ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) has empowered Specialised Companies Division to exercise powers of the Commission relating to the Private Funds.

The SECP has issued SRO 87 (I)/2022 to amend its earlier notification SRO 247 (I)/2017 relating to the powers delegated to the Executive Director (Specialised Companies Division).

The SECP’s Executive Director (Specialised Companies Division) will also be authorised to grant approval for the draft Trust Deed along with the name and consent of the trustee of the proposed Private Fund in accordance with Schedule II or draft Memorandum of Association or draft Limited Liability Partnership Agreement along with custodian agreement as per Schedule III, the SECP added.

Copyright Business Recorder, 2022