The Securities and Exchange Commission of Pakistan (SECP) has delegated more powers to the executive director (ED) of the Policy Regulation and Development Department of the Specialized Companies Division to take decisions on pension funds.
According to a notification issued by the SECP, some important powers have been delegated to the executive director of the Policy Regulation and Development Department of the Specialized Companies Division.
According to the notification, the commission has conferred the powers to the executive director to approve merger, acquisition, or takeover of the management of any other pension fund. The ED will also be authorized to prescribe the information that would be submitted by the pension fund managers to the commission within one month of the close of any accounting period.
The ED will be the authority to specify such other information which the pension fund manager would be required to send within 30 days to the participants on the period ended June 30 and December 31 of each year. The commission also authorized the powers to approve a mechanism for placement of orders under a single Universal Identification Number (UIN) and to specify a methodology for calculating the value of units of each sub-fund.
The SECP also conferred the powers to approve the procedure of purchasing of units of sub-funds of the pension fund at the time of receipt of a contribution from the participants. The ED will now also be responsible to specify allocation policy and prescribing the standardized performance benchmark of the pension fund.
The executive director will be the authority to specify the requirements of advertisements of a pension fund and to approve amendments in the fundamental attributes of the pension fund and/or amendments with respect to the offering of units to the public.
The commission also conferred powers to the executive director to vary or withdraw the approval granted for advertisements or other invitations. According to the notification, the commission will have the authority to exercise all powers delegated above to the officer concurrently. The commissioner will have the authority to exercise all powers delegated above to the officer concurrently.
Source: Pro Pakistani