The Pakistan Markets and Regulations Programme (PMR) and Fundamentals of Capital Market (FCM) certifications shall be mandatory only for Chief Executive Officers, Chief Investment Officers, Head of Operations, Head of Compliance and Head of Sales (by whatever name called) of Modarabas.
Through a circular issued here on Tuesday, the Securities and Exchange Commission of Pakistan (SECP) has also announced that all persons engaged in sales function of Non-banking Finance Companies (NBFCs) or third parties engaged by NBFCs for the sale of collective investment schemes and pension funds shall be required to obtain only Mutual Fund Distributors Certification (MFDC). These persons are no longer required to obtain Pakistan Markets and Regulations Programme (PMR) and Fundamentals of Capital Markets Certification (FCM) at this stage.
According to circular 49 of the SECP, this is in continuation to Circular No 12 of 2015 dated April 17, 2015. The SECP in exercise of its powers conferred under Section 40B of the Securities and Exchange Commission of Pakistan Act, 1997, read with section 41 of the Modaraba Companies and Modaraba (Floatation and Control) Ordinance 1980 hereby makes the following amendments to the above-referred Circular:
The Pakistan Markets and Regulations Program and Fundamentals of Capital Market certifications shall be mandatory only for Chief Executive Officers, Chief Investment Officers, Head of Operations, Head of Compliance and Head of Sales (by whatever name called) of Modarabas instead of all employees engaged in the activities previously mentioned in Circular No 1 2 of 2015, it said.
Time period for availing certifications through grandfathering provision which is due to be lapsed on December 31, 2015 has been extended till June 30, 2016 and all other requirements of Circular No 12 of 2015 shall remain the same. This Circular shall come into force with immediate effect and all Modarabas are required to ensure its meticulous compliance in letter and spirit.
Under circular 4, this is in continuation to Circular No 11 of 2015 dated April 13, 2015. Considering the request of market participants and Mutual Funds Association of Pakistan, the SECP in exercise of its powers conferred under Section 282 B(3) of the Companies Ordinance 1984 hereby makes the following amendments to the above-referred Circular:
All persons engaged in sales function of Non Banking Finance Companies (NBFCs) by NBFCs or third parties engaged by NBFCs for the sale of collective investment schemes and pension funds shall be required to obtain only Mutual Fund Distributors Certification (MFDC). These persons are no longer required to obtain Pakistan Markets and Regulations Program(PMR) and Fundamentals of Capital Markets Certification (FCM) at this stage.
The PMR and FCM certifications shall be mandatory only for Chief Executive Officers, Chief Investment Officers, Head of Operations, Head of Compliance and Head of Sales (by whatever name called) of NBFCs instead of all employees engaged in the activities previously mentioned in Circular No 11 of 2015.
The PMR, FCM and MFD certifications shall be mandatory for all sales supervisors (by whatever name called) of third parties engaged by the NBFCs for the sale of collective investment schemes and pension funds. Time period for availing certifications through grandfathering provision which is due to be lapsed on December 31, 2015 has been extended till June 30, 2016. All other requirements of Circular No 11 of 2015 shall remain the same. This Circular shall come into force with immediate effect and all NBFCs are required to ensure its meticulous compliance in letter and spirit, SECP added.
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