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 Regulatory Exemptions

​CFA Charterholders are now exempt by Securities & Exchange Commission of Pakistan (SECP) from obtaining the mandatory Research Analysts Certification, subject to passing of Pakistan Market Regulations certification offered by Institute of Capital Market's (ICM). CFA charterholders are already waived from the Fundamentals of Capital Market Program (FCM) certification requirement.

The Institute of Capital Markets (ICM) is a not-for-profit company set up by Securities & Exchange Commission of Pakistan (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.

View the SECP circular.

 Training Session for Regulators

Presentation - The Future of the Investment Management Profession 
November 2019 
Mr. Paul Smith, CFA, Former CEO & President of CFA Institute was invited to give an insightful presentation on 'The Future of the Investment Management Profession' to the management team of SECP. The purpose of the session was to keep SECP abreast of new developments and evolving direction of the investment management profession to facilitate the regulatory process.

Workshops on Ethical Decision Making
October 2019
Mr. Alan Lok, CFA, Director, Ethics Education & Professional Standards, CFA Institute (Asia-Pacific Region) conducted a series of workshops on Ethical Decision Making for local regulators senior and mid-level managers at the State Bank of Pakistan (SBP), and senior and mid-level managers and operational staff at the Securities and Exchange Commission of Pakistan (SECP). During these interactive sessions, Mr. Lok discussed real-life dilemmas that finance professionals face in their careers, how to identify them and resolve them in an ethical manner even when no one is watching!

Financial Modelling Training
September 2019

The Marquee Group, a Canadian based training firm was invited by CFA Society Pakistan to conduct Financial Modeling Training in Pakistan. A session was organized at SECP, Islamabad for employees of SECP, CFA Charterholders and Candidates.

 MOUs with Regulators
​MOU between CFA Institute and Federal Revenue Board
February 2020  

Ms. Nausheen Amjad, Chairperson of FBR (Federal Revenue Board) facilitated the signing of an MOU between CFA Institute and the FBR in February 2020, for awarding Scholarships to officials of FBR under the Regulator Scholarship Program by CFA Institute.

MOU between CFA Society Pakistan and SECP 


 Regulatory Waiver
​The Institute of Capital Markets (ICM) is a not-for-profit company set up by Securities & Exchange Commission of Pakistan (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.

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.

View Details of the Waiver.