ISLAMABAD:- The Securities and Exchange Commission of Pakistan (SECP) has delegated some more important powers to the Executive Director of 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 takes over of management of any other pension fund.
The ED will be also 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 Executive Director will be authority to specify such other information which the Pension Fund Manager would be required to send within 30 days to the participants on period ended 30th June and 31st December of each year.
The Commission also authorized the powers to approve mechanism for placement of orders under a single Universal Identification Number (UIN) and to specify methodology for calculating value of units of each sub-fund.
The SECP also conferred the powers to the Executive Director to approve procedure of purchasing of units of sub-funds of the pension fund at the time of receipt of contribution from the participants.
He will be also responsible, now, to specify allocation policy and to prescribe the standardized performance benchmark of pension fund.
The Executive Director will be authority to specify the requirements of advertisements of a Pension Fund and to approve amendments in the fundamental attributes of pension fund and/or amendments with respect to offering of units to 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 shall have the authority to exercise all powers delegated above to the officer concurrently. The Commissioner shall have the authority to exercise all powers delegated above to the officer concurrently.
This Notification shall not affect anything done, order made, notification issued, show-cause issued, circular made, proceedings commenced, penalties imposed and/or collected, sanction granted, approval made, fee directed or collected, directions given, investigation, inspection or inquiry conducted or any other action taken or done under or pursuance above referred notifications superseded by this Notification shall be valid and under lawful authority. Any pending proceedings under the superseded Notifications shall stand transfer to the delegated authority provided in this Notification forthwith who shall proceed with the matter as it stand prior to the coming into the effect of this Notification.