SECP issues ‘Master Circular for Mutual Funds’, CISs, and IASs

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In order to facilitate the asset management industry and to ensure compliance with statutory/regulatory requirements in an efficient manner, the Securities and Exchange Commission of Pakistan (SECP) has issued an updated Master Circular for Asset Management Companies (AMCs) and Investment Advisors (IAs).

The Master Circular is a compilation of all applicable circulars, directions and clarifications issued by the SECP from time to time for regulation of collective investment schemes (CIS) /mutual funds/ investment advisory services (IASs), said a press release issued here on Friday.

The Master Circular covers matters related to digitization, advertisements, categorization of CIS and investment avenues, disclosure requirements, Constant Proportion Portfolio Insurance (CPPI) based schemes, exchange traded funds (ETFs), performance benchmarks for CIS, and selling and marketing of CIS.—APP