KARACHI: Securities and Exchange Commission of Pakistan (SECP) on Tuesday relaxed certain regulatory requirements for asset management companies (AMCs) considering coronavirus lockdown.
The SECP issued Circular No. 16 of 2020 to relax certain provisions of Non-Banking Financial Company (NBFC) Regulations, 2008.
The SECP said that the COVID-19 (coronavirus) had affected many businesses around the world and had been declared as a pandemic. Due to the prevailing situation and in pursuant to the challenges faced by Asset Management Companies in complying with certain requirements of the NBFCs and notified Entities Regulations, 2008, the SECP allowed further relaxation in relation to compliance with certain requirements of the NBFC Regulations.
The time period for submission of the quarterly financial statements of Open End Scheme and Close End Scheme for the quarter ended on March 31, 2020 under Regulation 38(2)(f) of the NBFC Regulations is extended by 30 days i.e. till May 31, 2020.
Further, time to ensure compliance with minimum fund size for Open End Schemes under Regulation 54 (3b) of the NBFC Regulations, 2008 is increased to 180 days for Open End Schemes currently non-compliant with minimum fund size requirement and Open End Schemes that may become non-compliant within next 90 days of issuance of the circular.