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SECP approves regulatory framework for mutual funds distributors

SECP approves regulatory framework for mutual funds distributors

ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) has approved simplified certification and regulatory requirements for distributors selling mutual funds units for single asset management company (AMC).

The decision has been taken to encourage establishing a vibrant distribution network, said a statement issued by the commission.

A new class of mutual funds distributors comprising of qualified and experienced individuals has been introduced who can distribute the mutual funds units of a single AMC only by complying with minimum qualifications and new certification from the Institute of Financial Market of Pakistan (IFMP). Distributors selling mutual funds units of single AMC shall be exempted from seeking licence or registration form the SECP and existing IFMP certification shall not be applicable on them.

The minimum eligibility criteria for these distributors has been kept simple to encourage individuals to join this profession in line with distributors of other financial products.