Draft Amendments to the Employees Contributory Funds (Investment in Listed Securities) Regulations, 2018

GOVERNMENT OF PAKISTAN
SECURITIES AND EXCHANGE COMMISSION OF PAKISTAN -.-.-.- Islamabad, 27 th November, 2018 NOTIFICATION S.R.O. 1458 (I)/2018.- The following draft amendments to the Employees Contributory Funds (Investment in Listed Securities) Regulations, 2018, proposed to be made by the Securities and Exchange Commission of Pakistan, in exercise of the powers conferred by section 512 read with sub-clause (ii) of clause (b) of sub-section (2) of Section 218 of the Companies Act, 2017 (XIX of 2017), are hereby published for information of all persons likely to be affected thereby and notice is hereby given that objections and suggestions, if any, received within fourteen days from the date of notification of these amendments will be taken into consideration, namely:- DRAFT AMENDMENTS In the aforesaid Regulations,- (1) in regulation 3,- (a) in sub-regulation (1), in clause (ii),- (i) after the words “investment schemes” the expression “(other than money market collective investment scheme)” shall be inserted; and (ii) in sub-clause (a), the words “and money market collective investment schemes” shall be deleted; (b) for sub-regulation (8), the following shall be substituted, namely:- “(8) Total investment, at the time of making investment in debt collective investment schemes managed by a single asset management company, shall not exceed forty per cent of the investment limit provided in clause (a) of sub-regulation (1).”; (c) in sub-regulation (9), for the word “ten” the word “thirty” shall be substituted; and (d) after regulation (10), the following new sub-regulation shall be inserted, namely:-

“(11) Where the company or Trust decide to make an investment out of the Fund or Trust, as the case may be, in the money market collective investment scheme registered as notified entity with the Commission under Non-Banking Finance Companies and Notified Entities Regulations, 2008, such investment can be made up to hundred per cent of the size of the Fund or Trust, subject to following sub-limits namely,- (a) total investment, at the time of making investment in any single money market collective investment scheme and money market schemes managed by a single asset management company, shall not exceed twenty per cent of the size of the Fund or Trust as the case may; and (b) total investment, at the time of making investment in money market schemes managed by a single asset management company, shall not exceed thirty per cent of the size of the Fund or Trust as the case may be.”. No. SY/SECP/8/13