Regulatory Alerts2021-12-14
Added · Updated
Circular No. 32 of 2021 – Regulatory Framework for Account Opening by AMCs
The Securities and Exchange Commission of Pakistan amends Circular No. 26 of 2021 to update the regulatory framework for account opening by Asset Management Companies. The amendments mandate Customer Risk Profiling for Collective Investment Schemes and Variable Portfolio Schemes, while making suitability assessments optional for Money Market and low-risk Income Schemes. Sehl accounts are restricted to customers of Branchless Banking, Electronic Money Institutions, and scheduled banks, with AMCs required to enforce investment limits per CNIC. Additionally, the document updates documentation requirements for online account openings and modifies fields for Next of Kin and education details.