Attention of Authorized Dealers (ADs) is invited to F.E Circular No. 04 dated October 14, 2019, on the captioned subject.

2. In terms of the instructions given in Para 6(l) of the captioned framework, ADs are responsible to place, inter alia, the first review of the robustness of bank's system and controls, with respect to compliance with the provisions of this framework, before the risk management committee of the board, not later than December 31, 2020.

3. In view of the representation from the banking industry amidst ongoing challenges due to COVID-19 outbreak, it has been decided to extend this deadline up to June 30, 2021.

4. All other instructions related to above subject shall remain unchanged.

5. Authorized Dealers are advised to bring the above instructions to the knowledge of all their constituents, for meticulous compliance.

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State Bank of Pakistan published this content on 21 October 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 22 October 2020 14:14:02 UTC