The Securities and Exchange Commission of Pakistan (SECP) once again advised companies to submit declarations of their Ultimate Beneficial Owners (UBOs), through filing of Form 45, as required under Section 123A of the Companies Act, 2017. The procedure for companies to obtain, maintain and update information about their ultimate beneficial owners is specified in the Companies (General Provision and Forms) Regulations, 2018, said a press release issued here. To ensure standards of transparency in the ownership and control structure of corporate entities, the government had introduced amendments to the Companies Act 2017. These amendments made it mandatory for every company to obtain information of its UBOs, and file a declaration to this effect with the SECP on the prescribed format i.e. Form 45. To facilitate companies, SECP also introduced an online mechanism for submission of Form 45 and issued detailed guidelines, including FAQs.