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For tax purposes, it is not necessary for the IRS to know whether an indi- vidual owns stock, only whether he receives income from this stock. Thus, our measure of an individual’s stock ownership in a given year is based on whether an individual reported dividends on his federal tax return that year. This divi- dendmeasure of stock ownership captures all dividends fromstocks and taxable equity mutual funds. It does not include individuals who invest in stocks or eq- uity mutual funds only through nontaxable (i.e., retirement) accounts. Thus, when we refer to equity market participation throughout the paper, we are specifically referring to stock or equity mutual. | THE GAZETTE OF PAKISTAN EXTRAORDINARY PUBLISHED BY AUTHORITY SECURITIES AND EXCHANGE COMMISSION OF PAKISTAN Islamabad 16 January 2012 NOTIFICATION S. R. O. 27 I 2012. - In exercise of powers conferred by clause b of sub-section 2A of section 208 read with section 506A of the Companies Ordinance 1984 XLVII of 1984 and having being previously published in the official Gazette vide Notification No. S.R.O.82 1 2010 dated February 9 2011 as required by sub-section 1 of section 506A of the said Ordinance XLVII of 1984 the Securities and Exchange Commission of Pakistan hereby makes the following Regulations namely - CHAPTER I PRELIMINARY 1. Short title commencement and application. - 1 These Regulations shall be called the Companies Investment in Associated Companies or Associated Undertakings Regulations 2012. 2 These Regulations shall come into force at once. 3 These Regulations shall apply to all companies seeking to invest in their associated companies or associated undertakings except and to the extent they are specifically exempted by the Commission under clause a of sub-section 2A of section 208 of the Companies Ordinance 1984 XLVII of 1984 . 1 2. Definitions.- 1 In these Regulations unless there is anything repugnant in the subject or context - a Equity Investment includes investment by way of subscription of shares directly from the Company and or acquisition of shares from a person or through stock market b Loans and Advances include - i Loan or advance given by the Company ii a guarantee indemnity or any other financial engagement which a company may give issue or undertake on behalf of a borrower and iii transfer of liabilities from associated company or associated undertaking c Ordinance means the Companies Ordinance 1984 XLVII of 1984 . 2 Words and expressions used but not defined in these Regulations shall unless these is anything repugnant in the subject or context have the same meaning assigned to them in the Companies Ordinance 1984 the Securities and .
