Framework and Application Pack for Registration of Regulated Persons and Registered Service Providers

FRAMEWORK AND APPLICATION PACK FOR REGISTRATION OF REGULATED PERSONS AND REGISTERED SERVICE PROVIDERS MUTUAL FUNDS ASSOCIATION OF PAKISTAN (MUFAP) Framework and Application Pack for Registration of Regulated Persons and Registered Service Providers Integrity • Transparency • Investor Protection Dated: December 15, 2025

FRAMEWORK AND APPLICATION PACK FOR REGISTRATION OF REGULATED PERSONS AND REGISTERED SERVICE PROVIDERS
Section 1 – Framework

1. Purpose
   This framework sets out the policies, processes, and timelines governing the registration of Regulated Persons including existing members of MUFAP and Registered Service Providers (Distributors), ensuring equitable treatment, transparency, and compliance with MUFAP Regulations. All the terminologies used in this document have the same meaning as used and defined in the MUFAP (SRO Functioning) Regulations 2025, herein after referred as “MUFAP Regulations”.

2. Scope
   This framework applies to:

• Initial Registration: All Regulated Persons not currently registered with MUFAP &
  Registered Service Providers.
• Registration of Existing Members of Association: The existing members of MUFAP
  shall continue to be members of Association and shall submit an undertaking (on legal paper) to the MUFAP that they shall comply with the requirements prescribed under the MUFAP Regulations, Code, Procedures and other notifications /instructions /directions, etc., issued by the MUFAP and the Commission from time to time.

3. Policy Principles

• Equitable treatment of all applicants.
• Transparency and accountability in processes.
• Compliance with SECP Act, SRO Regulations, and MUFAP Regulations.
• RAD executes, CRO decides, RAC oversees, Board approves the Registrations.

4. Timelines
   Registration of Regulated Person: Within 30 days (extendable to 90 days if Board deliberation is required) Registration of Existing Members of MUFAP: Existing members shall be deemed registered under this Framework upon submission of the Undertaking and issuance of a MUFAP registration number; non-submission of undertaking may result in suspension of membership.

FRAMEWORK AND APPLICATION PACK FOR REGISTRATION OF REGULATED PERSONS AND REGISTERED SERVICE PROVIDERS
5. Eligibility Requirements for Regulated Persons For Initial Registration
Applicants must:
1. Hold a valid Fund Management license from SECP under applicable regulations
(NBFC Rules, VPS Rules).
2. Comply with requirements prescribed by SECP and MUFAP.
3. Submit prescribed documents, including:
o Application Form (MUFAP-R1A for registration). o Application for MUFAP’s membership duly signed by the CEO on the company’s letterhead. o Company profile, including:
1. Registered address
2. Major shareholders
3. Directors
4. Brief of operations.
o Profile of the CEO and CEO’s CNIC Copy. o Copy of NTN certificate. o Copy of SECP license for conducting NBFC business. o Undertaking on Rs. 500/- stamp paper duly signed by the CEO, covering:
1. Compliance with MUFAP Regulations, Code of Conduct, SECP
regulations, and directions issued from time to time.
2. AML/CFT declaration as per MUFAP Regulations 3.4.1.
3. Implementation of Code of Conduct commitments (staff awareness,
signed compliance declarations, compliance officer designation, reporting).
4. Commitment to submit latest audited financial statements annually.
5. Prompt notification of material changes (licensing status,
constitutive docs, compliance issues).
6. Confirmation of allocation of adequate resources for compliance.

FRAMEWORK AND APPLICATION PACK FOR REGISTRATION OF REGULATED PERSONS AND REGISTERED SERVICE PROVIDERS o Payment of prescribed application fee and annual membership fee for the year (fixed portion).
6. Process for Initial Registration of Regulated Person
Step 1: Submission

• Applicant submits the completed application (Form MUFAP-R1A) with all supporting
  documents and prescribed fee to MUFAP’s Regulatory Affairs Division (RAD). Step 2: Verification
• RAD verifies completeness of application and documents within five (5) working
  days.
• Incomplete applications are returned with written intimation of deficiencies.
  Step 3: Due Diligence
• RAD verifies SECP licensing status, compliance history, and any pending
  enforcement actions.
• Where applicable, cross-verification is carried out with PSX/NCCPL/CDC.
  Step 4: Decision
• CRO submits completed application along with RAD’s due diligence report to the
  Board for approval.
• The Board shall decide the matter of registration within 30 days of submission
  (extendable to a maximum of 90 days if Board deliberation is necessary).
• Upon approval, RAD issues a Registration Certificate and updates the Central
  Registry.
  Step 5: Reporting
• RAD prepares a quarterly summary of registrations for RAC.
• RAC reviews reports to ensure equitable treatment of applicants and adherence to
  timelines.

7. Process for Registration of Existing Members

• Following MUFAP’s registration as an SRO under the SECP Act and SRO Regulations,
  all existing members of MUFAP shall continue to be members.

FRAMEWORK AND APPLICATION PACK FOR REGISTRATION OF REGULATED PERSONS AND REGISTERED SERVICE PROVIDERS

• Each member must submits completed application (Form MUFAP-R2A) along with
  an Undertaking on legal paper confirming compliance with:
• MUFAP Regulations
• Code of Conduct
• Procedures, notifications, directions and instructions issued by MUFAP or the
  SECP from time to time.
• Members must also provide updated License(s).
• RAD verifies content of undertaking and records compliance in the Central Registry
  (Register of Regulated Persons and Registered Service Provider) within ten (10) days.
• CRO acknowledges completion of registration and issues registration numbers to
  existing members. RAD reports to RAC and the Board.

8. Eligibility Requirements for Registered Service Providers (Distributors) For Initial
   Registration
   Applicants seeking registration as a multi-AMC distributor shall comply with the below￾mentioned Fit and Proper Criteria, in addition to the Fit and Proper criteria provided under Annexure A of Securities and Futures Advisors Regulations, 2017. Applicants seeking registration as a Distributor of a Single AMC shall comply with the below￾mentioned Fit and Proper Criteria, in addition to the requirements prescribed under SECP Circular No. 41 of 2016 dated December 30th, 2016. Preamble

• The onus shall be on each applicant (institution and/or person) to establish that
  it/he/she is a fit and proper person, rather than on AMCs or MUFAP.
• Each Registered Service Provider shall submit an annual Fit and Proper Criteria
  compliance statement along with the annual renewal form, as may be prescribed, certifying that it continues to meet the Fit and Proper Criteria on an ongoing basis.
• The applicant shall ensure that all information, declarations, and supporting
  documentation submitted to MUFAP are true, complete, accurate, and not misleading. Any misstatement, omission, or subsequent discovery of adverse information may result in rejection, suspension, or cancellation of registration, without prejudice to any further action under applicable laws and MUFAP regulations.

FRAMEWORK AND APPLICATION PACK FOR REGISTRATION OF REGULATED PERSONS AND REGISTERED SERVICE PROVIDERS

• MUFAP shall be entitled to rely on applicant declarations, supporting
  documentation, and available information, including publicly available and regulator-shared data, in good faith. MUFAP’s assessment shall be limited in scope and shall not constitute a comprehensive verification, certification, or validation of the applicant’s status, affairs, or conduct. Any verification, if undertaken, shall be limited, selective, and at MUFAP’s sole discretion on a risk-based basis. FIT AND PROPER CRITERIA a. Financial Soundness and Integrity
  i. The applicant should not have been adjudged as an insolvent or he should not have
  suspended payment of debts or compounded liabilities with its/his creditors.
  ii. The applicant should not have been convicted by a court of competent jurisdiction as
  a defaulter in payment of any loan to a financial institution including banking company, a Development Financial Institution or a Non-Banking Financial Company.
  iii. The applicant and/or it’s CEO, director, sponsor or partner and owner have no overdue
  payment to any customer, financial institution, securities exchange, futures exchange, clearing house, central depository and/or defaulted in payment of any taxes in the individual capacity or as a proprietary concern or any partnership firm or as director in any unlisted and listed company.
  iv. The applicant should not have been a director and/or chief executive of any company
  or body corporate which has been declared a defaulter in payment of Government duties/taxes/cess or has misused customers’ securities.
  v. In case the Applicant is an individual then his/her name shall be appearing on Active
  Tax payer list (ATL) of Federal Board of Revenue.
  vi. The applicant shall have adequate and verifiable financial records including, where
  applicable, financial statements, wealth statements, or income tax returns. b. Competency
  i. Membership or license of the person or any company in which he was a director during
  the last three years has not been suspended/ cancelled by the Commission, any other regulatory authority, any professional body, or association or relevant entity. Provided that eligibility of a person may be considered on the basis of prior clearance obtained from Commission or any such organization that suspended/ cancelled the membership or license.
  ii. No proceedings are pending with respect to the applicant’s winding up, insolvency or
  analogous relief.

FRAMEWORK AND APPLICATION PACK FOR REGISTRATION OF REGULATED PERSONS AND REGISTERED SERVICE PROVIDERS
iii. The applicant should not have been disqualified/ removed from the post of a key
executive position of a company licensed by the Commission or any other relevant regulatory authority.
c. Integrity, Honesty and Reputation
i. The applicant should not have been convicted in any criminal offence or directly
involved in any settlement in civil/ criminal proceedings in a court of law, particularly with regard to moral turpitude, investments, financial/business misconduct, fraud/ forgery, breach of trust, financial crime etc. and/ or it has not been concluded by any regulatory authority that he has been associated with any unauthorized financial activity.
ii. The applicant is not a party in litigation against the Commission in respect of any
criminal offence or in any other manner prejudicial to the interest of customers and general public.
iii. No investigation/enquiry/inspection, conducted and has been concluded against the
applicant by the Commission with material adverse findings.
iv. The applicant has not defaulted on settlement of an Investor complaint where such
complaint has been adjudicated by the Commission.
v. An order restraining, prohibiting or debarring the applicant from dealing in securities in
the capital market or penalized with Rs. 500,000 or more has not been imposed on it/him/her by the Commission in the last three years.
vi. The applicant should not have provided false or misleading information either to the
Commission or to any regulatory body.
vii. The applicant should not have been actively involved in the management of a company
whose registration or license has been revoked or cancelled or which has gone into liquidation due to financial irregularities.
viii. In case of a director, the person must not be ineligible under the Companies Act or any
other legislation.
ix. The applicant should not have entered into a plea bargain arrangement with the
National Accountability Bureau.
x. No investigation is initiated by any Law Enforcement Agency (LEA) against the person
and in case any investigation has been initiated, the fact must be disclosed.
xi. The applicant has not been found associated with money laundering, terrorist
financing, illegal banking business, illegal deposit taking, or other unauthorized financial activities, and understands the associated risks.

FRAMEWORK AND APPLICATION PACK FOR REGISTRATION OF REGULATED PERSONS AND REGISTERED SERVICE PROVIDERS
xii. The applicant has not been found involved in multi-level marketing (MLM), pyramid or
Ponzi schemes, lottery business, or similar fraudulent arrangements.
xiii. The applicant has not been found involved in any anti-state activities.
d. Conflict of Interest
i. The applicant registered as a Registered Service Provider (RSP) shall not
simultaneously hold any position or employment or agency arrangement, with another RSP where such arrangement may result in conflict of interest, compromise independence, or adversely affect investor protection and fair dealing obligations. e. Ongoing Compliance The Fit and Proper Criteria shall be of a continuous nature, and the Registered Service Provider shall ensure compliance with the criteria at all times. Any change affecting fitness and propriety shall be reported to MUFAP within seven days.
9. Process for Registration of Registered Service Providers (Distributors)
Step 1: Submission

• Applicant submits the completed application (Form MUFAP-R1B, R1C, or R1D
  depending on category) with all supporting documents and prescribed fee to MUFAP’s Regulatory Affairs Division (RAD).
• Single-AMC distributors must attach a valid commercial arrangement/distribution
  agreement with their AMC.
• Multi-AMC distributors must attach a valid SECP Securities & Futures Advisor
  License and valid commercial arrangement/distribution agreements along with list of AMC(s) they have signed up with (if available or subsequently on annual renewals).
• All Registered Service Providers are required to submit the duly filled and signed Fit
  & Proper Criteria Declaration Form, as provided in Section 4.
  Step 2: Verification
• RAD verifies completeness of application and documents within ten (10) days.
• Incomplete applications are returned with written intimation of deficiencies.
  Step 3: Due Diligence
• RAD confirms SECP licensing status (for multi-AMC distributors), validity of
  commercial arrangement (for single-AMC distributors), compliance history, and any pending enforcement actions.

FRAMEWORK AND APPLICATION PACK FOR REGISTRATION OF REGULATED PERSONS AND REGISTERED SERVICE PROVIDERS

• Where applicable, cross-verification is carried out with PSX/NCCPL/CDC/PMEX.
  Step 4: Decision
• CRO submits completed application and due diligence report to the Board for
  approval.
• The Board shall decide the matter of registration within 30 days of submission
  (extendable to a maximum of 90 days if Board deliberation is necessary).
• Upon approval, RAD issues a Registration Certificate and updates the Central
  Registry of Registered Service Providers.
  Step 5: Reporting
• RAD prepares a quarterly summary of distributor registrations for RAC.
• RAC reviews reports to ensure equitable treatment and adherence to timelines.
• An annual consolidated report is submitted to the Board and SECP.

10. Process for Annual Renewal of Registration
    Step 1: Submission

• Every Regulated Person and Registered Service Provider shall, within 90 days of the
  close of each financial year, submit an Annual Renewal Application (Form MUFAP￾R3) together with supporting documents and prescribed fee to MUFAP’s Regulatory Affairs Division (RAD). Step 2: Required Documents
• Signed Annual Renewal Form (R3A for Regulated Persons; R3B for Registered
  Service Providers).
• Latest audited financial statements or Tax Returns (as applicable)
• Updated profile (if any changes in directors, shareholding, or operations).
• Updated license (if applicable)
• Valid commercial arrangement/distribution agreements along with list of AMC(s)
  they have signed up with (for Distributors)
• Confirmation that all MUFAP fees and dues are settled.
• Signed Undertaking reaffirming compliance with:

FRAMEWORK AND APPLICATION PACK FOR REGISTRATION OF REGULATED PERSONS AND REGISTERED SERVICE PROVIDERS o MUFAP Regulations and Code of Conduct o SECP regulations and directives o AML/CFT laws and procedures o Implementation of Code of Conduct. Step 3: Verification

• RAD verifies completeness of renewal applications within fifteen (15) days.
• Incomplete applications are returned with deficiencies noted.
  Step 4: Due Diligence
• RAD reviews compliance record, reporting history, and any disciplinary proceedings
  during the preceding year.
• Cross-verification carried out with NCCPL/CDC and SECP records.
  Step 5: Decision
• CRO acknowledges successful renewal upon verification.
• Any issues or potential grounds for suspension are escalated to RAC.
• RAD updates the Central Registry to confirm renewal.
  Step 6: Reporting
• Quarterly summary of renewals prepared by RAD for RAC.
• Annual consolidated renewal report submitted to the Board and SECP.

FRAMEWORK AND APPLICATION PACK FOR REGISTRATION OF REGULATED PERSONS AND REGISTERED SERVICE PROVIDERS
Section 2 – Application Forms
Form MUFAP-R1A: Registration of Regulated Persons
Section A – Applicant Details
Name of Entity: ________________________
Type of License: ________________________
SECP License No. & Date: ________________________ NTN: ________________________ Registered Address: ________________________ Contact Person (Name/Designation/Email/Phone): ________________________
Section B – Required Attachments
☐ Application for MUFAP membership duly signed by CEO on company letterhead ☐ Company profile (address, shareholders, directors, operations) ☐ CEO profile ☐ Copy of NTN certificate ☐ Copy of SECP license(s) for conducting NBFC business ☐ Undertaking (as per format provided below) on Rs. 500/- stamp paper signed by CEO with CNIC copy ☐ Fee Receipt Declaration & Signature We hereby certify that the information provided is true and correct to the best of our knowledge. We undertake to comply with the requirements prescribed under MUFAP Regulations, Code of Conduct, Procedures and other notifications / instructions / directions, etc., issued by the MUFAP and the Commission from time to time. Authorized Signatory: _____________________ Date: ______

FRAMEWORK AND APPLICATION PACK FOR REGISTRATION OF REGULATED PERSONS AND REGISTERED SERVICE PROVIDERS Form MUFAP-R1B: Registration (Multi-AMC Distributor)
Section A – Applicant Details
Name of Distributor: ________________________ Certificate of Incorporation No.: ________________________ SECP SFA License No. & Date: ________________________ NTN: ________________________ Registered Address: ________________________ Contact Person: ________________________
Section B – Required Attachments
☐ Application for MUFAP membership duly signed by CEO on company letterhead ☐ Distributor profile (ownership, directors, operations) ☐ CEO/Principal Officer profile ☐ Copy of NTN certificate ☐ Certificate of Incorporation ☐ SECP SFA License (as applicable) ☐ Latest Audited Financial Statements ☐ Undertaking on Rs. 500/- stamp paper signed by CEO/Principal Officer (AML/CFT, Code of Conduct, financials commitment, compliance) ☐ Board Resolution authorizing distribution activity ☐ Fit & Proper Criteria Declaration Form (RSP) ☐ Fee Receipt Declaration & Signature We hereby certify that the information provided is true and correct to the best of our knowledge. We undertake to comply with the requirements prescribed under MUFAP Regulations, Code of Conduct, Procedures and other notifications / instructions / directions, etc., issued by the MUFAP and the Commission from time to time. Authorized Signatory: _____________________ Date: ______

FRAMEWORK AND APPLICATION PACK FOR REGISTRATION OF REGULATED PERSONS AND REGISTERED SERVICE PROVIDERS Form MUFAP-R1C: Registration (Single-AMC Distributor – Corporate)
Section A – Applicant Details
Name of Distributor: ________________________ Certificate of Incorporation No.: ________________________ Associated AMC: ________________________ NTN: ________________________ Registered Address: ________________________ Contact Person: ________________________
Section B – Required Attachments
☐ Application for MUFAP membership duly signed by CEO on company letterhead ☐ Distributor profile (ownership, directors, operations) ☐ CEO/Principal Officer profile ☐ Copy of NTN certificate ☐ Certificate of Incorporation ☐ Commercial Arrangement with AMC (mandatory) ☐ Latest Audited Financial Statements ☐ Undertaking on Rs. 500/- stamp paper signed by CEO/Principal Officer (AML/CFT, Code of Conduct, financials commitment, compliance) ☐ Board Resolution confirming single-AMC distribution ☐ Fit & Proper Criteria Declaration Form (RSP) ☐ Fee Receipt Declaration & Signature We hereby certify that the information provided is true and correct to the best of our knowledge. We undertake to comply with the requirements prescribed under MUFAP Regulations, Code of Conduct, Procedures and other notifications / instructions / directions, etc., issued by the MUFAP and the Commission from time to time. Authorized Signatory: _____________________ Date: ______

FRAMEWORK AND APPLICATION PACK FOR REGISTRATION OF REGULATED PERSONS AND REGISTERED SERVICE PROVIDERS Form MUFAP-R1D: Registration (Single-AMC Distributor – Individual)
Section A – Applicant Details
Name: ________________________
CNIC: ________________________
Associated AMC: ________________________
Registered Address: ________________________ Contact: ________________________
Section B – Required Attachments
☐ Application for MUFAP membership signed by applicant ☐ Profile of applicant ☐ Copy of CNIC ☐ Latest Tax Return ☐ Commercial Arrangement with AMC (mandatory) ☐ Distributor Certification (if required by SECP/MUFAP) ☐ Undertaking on Rs. 500/- stamp paper signed by applicant (AML/CFT, Code of Conduct, compliance) ☐ Fit & Proper Criteria Declaration Form (RSP) ☐ Fee Receipt Declaration & Signature We hereby certify that the information provided is true and correct to the best of our knowledge. We undertake to comply with the requirements prescribed under MUFAP regulations, code, procedures and other notifications / instructions / directions, etc., issued by the MUFAP and the Commission from time to time. Authorized Signatory: _____________________ Date: ______

FRAMEWORK AND APPLICATION PACK FOR REGISTRATION OF REGULATED PERSONS AND REGISTERED SERVICE PROVIDERS Form MUFAP-R2A: Registration of Existing Members of MUFAP (AMC / PFM / IA)
Section A – Applicant Details

Name of Entity: ________________________
Type (AMC / PFM / IA): ________________________ SECP License No. & Date: ________________________ MUFAP Registration No.: ________________________ NTN: ________________________ Registered Address: ________________________ Contact Person: ________________________
Section B – Required Attachments

☐ Signed Undertaking on Legal Paper
☐Latest License Copy
Declaration & Signature
We hereby certify that the information provided is true and correct to the best of our knowledge. We undertake to comply with the requirements prescribed under MUFAP Regulations, Code of Conduct, Procedures and other notifications / instructions / directions, etc., issued by the MUFAP and the Commission from time to time. Authorized Signatory: _____________________ Date: ______

FRAMEWORK AND APPLICATION PACK FOR REGISTRATION OF REGULATED PERSONS AND REGISTERED SERVICE PROVIDERS Form MUFAP-R3A: Annual Renewal Regulated Persons Applicant Details Name of Entity Type of License(s) MUFAP Registration No. SECP License No. & Date Registered Address & Contact Person Documents Attached ☐ Latest Audited Financial Statements ☐ Updated Profile (if applicable) ☐ Updated License(s) (if applicable) ☐ Settlement of all dues (with fee receipt) ☐ Renewal Undertaking (Rs. 500/- stamp paper signed by CEO with CNIC copy) Declaration & Signature We hereby certify that the information provided is true and correct to the best of our knowledge. We undertake to comply with the requirements prescribed under MUFAP Regulations, Code of Conduct, Procedures and other notifications / instructions / directions, etc., issued by the MUFAP and the Commission from time to time. Authorized Signatory: _____________________ Date: ______

FRAMEWORK AND APPLICATION PACK FOR REGISTRATION OF REGULATED PERSONS AND REGISTERED SERVICE PROVIDERS Form MUFAP-R3B: Annual Renewal Registered Service Providers (Distributors) Applicant Details Name of Distributor Type (Multi-AMC Corporate / Single-AMC Corporate / Single-AMC Individual) MUFAP Registration No. SECP License/Commercial Arrangement (as applicable) Registered Address & Contact Person Documents Attached ☐ Latest Audited Financial Statements/Tax Returns (as applicable) ☐ Updated Profile (if applicable) ☐ Valid SECP License (multi-AMC) / Valid AMC Arrangement (single-AMC) ☐ Valid commercial arrangement/distribution agreements along with list of AMCs they have signed up with ☐ Settlement of all dues (with fee receipt) ☐ Renewal Undertaking (Rs. 500/- stamp paper signed by CEO/Principal Officer/Applicant with CNIC copy) Declaration & Signature We hereby certify that the information provided is true and correct to the best of our knowledge. We undertake to comply with the requirements prescribed under MUFAP Regulations, Code of Conduct, Procedures and other notifications / instructions / directions, etc., issued by the MUFAP and the Commission from time to time. Authorized Signatory: _____________________ Date: ______

FRAMEWORK AND APPLICATION PACK FOR REGISTRATION OF REGULATED PERSONS AND REGISTERED SERVICE PROVIDERS
Section 3 – Undertakings Text
(On Rs. 500 Stamp Paper)
UNDERTAKING
I, (Name of CEO / Applicant), CNIC No. ____________, Chief Executive Officer / Principal Officer of (Name of Company/Applicant), do hereby state on solemn affirmation as under:

1. That (Name of Company/Applicant) has not been associated with any money
   laundering or terrorist financing activities, has neither received nor approved the receipt of such monies, and has neither disbursed nor approved the disbursement of such monies for money laundering or terrorist financing purposes.
2. That (Name of Company/Applicant) has not been associated with any illegal banking
   business, deposit-taking, financial dealings, or any other proscribed or illegal activities.
3. That (Name of Company/Applicant), its directors, officers, and agents undertake full
   compliance with all applicable AML/CFT requirements, as prescribed under applicable law, rules, regulations, and directions issued from time to time.
4. That (Name of Company/Applicant) undertakes to comply with the MUFAP Code of
   Conduct, MUFAP Regulations & Procedures, SECP Act, and all SECP/MUFAP directives, instructions, circulars, and notifications issued from time to time.
5. That (Name of Company/Applicant) undertakes to implement the MUFAP Code of
   Conduct within the organization.
6. That (Name of Company/Applicant) undertakes to submit its latest audited financial
   statements/tax returns (as applicable) at the time of registration and annually thereafter as part of the renewal process.
7. That (Name of Company/Applicant) further undertakes to promptly notify MUFAP of
   any changes in licensing status, constitutive documents, management, or compliance position, as required under applicable law. I do hereby verify that the contents of this Undertaking are true and correct to the best of my knowledge and belief and nothing has been concealed therein. Signed this ___ day of ____, 20. ______________________________ (Signature)

FRAMEWORK AND APPLICATION PACK FOR REGISTRATION OF REGULATED PERSONS AND REGISTERED SERVICE PROVIDERS Name: __________________________ CNIC: __________________________ Designation: ____________________ For and on behalf of (Name of Company/Applicant)

Section 4 – Fit & Proper Criteria Declaration Form (RSP)
INSTRUCTIONS FOR APPLICANTS
Please read the following instructions carefully before completing this form. Applicability of This Form This form applies to all Registered Service Providers (RSPs).
Section Applicability Matrix
Section Particulars Applies To
Part 1A Preamble (Declaration) All Applicants
Part 1B Individual Qualification (as per
Clause 1 of SECP Circular 41 of 2016)
Individuals who are Single AMC Distributors
Part 2 Financial Soundness and Integrity All Applicants
Part 3 Competency All Applicants
Part 4 Integrity, Honesty and Reputation All Applicants
Part 5 Conflict of Interest All Applicants
Part 6 Ongoing Compliance All Applicants
Part 7 SECP Circular 41of 2016– Specific
Declarations
Single AMC Distributors (both Individual &
Corporate)
Part 8 General Declaration All Applicants
4. General Instructions

• Complete the form in BLOCK LETTERS using blue or black ink.
• Tick (✔) the appropriate boxes for all "Yes/No" statements.
• For sections that do not apply to you, write "N/A" clearly.

FIT & PROPER CRITERIA DECLARATION FORM (RSP) Applicant Type: ☐ Individual ☐ Corporate Applicant Category: ☐ Single AMC Distributor ☐ Multi-AMC Distributor Applicant Name: ____________________ CNIC / NTN / Registration No.: ____________________ Authorized Representative (for Corporate): ____________________ Date: ____________________
Part 1A: Preamble (Declaration)
S. No Statement Yes No
i. I/We confirm that the onus is on me/us to establish that I/we am/are
a fit and proper person/entity. ☐ ☐
ii. I/We confirm that I/we shall submit an annual Fit and Proper Criteria
compliance statement certifying ongoing compliance. ☐ ☐
Part 1B: Individual Qualification (as per Clause 1 of SECP Circular 41 of 2016)
☐ Multi-AMC applicants (both Individual and Corporate): Not applicable. ☐ Corporate applicants (Single AMC): Not applicable. S. No Eligibility Criteria (Tick Applicable Option) Tick mark i. Matric / O Level or FA/FSc / A Level or Graduation or Master's, with IFMP certification ☐ ii. MBA / MPA / Masters in Commerce / CA / CFA / FRM / ACMA / ACCA / CIMA or equivalent professional qualification ☐ iii. Retired government/semi-govt officer (Grade 16 or above, min 10 years service) ☐
iv. Retired bank officer (OG II or above, min 10 years service) ☐
v.
Existing insurance agent (valid registration certificate from an insurance company attached) ☐
vi. Already acting as mutual fund distributor for last 3 years ☐
vii. Other (employee of a firm where all sales employees meet above criteria ☐
Part 2: Financial Soundness and Integrity
S. No Statement Yes No i
I/We confirm that I/we have not been adjudged as insolvent and have not suspended payment of debts or compounded liabilities with creditors. ☐ ☐ ii I/We confirm that I/we have not been convicted as a defaulter in payment of any loan to a financial institution, banking company, DFI or NBFC. ☐ ☐

iii
I/We confirm that I/we and associated entities/ undertakings have no overdue payments or defaults towards: customers, financial institutions, exchanges, clearing house, CDC, tax authorities. ☐ ☐ iv I/We confirm that I/we have not been a director/CEO/Principal Officer of any company declared defaulter in government dues or misuse of customers’ securities. ☐ ☐ v I/We confirm that (if individual) my name appears / (if corporate) the entity is Active Taxpayer as per FBR record. ☐ ☐ vi I/We confirm that I/we have adequate and verifiable financial records (financial statements, wealth statements, tax returns, as applicable). ☐ ☐
Part 3: Competency
S. No Statement Yes No i
I/We confirm that my/our membership/license has not been suspended/cancelled by any regulatory/professional body in last 3 years. ☐ ☐ ii I/We confirm that no proceedings are pending for winding up, insolvency or analogous relief. ☐ ☐ iii I/We confirm that I/we have not been disqualified/removed from any key executive position by a by the Commission or any other relevant regulatory authority. ☐ ☐
Part 4: Integrity, Honesty and Reputation
S. No Statement Yes No i
I/We confirm that I/we have not been convicted or involved in settlement relating to fraud, misconduct, breach of trust or financial crime. ☐ ☐ ii I/We confirm that I/we am/are not a party in litigation against the Commission prejudicial to public interest. ☐ ☐ iii I/We confirm that no adverse findings exist in any concluded investigation/enquiry conducted by the Commission. ☐ ☐ iv I/We confirm that I/we have not defaulted on settlement of an investor complaint adjudicated by the Commission. ☐ ☐ v I/We confirm that no order of restraint/debarment or penalty ≥ Rs. 500,000 has been imposed in last 3 years. ☐ ☐ vi I/We confirm that I/we have not provided false or misleading information to the Commission or to any regulatory body. ☐ ☐ vii I/We confirm that I/we have not been involved in management of any entity whose license was revoked due to financial irregularities. ☐ ☐ viii I/We confirm that (if applicable) I/we am/are not ineligible under Companies Act or any legislation. ☐ ☐ ix I/We confirm that I/we have not entered into any plea bargain with NAB. ☐ ☐

x
I/We confirm that no investigation has been initiated against me/us by any Law Enforcement Agency LEA (or has been disclosed if initiated). ☐ ☐ xi I/We confirm that I/we am/are not associated with money laundering, terrorist financing or illegal financial activities. ☐ ☐ xii I/We confirm that I/we am/are not involved in MLM, pyramid, Ponzi or lottery schemes. ☐ ☐ xiii I/We confirm that I/we am/are not involved in any anti-state activities. ☐ ☐
Part 5: Conflict of Interest
S. No Statement Yes No i
I/We confirm that I/we do not hold any position in another entity or employment or agency arrangement, with another RSP where such arrangement may result in conflict of interest, compromise independence, or adversely affect investor protection and fair dealing obligations. ☐ ☐
Part 6: Ongoing Compliance
S. No Statement Yes No i
I/We confirm that I/we comply with Fit and Proper Criteria on a continuous basis and will report any change to MUFAP within seven days of such change. ☐ ☐
PART 7: SECP Circular 41of 2016– Specific Declarations (Only for Single AMC Distributors)
☐ Multi-AMC applicants (both Individual and Corporate): Not applicable. S. No Statement (Tick Applicable Options) Yes No i. I/We will sell mutual fund units of only one AMC (single Asset Management Company) as required under Clause 6 of SECP circular 41 of 2016. ☐ ☐ ii. I/We have completed minimum 3 days of in-house training from an AMC (if IFMP certification not yet obtained). ☐ ☐ iii. I/We will obtain the new IFMP certification within 6 months from date of joining or introduction of certification, whichever is later (as required under Clause 3 of SECP circular 41 of 2016). ☐ ☐ iv. I/We will display a proper identification card issued by the AMC or my firm to prospective investors (as required under Clause 10 of SECP circular 41 of 2016). ☐ ☐

v.
I/We will undergo in-house training twice a year as required under as required under Clause 9 of SECP circular 41 of 2016). ☐ ☐ vi. I/We understand that the AMC is responsible for my acts and omissions as if they were its own (as required under Clause 11 of SECP circular 41 of 2016). ☐ ☐ vii. I/We have been allocated a unique identification number by the AMC (or my firm will allocate one to me) as per Clause 7 of SECP circular 41 of 2016. ☐ ☐
Part 8: General Declaration
I/We hereby confirm that the all information, statements, and documents submitted to MUFAP are true, complete, accurate, and not misleading in any respect. I/We acknowledge that the onus rests entirely on me/us to establish and maintain compliance with the Fit and Proper Criteria on an ongoing basis. I/We undertake to promptly notify MUFAP of any change in information or circumstances that may affect my/our eligibility or compliance status, within the prescribed timeline. I/We understand and agree that MUFAP may rely on the information provided by me/us in good faith and is not required to independently verify the same in full. I/We consent to MUFAP obtaining information, where required, from regulatory authorities or other relevant entities for the purpose of this assessment. I/We acknowledge that any misstatement, omission, or concealment of material information, or subsequent discovery of adverse information, may result in rejection, suspension, or cancellation of registration, without prejudice to any further action under applicable laws and MUFAP regulations. I/We undertake to comply with the MUFAP Code of Conduct, applicable regulations, and any directions, guidelines, or circulars issued by MUFAP from time to time. I/We have read and understood SECP Circular No. 41 of 2016. I acknowledge that any violation of SECP Circular 41 of 2016 may result in disqualification as a Registered Service Provider (For Single AMCs distributors, both Individual & Corporate). Signature (Individual) / Authorized Signatory (Corporate): ____________________ Name: ____________________ Designation (for Corporate): ____________________ Date: ____________________