Private Funds Regulations 2015 (updated as of July 08 2020)

SECURITIES AND EXCHANGE COMMISSION OF PAKISTAN Islamabad, November 25th , 2015 NOTIFICATION S.R.O.1159 /2015.- In exercise of the powers conferred by sub-section (2) of section 282B of the Companies Ordinance, 1984 (XLVII of 1984), the Securities and Exchange Commission of Pakistan hereby notifies the following Private Fund Regulations, 2015 for the regulation of Private Equity and Venture Capital Fund Management Services and the registration and regulation of the Private Funds and for matters connected therewith and incidental thereto. PRIVATE FUNDS REGULATIONS, 2015
CHAPTER I
Preliminary

1. Short title and commencement.- (1) These Regulations shall be called the Private
   Funds Regulations, 2015
   (2) They shall come into force at once.
2. Definitions.- (1) In these Regulations, unless the context otherwise requires:-
   i. “Alternative Fund” means a Private Fund which invests in portfolio of securities
   and other financial assets other than a Private Equity and Venture Capital Fund.
   ii. "Constitutive Documents" means the Trust deed, placement memorandum and
   other principal documents governing the formation of a Private Fund established by a Private Fund Management Company including all related material agreements; 1 [iii. “Eligible Investor" means a person who has net assets of at least Rs. 15million excluding the value of personal residence and who furnishes a declaration to the Private Fund Management Company that he understands the risks of investment in a Private Fund;]
   iv. "Form" means any of the forms annexed to these Regulations;
   v. “Investment Policy Statement” means a statement obtained from the investor
   which at least covers the information regarding investor knowledge, qualification, risk appetite and investment objective;