SIFC and SECP told to revise venture capital bill draft
The Cabinet Committee on Regulatory Reforms flagged double taxation and foreign exchange repatriation rules as obstacles after its 16th meeting reviewed the draft.
Pakistan's Cabinet Committee on Regulatory Reforms has directed the Special Investment Facilitation Council and the Securities and Exchange Commission of Pakistan to revise the draft Venture Capital Bill, after its 16th meeting reviewed the rules that govern venture capital in the country.
The committee examined the draft, which the SECP had prepared on earlier instructions, and identified three problems it wants settled before the legislation moves ahead, according to TechJuice.
The first is regulatory uncertainty and the compliance load attached to the existing licensing framework. The second is double taxation, at both the fund level and the investor level. The third is foreign exchange repatriation requirements that the committee said keep international venture capital managers and global investors from operating inside Pakistan.
Both outlets reported the directive to the SIFC and the SECP. The two bodies are to carry out a joint review of the draft and consult private-sector representatives and industry stakeholders so that conditions in the market are written into the law. A revised draft is then to be placed before the next meeting of the committee.
TechJuice reported that the committee's stated aim is a regulatory framework that makes investment easier and improves the ease of doing business, and that it wants domestic and foreign investors to take part in the venture capital industry.
ProPakistani led its report with the directive to the two institutions. TechJuice also set out the three problem areas the committee listed, and reported that the draft was prepared by the SECP following earlier directives.
The committee also reviewed progress on seven reform packages it had endorsed previously and pressed for them to be implemented on schedule. It asked the SIFC to approach all relevant regulatory authorities about the commitments still outstanding and to make sure the remaining reforms are completed inside the timelines already prescribed for them.
How the reports differ
TechJuice listed the three problem areas the committee identified: compliance burdens under the existing licensing framework, double taxation at fund and investor level, and foreign exchange repatriation requirements. ProPakistani's report led with the directive to the SIFC and the SECP itself. Both outlets carried the instruction to revise the draft bill.
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