SECP directs all PFMs to incorporate KFS in Offering Document
According to a circular issued by the SECP on Friday, the KFS shall be subject to following minimum requirements: PFMs shall provide approved version of KFS for each Pension Fund before soliciting new investments.
PFMs shall ensure that KFS for each Pension Fund is readily accessible to investors on its website/ online portal. PFMs shall ensure that at the point of sale, including through PFM's website or a third-party digital portal/website, investors acknowledge receipt of the KFS and confirm their review ad understanding of its contents. This acknowledgment shall be obtained by requiring investors to sign off on the Investment Form for physical transactions and, in the case of online investments, through a pop-up screenshot incorporating a checkbox mechanism that allows participants to either accept or decline after review and validation.
The investment pop-up shall clearly state the following with a check box; 'I acknowledge that I have received and read the Key Fact Statement at the time of statement have read and understood the terms and conditions to the best of my knowledge and retained copy of the same.'
PFMs shall ensure the validity/correctness of the KFS including the incorporation of a subsequent amendment due to change in the fundamental attributes.
PFMs shall continue to make available updated copy of OD's on its official website and other digital means.
These requirements shall be applicable from August 15, 2025.
The PFMs shall submit supplemental constitutive documents to the Commission for information within one week from the date of amendments in terms of Regulation 673 (4) of the Nan-Banking Finance Companies and Notified Entities Regulations, 2008, the SECP added.
Copyright Business Recorder, 2025
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