ISLAMABAD: A new law in Pakistan aimed at regulating social media content has angered journalism groups and rights activists, which say it is aimed at curbing press freedom and called on Friday for nationwide protests next week.
Parliament introduced and passed the amendments to the Pakistan Electronic Crimes Act on Thursday.
The new regulations will set up a social media regulatory authority that will have its own investigation agency and tribunals, according to a draft on the parliament’s website. Such tribunals will be able to try and punish offenders with prison sentences of up to three years and fines of two million rupees ($7,200) for dissemination of “false or fake” information.
Law Minister Azam Nazeer Tarar told parliament on Thursday the law was introduced to block fake and false news on social media, which he said had no specific regulations to govern it.
The president of Pakistan’s Federal Union of Journalists (PFUJ), Afzal Butt, said the government had not consulted any journalistic bodies before introducing the law, adding he believed it was intended to gag freedom of speech and intimidate journalists and their media outlets.
“We reject this unilateral decision by the government to set up any such tribunals,” Butt told Reuters. “We also are in favor of regulations, but, you know, a law enforcement agency or a police officer can’t decide what is false or fake news.”
The PFUJ said in a statement it would start countrywide rallies against the new law next week and that if the law was not withdrawn, it would stage a sit-in protest outside parliament.
Digital rights activists also criticized the new law.
Reporters Without Borders, an organization that promotes and defends press freedom, ranked Pakistan low on its 2024 world Press Freedom Index, at number 152. The group also says Pakistan is one of the most dangerous places for journalists to work.
Pakistani journalism body criticizes new law regulating social media
https://arab.news/b29w8
Pakistani journalism body criticizes new law regulating social media
- The new regulations will set up a social media regulatory authority that will have its own investigation agency and tribunals
- These tribunals will be able to try and punish offenders with prison sentences of up to three years and fines of Rs2 million
Pakistan regulator amends law to facilitate capital raising by listed companies
- The amendments address challenges faced by listed companies when raising further capital from existing shareholders through a rights issue
- Previously, listed companies were prohibited from announcing a rights issue if the company, officials or shareholders had any overdue amounts
KARACHI: The Securities and Exchange Commission of Pakistan (SECP) has notified amendments to the Companies (Further Issue of Shares) Regulations 2020 to facilitate capital raising by listed companies while maintaining adequate disclosure requirements for investors, it announced on Monday,
The amendments address challenges faced by listed companies when raising further capital from existing shareholders through a rights issue. Previously, listed companies were prohibited from announcing a rights issue if the company, its sponsors, promoters, substantial shareholders, or directors had any overdue amounts or defaults appearing in their Credit Information Bureau (CIB) report.
This restriction constrained financially stressed yet viable companies from raising capital, even in circumstances where existing shareholders were willing to support revival, restructuring, or continuation of operations, according to the SECP.
“Under the amended framework, the requirement for a clean CIB report will not apply if the relevant persons provide a No Objection Certificate (NOC) regarding the proposed rights issue from the concerned financial institution(s),” the regulator said.
The notification of the amendments follows a consultative process in which the SECP sought feedback from market stakeholders, including listed companies, issue consultants, professional bodies, industry associations, law firms, and capital market institutions.
The amendments are expected to enhance market confidence, improve access to capital for listed companies, and strengthen transparency within the rights issue framework, according to the SECP.
“To ensure transparency and protect investors’ interests, companies in such cases must make comprehensive disclosures in the rights offer document,” the regulator said.
“These disclosures must include details of any defaults or overdue amounts, ongoing recovery proceedings, and the status of any debt restructuring.”
The revised regulations strike an “appropriate balance” between facilitating corporate rehabilitation and enabling investors to make informed investment decisions, the SECP added.
