Private Fund Regulations, 2015: SECP proposes significant amendments

ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) has proposed significant amendments to the Private Fund Regulations, 2015.

The SECP has published a Consultation Paper, inviting comments from the public and all relevant stakeholders. The proposed amendments introduce a more structured and globally aligned approach to private fund regulation.

Key changes include streamlined terminology, with the consolidation of Private Equity and Venture Capital under a unified “Private Fund” framework, along with clearly defined subtypes aligned with international classifications.

The amendments also expand investor eligibility by introducing income-based thresholds and formally defining Qualified Institutional Buyers (QIBs) to broaden access while maintaining investor protection.

Additionally, governance enhancements feature strengthened roles and responsibilities for trustees and fund managers, alongside the introduction of formal exit strategy frameworks and defined fund termination protocols.

As part of its inclusive and transparent consultative process, the first stakeholder consultation session was successfully held in Islamabad, with participation from industry representatives, fund managers, legal advisors, and other stakeholders.

The session provided a valuable platform for discussion, feedback, and collaboration. To ensure broad-based input, two additional sessions are scheduled to be held in Lahore and Karachi in the coming week.

The SECP encourages all relevant stakeholders to share their views on the proposed amendments by August 12, 2025. The Consultation Paper is available on the official SECP website.

Copyright Business Recorder, 2025