KARACHI: The Securities and Exchange Commission of Pakistan has notified amendments to the Research Analyst Regulations, 2015, aimed at strengthening investor protection, improving transparency and enhancing confidence in the capital market.
In a statement issued on Thursday, the SECP said the revised framework introduces a robust and systematic regime for regulating research analysts, replacing the earlier rules that largely served as guidance and lacked a formal registration mechanism.
Under the amended regulations, research analysts will now be required to register with the SECP, while specific compliance obligations have been introduced for individuals performing analyst-like functions on social media platforms.
The regulator said the amendments also expand the scope of research reports, extend blackout periods and strengthen disclosure requirements, including those related to target prices and their validity dates.
In addition, the revised framework provides clarity on white-labelling service providers and introduces a formal code of conduct for research analysts to uphold market integrity. The SECP said the changes were finalised after extensive consultations with stakeholders, including research analysts, brokerage houses, asset managers and industry associations, following the publication of a consultation paper, multiple engagement sessions and a public comment process. The notification is available on the SECP website.
