On May 7, PAK CB issued circular re primary dealer selection 2025-26.
PAK CB published circular inviting applications for primary dealerships of government securities in three categories: primary, preliminary primary, special purpose primary.
Follows PAK CB Feb. 2021 amended rules with respect to holding limits, see #98521.
Outline of Requirements
Applications must be signed by chief executive officer, chief operating officer, or treasurer; in addition, it must specify category of primary dealership being applied for.
Business plan approved by asset liability committee (ALCO) for banks and development financial institutions (DFIs), or board of directors for other institutions.
Existing primary dealers and special purpose primary dealers must provide update on rollout of previously submitted business plan, development initiatives in FY2024-25.
Non-bank/DFI applicants must detail processes for timely processing, clearing, and settlement of transactions related to dealer activity; latest audited annual financial report/statement; latest schedule of business charges relevant to dealership activity.
Detail of the investor portfolio of securities (IPS) accounts as of Apr. 30, 2025.
Effectiveness
Applications due by close of business on May 30, 2025.
