To identify real owners and shareholders of corporate entities, SECP has directed all Limited Liability Partnerships (LLPs) to submit information about their ultimate beneficial owners to identify persons, who actually owns the company/LLP. The SECP has notified S.R.O. 864 (I)/2020 to issue draft amendments in the Limited Liability Partnership Regulations, 2018. The SECP has defined an ultimate beneficial owner as a natural person who ultimately and effectively owns or controls a limited liability partnership through direct or indirect rights or who shares at least one fourth of the net profits and losses of the partnership.
15/9/2020