Pakistan: Regulatory Waiver

The Regulator

The Securities and Exchange Commission of Pakistan (SECP) is the financial regulatory agency in Pakistan.

The Institute of Capital Markets (ICM) is a not-for-profit company set up by SECP and various other financial market stakeholders as a certification body for the development of human capital and professionals in the financial markets under the SECP's regulatory purview.

Requirements to Practice

The SECP mandates the following minimum certification requirements:

  1. Obtain the Pakistan Markets and Regulations Program (PMR) certification; and
  2. Obtain the Fundamentals of Capital Market Program (FCM) certification, offered by the ICM, for the following professionals working in the Pakistan financial markets:
    • Professionals employed by the brokerage houses (Brokers / TREC holders);
    • Professionals employed by the Exchanges, Depository or Clearing company;
    • Professionals of Modarabas;
    • Professionals engaged in or employed by Non-Banking Finance Companies (NBFCs), including leasing companies, investment finance companies, asset management companies, pension fund managers, and investment advisors; and
    • Insurers, including Takaful operations, registered under the Insurance Ordinance, 2000.

The Waiver

After obtaining the Institute of Capital Market’s (ICM) PMR certification,
CFA charterholders are waived from the Fundamentals of Capital Market Program (FCM) certification requirement.