The Securities and Exchange Commission of Pakistan (SECP) has empowered executive director and additional director, (Policy, Regulation and Development Department (PRDD), Specialised Companies Division (SCD), to exercise certain powers of the Commission to deal with the Non-Banking Finance Companies and Pension Fund Managers.
The SECP has issued SRO No 899 (I)/2019 and SRO 900 (I)/2019 here on Monday to allow executive director, Specialised Companies Division, and Additional Director PRDD, SCD, to exercise some powers of the Non-Banking Finance Companies and Notified Entities Regulations, 2008 and Voluntary Pension System Rules, 2005.
The Commission has empowered executive director, SCD, to approve amendments in the fundamental attributes of CIS and/or amendments with respect to offering of units to public and maturity of fund/plan.
The SECP has also authorised Additional Director, (Policy, Regulation and Development Department (PRDD), Specialized Companies Division (SCD), to approve posting of the quarterly accounts on the website, to approve advertisements and other invitations to the public by Pension Fund Managers to invest in a pension fund.
In exercise of powers conferred by section 10 of the Securities and Exchange Commission of Pakistan Act, 1997 (the Act) and in partial modification of earlier notifications SRO 247(I)/2017 dated April 7, 2017, the SECP hereby delegates the following powers and functions of the Commission to Executive Director, Specialised Companies Division:
Nature of power/function included approval of amendments in the fundamental attributes of CIS and/or amendments with respect to offering of units to public and maturity of fund/plan.
The Commission shall have the authority to exercise all powers delegated to the officer concurrently, the SECP said.
In case the post of the executive director (Specialised Companies Division) is vacant or he/she is unable to perform his/her functions or he/she is unavailable to exercise the powers and functions delegated to him/her through this notification shall stand delegated to the commissioner who shall have the authority to exercise all powers so delegated, the SECP added.
Under SRO 899 (I)/2019, the commission hereby delegates the following powers and functions of the Commission to the Additional Director, (Policy, Regulation and Development Department (PRDD):
Nature of power/function: to approve posting of the quarterly accounts on the website, to approve advertisements and other invitations to the public by Pension Fund Managers to invest in a pension fund.
The Commission shall have the authority to exercise all powers delegated to the officer concurrently. In case the post of the Additional Director (PRDD, SCD) is vacant or he/she is unable to perform his/her functions or he/she is unavailable to exercise the powers and functions delegated to him/her through this notification shall stand delegated to the Director/ Executive Director/ Commissioner who shall have the authority to exercise all powers so delegated, the SECP added.
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