RegAlert2022-02-28
Added · Updated
Eligibility Requirements to Register as Trustee of Open-End or Closed-End Scheme
The Securities and Exchange Commission of Pakistan mandates that entities registering as trustees of open-end or closed-end schemes must be public limited companies with trustee services as their primary business. These entities must maintain a minimum equity of Rs. 100 million or 0.10% of net assets under trusteeship, whichever is higher, and have a major shareholder that is a financial institution or insurer with at least Rs. 1 billion in net equity and a credit rating of AA- or A depending on the institution type. Any shareholding change of ten percent or more, as well as the appointment of the Board of Directors, major shareholders, and Chief Executive Officer, requires prior Commission approval and compliance with Fit and Proper Criteria. This circular supersedes Circular No. 3 of 2020.
SECP published 3 documents in the last 30 days — get each new one by email the day it lands.
SECURITIES AND EXCHANGE COMMISSION OF PAKISTAN
SPECIALIZED COMPANIES DIVISION
POLICY, REGULATION AND DEVELOPMENT DEPARTMENT
No. SCD/PRDD/256/2022
Circular No. 4 of 2022
February 23, 2022
Subject: Eligibility Requirement to Register as Trustee of Open-end or Closed-end Scheme
The Securities and Exchange Commission of Pakistan (the “Commission”) in exercise of the powers conferred under sub-section (3) of section 282B of the Companies Ordinance, 1984 read with clause (f) of regulation 40 of the Non-Banking Finance Companies and Notified Entities Regulations, 2008 (“NBFC Regulations”) and clause (iii) of sub-regulation (1) of regulation 3B of the Real Estate Investment Trust Regulations, 2015 (“REIT Regulations”) hereby specifies the following eligibility requirements to register as trustee of Open-End Schemes or Closed-End Schemes, -
Read the rest free, and get an email when SECP publishes again
Lineage: In force
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
More like this from SECP
SECP published 3 documents in the last 30 days. We email you each new one the day it's published.