The Private Fund Registration Process Is Simplified by SECP

In a press statement released today, the regulatory agency Securities and Exchange Commission of Pakistan (SECP) announced the introduction of standardized document formats and step-by-step instructions for the registration of private funds as notified entities.

The standardized documentation will encourage harmonized disclosures, improve uniformity, and shorten the time needed to register a private fund. It is accessible in editable formats on SECP's website.

There are other documents that need to be reviewed, such as the Limited Liability Partnership (LLP) Agreement, Custodian Agreement, Trust Deed, and Private Placement Memorandum (which registers a fund in a trust structure).

Over the past few years, there has been a noticeable interest in the registration of private funds; however, the delay in registration and the subsequent launch of funds was caused by constitutive agreements that contain various disclosures and are employed by private fund management businesses.