SECP exempts distributors from requirement of licensing/registration

The Securities and Exchange Commission of Pakistan (SECP) has exempted distributors selling mutual fund units of single asset management company (AMC) from the requirement of licensing/registration. According to SRO 1179(1)12016 issued by the SECP here on Wednesday, those distributors who are selling mutual fund units of single AMC shall only be exempted from the requirement of licensing/registration provided that they shall fulfil such other requirements as may be specified by the Commission, the SECP added.
Following is the text of the SRO issued here on Wednesday: In exercise of the powers conferred by sub-section (2) of section 282B of the Companies Ordinance, 1984 (XLVII of 1984), the Securities and Exchange Commission of Pakistan is pleased to make the following amendments in Non-Banking Finance Companies and Notified Entities Regulations, 2008 pursuant to previously published the draft amendments vide SRO1023(l)/2016 dated November 1, 2016, namely.
In the aforesaid regulations, in regulation 66A, in clause (a), for the proviso the following shall be substituted, namely. "Provided that those distributors who are selling mutual fund units of single AMC only shall be exempted from the requirement of licensing/registration provided that they shall fulfil such other requirements as may be specified by the Commission."