Regulatory Alerts2025-12-15
Added · Updated
Circular 1 of 2025 - Application Pack for Registration of Regulated Persons and Registered Service Providers
The Mutual Funds Association of Pakistan (MUFAP) has established a new regulatory framework mandating that all regulated persons and registered service providers, including existing members, must formalize their registration. Existing members are required to submit a signed undertaking on legal paper within 30 days to maintain their status, while new applicants must undergo a rigorous submission, verification, and due diligence process to obtain registration. Annual renewal processes are also introduced, requiring submission of updated financial and licensing documentation alongside a reaffirmed compliance undertaking to ensure ongoing regulatory alignment.
MUFAP Regulatory Affairs Division Circular No: MUFAP/RAD/2025/001. Date: December 15, 2025. Subject: Issuance of Framework and Application Pack for Registration of Regulated Persons and Registered Service Providers under MUFAP (SRO Functioning) Regulations, 2025. Addressed To: All Existing Members of MUFAP/All relevant Entities/Persons carrying on or engaging in an activity being regulated under the MUFAP (SRO Functioning) Regulations, 2025. In exercise of the powers conferred under Regulation 2.2.10 read with Regulation 3 (Registration of the Regulated Persons including Registered Service Providers) of the MUFAP (SRO Functioning) Regulations, 2025 (the "MUFAP Regulations"), the Mutual Funds Association of Pakistan (MUFAP) hereby issues the "Framework and Application Pack for Registration of Regulated Persons and Registered Service Providers" (the "Framework"). This Framework sets out the policies, processes, and timelines governing registration to ensure compliance, transparency, and equitable treatment, as required by the Regulations. All relevant entities/persons carrying on or engaging in an activity being regulated under the MUFAP Regulations are directed to immediately take the following actions to ensure full compliance with the Regulations: A. Registration of Existing Members of Association. Existing members of MUFAP (Asset Management Companies, Pension Fund Managers, and Investment Advisors) shall be deemed registered under the Framework upon successful completion of the following mandatory step: Submission of Undertaking: The entity is required to submit a signed Undertaking on legal paper to MUFAP's Regulatory Affairs Division (RAD) within thirty (30) days of this Circular's issuance. B. Initial Registration of New Regulated Persons and Registered Service Providers (Distributors). All other entities falling under the definition of Regulated Persons or Registered Service Providers (Distributors) who are not existing members of the MUFAP are required to submit a complete application for registration. Application Submission: Submit the completed Form along with all supporting documents, required undertaking and prescribed fee to the Regulatory Affairs Division (RAD). Compliance Requirement: Registration is a pre-requisite for carrying on or engaging in an activity being regulated under the Regulations. The complete Framework and Application Pack is attached to this Circular and is also available on the MUFAP official website at [www.mufap.com.pk /Regulations /MUFAP Regulations/MUFAP Circulars]. Entities carrying on or engaging in an activity being regulated under the MUFAP Regulations are advised to review the Framework thoroughly to ensure timely compliance with all requirements, including the payment of the prescribed fees and adherence to the eligibility criteria. For any queries regarding the registration process, please contact the Regulatory Affairs Division.