SECP simplifies private fund registration process

September 27, 2023 (MLN): The Securities and Exchange Commission of Pakistan (SECP) has issued standardized formats of documents, along with step-by-step guidance for the registration of private funds as a notified entity, according to a press release issued today by the regulatory body.

The standardized documentation, available at SECP’s website in editable formats, will promote consistency, encourage harmonized disclosures, and reduce the turnaround time required for the registration of a private fund.

The documents include a Trust Deed and Private Placement Memorandum (for registration of a fund in a trust structure), Limited Liability Partnership (LLP) Agreement, Custodian Agreement, and Private Placement Memorandum (for registration of a private fund in an LLP structure).

Notable interest has been observed in the registration of private funds over the last couple of years; however, constitutive documents containing varying disclosures being used by private fund management companies were the cause of the delay in registration and subsequent launch of funds.

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