ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) has delegated powers and functions of the Commission to the executive director (ED), Specialized Companies Division (SCD) to exercise key powers to approve merger, acquisition or takeover of management of pension funds.
The SECP has issued SRO 120 (I)/2022 to supersede its earlier notification SRO 899 (I)/2019 dated July 31, 2019.
The commission, subject to such conditions and limitation as it may from time to time impose, hereby delegates the powers and functions of the Commission to the executive director, Policy Regulation and Development Department of the Specialized Companies Division.
The executive director, Specialized Companies Division would be empowered to prescribe the information that would be submitted by the Pension Fund Managers to the Commission within one month of the close of any accounting period.
He would have the authority to specify such other information which the Pension Fund Manager would be required to send within 30 days to the participants on period ended June 30 and December 31 of each year and approve merger, acquisition or takeover of management of any other pension fund.
The executive director, Specialized Companies Division would have the authority to approve mechanism for placement of orders under a single Universal Identification Number (UIN) and specify methodology for calculating value of units of each sub-fund.
The said SECP official has been empowered to approve procedure of purchasing of units of sub-funds of the pension fund at the time of receipt of contribution from the participants; specify allocation policy and prescribe the standardized performance benchmark of pension fund.
The executive director, Specialized Companies Division would be empowered to specify the requirements of advertisements of a Pension Fund; approve amendments in the fundamental attributes of pension fund and/or amendments with respect to offering of units to public and vary or withdraw the approval granted for advertisements or other invitations.
The Commission shall have the authority to exercise all powers delegated above to the officer concurrently. The Commissioner shall have the authority to exercise all powers delegated above to the officer concurrently.
This notification shall not affect anything done, order made, notification issued, show-cause issued, circular made, proceedings commenced, penalties imposed and/or collected, sanction granted, approval made, fee directed or collected, directions given, investigation, inspection or inquiry conducted or any other action taken or done under or pursuance above referred notifications superseded by this Notification shall be valid and under lawful authority.
Any pending proceedings under the superseded notifications shall stand transfer to the delegated authority provided in this notification forthwith, who shall proceed with the matter as it stands prior to the coming into the effect of this notification, the SECP added.
Copyright Business Recorder, 2022
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