Pakistan, June 9 -- The Securities and Exchange Commission of Pakistan (SECP), in a major facilitation measure, has allowed companies with foreign sponsors or directors to submit licensing applications on the basis of a self-declaration undertaking instead of obtaining prior security clearance of foreign directors from relevant departments.

Under the revised framework, SECP will process licensing applications without requiring security clearance at the application stage, said a press release issued by the SECP here on Monday.

However, the appointment of foreign directors will remain subject to clearance by the relevant authorities. Applicants will be required to provide an undertaking that any proposed director whose security clearance ...