The Securities and Exchange Commission of Pakistan (SECP) has issued a notification inviting public consultation on proposed amendments to the Research Analyst Regulations, 2015, aimed at expanding the coverage of research reports and strengthening conduct and transparency requirements for research analysts. The draft amendments would broaden the scope of research reports, introduce mandatory registration requirements for research analysts, extend the blackout period, and enhance disclosures including target price and date. They also propose a code of communication for research analysts, while the Pakistan Stock Exchange is to establish a research platform featuring a list of companies and sectors covered by research analysts. Feedback on the draft amendments is due by 15 August 2025.
Securites & Exchange Commission of Pakistan 2025-08-04
Securities and Exchange Commission of Pakistan launches consultation on amendments to Research Analyst Regulations to tighten registration, blackout and disclosure rules
The Securities and Exchange Commission of Pakistan has invited public consultation on proposed amendments to the Research Analyst Regulations, 2015. The amendments aim to expand research report coverage, mandate analyst registration, extend blackout periods, and enhance disclosure requirements. Additionally, a code of communication for analysts and a research platform by the Pakistan Stock Exchange are proposed.