Policy  & Rule Making

This section’s highlights is preparation of the “Renewal Energy Policy 2019” . Representing the Alternative Energy Development Board (AEDB), the statutory arm of the state for developing the renewable energy sector in Pakistan, we gave the legal character to the draft policy originally authored by the Special Adviser to the Prime Minister on Energy, Mr. Nadeem Babar (an accomplished project developer and entrepreneur himself), based on his extensive consultations with the team at the Ministry of Energy. The Policy cleared many hurdles, and we observed many case-study negotiations live between the Provinces and the Centre in the policy formulation and its evolution. The most salient (and one which attracted, paradoxically, the most opposition) was the firm intention of the Federal Government to make all future procurements of renewable energy generation projects through reverse-auctions rather than through tariffs set by the regulator.

The firm and its partners have extensive experience relating to Legislative drafting, especially related to technical & specialized sectors like IT, Telecom, Power, Public Private Partnerships, Corporate, Capital Markets and Regulatory. Some of the legislative assignments completed by the Firm & its Partners are:

  • Drafting of the “Electronic Transactions Ordinance, 2002”. The assignment was awarded for development and drafting of the first piece of legislation for equivalence of electronic with paper-based communications and to jump-start recognition of electronic communications in commerce and government.  The team comprised of lawyers and telecommunications engineers.  The assignment required a close examination of UNCITRAL Model Law and papers, legislative initiatives from various jurisdictions, public-private key infrastructure requirements, relevant domestic legislation requiring amendment and other relevant papers and materials.  The law has won international acclaim for being technology neutral and progressive.
  • Preparation of Interconnection Disputes Resolution Regulations for the NRA.
  • Drafting of secondary legislative framework for NEPRA for the Power sector.
  • Drafting of the Public Private Partnership (PPP) Law and the PPP Policy, and assisting the Infrastructure Project Development Facility (IPDF) teams in presentation of these instruments to the relevant approving Government bodies.
  • Policy formulation, stakeholder dialogue and drafting of the upcoming Securities and Exchange Commission of Pakistan (Regulation and Enforcement) Act to replace the existing SECP Act, 1997 and its presentation before relevant approving Government forums.
  • Policy formulation, stakeholder dialogue, drafting & presentation before Government and Legislative forums of the Stock Exchanges (Corporatization, Demutualization & Integration) Act, 2012 which converted the three stock exchanges of the country from closely held guarantee limited companies by stock brokers to diversely held companies limited by shares.
  • Drafting of various amendments in the Companies Ordinance, 1984, SECP Act, 1997, Insurance Ordinance, 2000, Securities & Exchange Ordinance, 1969, Listed Companies (Substantial Acquisition of voting shares & Takeovers) Ordinance, 2002, Anti-Money Laundering Act.
  • Drafting & finalization of NBFC & NE Regulations 2008, Group Companies Registration Regulations 2008, Real Estate Investment Trust (REIT) Regulations 2008, Securities (Leveraged Markets & Pledging) Rules 2011, Debt Securities Trustees Regulations 2012.
  • Drafting & finalization of the Alternative Energy Development Board (Certification) Regulation, 2018.