circulation of audited financial statements by such companies.
Unlisted licensed companies will be able to register and upload their financial statements on the FPUC without any costs, whereas public dissemination will also not incur any charges for the public. For a convenient and user-friendly process, unlisted licensed companies only need to sign an agreement with PSX and share details of authorized representative(s) for creation of a user ID. Financial statements can be uploaded on the portal through a simple and interactive interface.
Licensed companies, by virtue of their activities, have overwhelming public interest considerations and therefore need to adhere to much higher standards as compared to normal businesses.
SECP, in addition to being apex regulator for capital markets, also regulates the corporate sector, insurance industry, non-banking finance companies, modarabas, private pension schemes and various other activities. With a broad mandate and the largest regulatory scope in Pakistan, it plays a crucial role in issuing licenses for various licensed and regulated activities.