ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) on Friday directed all investment banks to use their complete and legal names.

According to the statement issued here, the banks were directed not to use their abridged names, such as ‘ABC Bank’ instead of ‘ABC Investment Bank Limited’, as it depicts them as commercial banks in the eyes of general public.

The SECP’s direction was based on the rationale that the nature of business and regulatory framework of commercial banks and investment banks totally differ from each other.

All investment banks have been advised to alter their websites, billboards, letterheads, deposit certificates and other communication tools to eliminate this ambiguity within four weeks and a compliance report in this regard has to be submitted to the SECP by August 15, 2014.

Published in Dawn, July 26th, 2014