The Securities and Exchange Commission of Pakistan (SECP) has notified amendments to the Research Analyst Regulations, 2015, overhauling the framework for regulating research analysts to support more transparent research and informed investor decision-making. The revised regime introduces mandatory SECP registration for research analysts, addressing a gap in the earlier framework that did not prescribe a registration mechanism. It also adds compliance mechanisms aimed at individuals who disseminate analyst-like content through social media, broadens the scope of what constitutes a research report, extends the blackout period, strengthens disclosures around target prices and dates, clarifies expectations for white-labelling service providers, and introduces a code of conduct for research analysts. The amendments were finalised following stakeholder engagement that included a consultation paper, consultation sessions and draft amendments issued for public comment, with further refinements incorporated in response to market feedback.
Securites & Exchange Commission of Pakistan 2026-01-08
Securities and Exchange Commission of Pakistan amends research analyst rules to mandate SECP registration and strengthen disclosures
The Securities and Exchange Commission of Pakistan has amended the Research Analyst Regulations, 2015, introducing mandatory registration for research analysts, expanding compliance mechanisms for social media content, and enhancing disclosure and conduct standards. These changes follow stakeholder consultations and aim to improve transparency and investor decision-making.