No. SCD/PRDD/256/2022, February 23, 2022

SROS: No. SCD/PRDD/256/2022, February 23, 2022 Eligibility Requirement to Register as Trustee of Open-end or Closed-end Scheme SECURITIES AND EXCHANGE COMMISSION OF PAKISTAN SPECIALIZED COMPANIES DIVISION POLICY, REGULATION AND DEVELOPMENT DEPARTMENT No. SCD/PRDD/256/2022 February 23, 2022 Circular No. 4 of 2022 Subject: Eligibility Requirement to Register as Trustee of Open-end or Closed-end Scheme The Securities and Exchange Commission of Pakistan the (the “Commission”) in exercise of the powers conferred under sub-section (3) of section 282B of the Companies Ordinance, 1984 read with clause (f) of regulation 40 of the Non-Banking Finance Companies and Notified Entities Regulations 2008 (“NBFC Regulations”) and clause (iii) of sub-regulation (1) of regulation 3B of the Real Estate Investment Trust Regulations, 2015 (“REIT Regulations”) hereby specifies the following eligibility requirements to register as trustee of Open-End Schemes or Closed-End Schemes,- (i) A public limited company with principal line of business/primary object clause of providing trustee services to Collective Investment Schemes (CIS), Pension Funds, REIT Schemes and Private Funds under the NBFC Regulations, Voluntary Pension System Rules, 2005, the REIT Regulations and Private Funds Regulations, 2015, respectively; (ii) The company shall have and maintain minimum equity of Rs. 100 million or 0.10% of the net assets under its trusteeship, whichever is higher, at all times; (iii) The Commission may direct the company to fulfil additional capital requirements and the company shall be bound to comply with such direction; (iv) The company shall have at least one financial institution as defined under the…