Attention of Exchange Companies (ECs) is invited towards the Exchange Companies Manual (ECM), consisting regulatory instructions and amendments, issued from time to time through FE Circulars/EPD Circular Letters, for compliance.
2. The State Bank of Pakistan (SBP) has undertaken a comprehensive review of the existing regulatory instructions. Accordingly, a consolidated and updated “Regulatory Framework for Exchange Companies (RFEC)" has been developed. The framework elaborates corporate governance structures, sets forth internal controls & IT systems requirements, and strengthens the supervisory & enforcement regime. Further, it updates reporting requirements and provides a single, unified source of regulatory guidance for the ECs.
3. The attached framework will replace the existing Exchange Companies Manual and will become effective from January 01, 2025. In order to ensure full compliance with the attached framework, ECs will formulate and align their policies, procedures and systems by June 30, 2025.
Enclosed: Regulatory Framework for Exchange Companies