SECP approves certification for capital market advisers

955

ISLAMABAD, May 16 (APP): In line with its objectives of promoting good governance practices, ensuring investor protection and having skilled investment advisers, Securities and Exchange Commission of Pakistan (SECP) has prescribed certification requirement for all those providing advisory services to capital market customers.
Such persons would be required to obtain the Financial Advisors Certification offered by the Institute of Financial Markets of Pakistan (IFM), a press statement Tuesday said.
Furthermore, persons distributing mutual fund units should be required to obtain the Mutual Fund Distributors Certification offered by IFM.
In order to facilitate compliance with the requirement, existing and new securities and futures advisers have been given a year to obtain the said certification.
The certification requirement would also apply to chief executives and heads of advisory function of the entities giving advice to customers.
The certification requirement would promote investor protection by subjecting market intermediaries who provide investment advice to minimum standards and also bring the Pakistani capital market on a par with global jurisdictions, it added.