RegAlert

Rule · SECP · 1 Jul 2019

Directive No. 9 of 2019: Front-end Load (Sales Charge) under the Voluntary Pension System Rules, 2005

consumer
securities

Directive No. 4 of 2015 is amended by substituting paragraphs 2 and 2A, allowing a Pension Fund Manager to charge a front-end fee (sales charge) of up to a maximum of 3% where the investor transacts directly, through an employer, online, or through a website. All other requirements of Directive No. 4 of 2015 remain unchanged. Requirements of Direction No. 34 of 2017 dated December 7, 2017 and Direction No. 7 of 2018 dated June 8, 2018 stand withdrawn with immediate effect.

PakistanSecurities and Exchange Commission of Pakistan

SECURITIES AND EXCHANGE COMMISSION OF PAKISTAN SPECIALIZED COMPANIES DIVISION POLICY, REGULATION AND DEVELOPMENT DEPARTMENT

No. SCD/VPS/Directive/01/2019

July 01, 2019

Directive No. 9 of 2019

Front-end Load (Sales Charge) Under the Voluntary Pension System Rules, 2005

The Securities and Exchange Commission of Pakistan in exercise of the powers conferred under section 282 B (3) of the Companies Ordinance, 1984 read with Rule 11 of the Voluntary Pension System Rules, 2005 (the “Rules”) hereby amends Directive No. 4 of 2015 titled “Front-end Load (Sales Charge) under the Rules, by substituting paragraph 2 and 2A with the following:

“A Pension Fund Manager may charge front-end fee (sales charge) up to maximum 3 % if investor carries out transaction directly or through employer or online or through a website.

All other requirements stipulated under Directive No. 4 of 2015 shall remain unchanged.

Accordingly, requirements of Direction No.34 of 2017 dated December 7, 2017 and Direction No. 7 of 2018 dated June 8, 2018 shall stand withdrawn with immediate effect.”

(Aamir Khan)
Commissioner (PRDD-SCD)

Distribution:

1. Chief Executive Officers of All Pension Fund Managers.

2. Mutual Funds Association of Pakistan.

3. Trustees of Pension Funds.

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Directive No. 4 of 2015Not in RegAlertDirective No. 4 of 2015 — Not in RegAlertDirective No. 9 of 2019:Front-end Load (Sales Charge)…2019-07-01 · this documentDirective No. 9 of 2019: Front-end Load (Sales Charge) under the Voluntary Pension System Rules, 2005 (2019-07-01)
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Amends
  • Directive No. 4 of 2015Not in RegAlert

    “hereby amends Directive No. 4 of 2015 titled “Front-end Load (Sales Charge) under the Rules, by substituting paragraph 2 and 2A with the following:”

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