RegAlert2025-01-31
Added · Updated
Amendments to NBFC Regulations 2008 introducing Digital Asset Management framework
The Securities and Exchange Commission of Pakistan introduces a Digital Asset Management Company (Digital AMC) framework within the Non-Banking Finance Companies and Notified Entities Regulations, 2008. Fund Management NBFCs must comply with specific governance, IT, and cybersecurity requirements, including board expertise in emerging technologies and the establishment of an IT and Digital Risk Management Committee. Digital AMCs are mandated to maintain a minimum retail investor mix of 70% of Assets Under Management for open-end Collective Investment Schemes and adhere to a Total Expense Ratio at least 0.50% below standard caps. The regulations also impose minimum fund size thresholds, cooling-off periods for investors, and strict disclosure and cybersecurity audit obligations for digital platforms.
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GOVERNMENT OF PAKISTAN
SECURITIES AND EXCHANGE COMMISSION OF PAKISTAN -.-.-.- Islamabad 22nd January, 2025 NOTIFICATION S.R.O.76(I)/2025.- In exercise of the powers conferred by sub-section (2) of section 282B of the Companies Ordinance, 1984 (XLVII of 1984), the Securities and Exchange Commission of Pakistan hereby makes the following amendments in the Non-Banking Finance Companies and Notified Entities Regulations, 2008, and the same is hereby published for information of all persons likely to be affected and notice is hereby given that comments, if any, received by the Commission within fourteen days from the date of placement of the draft amendments on the website of the Commission will be taken in to consideration, namely:- AMENDMENTS In the aforesaid Regulations, - (1) In regulation 2, in sub-regulation (1),- (a) after clause (v), the following new clause shall be added, namely:- “(va) “Cooling off Period” means period of one business day commencing from the date of issuance of investment report to the unitholder as per Circular No. 10 of 2022;”; (b) after clause (xiaaac), the following new clauses shall be added, namely:- (xiaaaa) “Digital Asset Management Company (Digital AMC)” means a Fund Management NBFC licensed by the Commission to offer Digital Asset Management Services;” (xiaaaab) “Digital Asset Management Services (DAMS)” means provision of the asset management services (AMS) to the customers/unitholders through Digital Platform with limited or no human interaction with the customer/unitholders;” (c) after clause (xiaaab), the following new clause shall be added, namely:-
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Source: Securities and Exchange Commission of Pakistan — original document · Summary generated with machine assistance and reviewed before publication; the authoritative text is the regulator's original document. How RegAlert works
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SECP published 3 documents in the last 30 days. We email you each new one the day it's published.