SECP directs mandatory certification from IFMP

RECORDER REPORT

ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) has directed mandatory certification for the professionals of Non-Banking Financial Companies (NBFCs) from the Institute of Financial Markets of Pakistan (IFMP).

According to the circular number 12 of 2018 issued by the SECP here on Tuesday, this is in continuation to Circulars No. 11 and 48 of 2015 dated April 13, 2015 and December 31, 2015 respectively. Considering the request of market participants and Mutual Funds Association of Pakistan, the SECP in exercise of its powers conferred under Section 282B(3) of the Companies Ordinance, 1984, hereby makes the following amendments to the above-referred circulars:

Timeline for availing the certifications through grandfathering option which lapsed on June 30, 2016 has been eliminated. Consequently, the desired candidates may avail the certifications under grandfathering option from the Institute of Financial Markets of Pakistan (IFMP) required under these circulars at any time, if they fulfill the criteria, the SECP said.

All other requirements of Circulars No. 11 and 48 of 2015 shall remain the same. This Circular shall come into force with immediate effect and all NBFCs are required to ensure its compliance in letter and spirit, the SECP added.