Regulator Outreach

Exemptions and Waivers

​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 (PMR) certification offered by Institute of Capital Market's (ICM). CFA Charterholders are also waived from the Fundamentals of Capital Market Program (FCM) certification requirement under this condition.

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

Memorandums of Understanding (MoUs) with Regulators

MoU between CFA Institute and Ministry of Finance

February 2023

CFA Society Pakistan facilitated the memorandum of understanding (MOU) agreement between the Finance Ministry of Pakistan and CFA Institute for provision of scholarships to the officers and employees of the Ministry of Finance. 

Through the regulator scholarship program, the employees of financial regulators, central banks, securities commissions, stock exchanges, SROs, and/or government entities can obtain scholarships for the CFA Program.

The following representatives of the Society attended the meeting with the Finance Secretary Mr. Hameed Yaqoob Sheikh, Special Secretary Mr. Awais Manzur, and their team:

  • Mr. Sajjad Anwar, CFA, President, CFA Society Pakistan
  • Mr. Mohammad Shoaib, CFA, Director, CFA Society Pakistan
  • Ms. Sarwat Ahson, Executive Director, CFA Society Pakistan

MoU between CFA Society Pakistan and National Institute of Banking and Finance (NIBAF) State Bank of Pakistan

January 2023

Representatives of CFA Society Pakistan and NIBAF facilitated the signing of MoU between both parties to collaborate for capacity development of professionals working in the banking industry, development finance institutions, stock exchanges, and corporate sector.

Under this collaboration, the two institutions would support each other in matters and activities of mutual interest, such as joint training programs, webinars and conferences. The two entities will also jointly develop and offer a course on Treasury Management for professionals working in the domain of treasury in Pakistan.

MOU between CFA Institute  and Federal Board of Revenue

December 2021

The representatives of CFA Society Pakistan facilitated the signing of MoU between FBR and CFA Institute for provision of scholarships to FBR officers for the CFA Program and CIMP (Certificate in Investment Performance Measurement).

MOU between CFA Institute and Federal Board of Revenue

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 
April 2016

A MoU was signed between CFA Society Pakistan and SECP to jointly raise awareness of investor rights and establish the standards of professional excellence in investment management in Pakistan. The MOU sets the framework for collaboration on promotion of investor rights and financial literacy, and emphasizes the importance of the Statement of Investor Rights awareness among both investors and investment management professionals. This collaboration will help advocate the highest level of ethical standards and ensure fair practices and transparency, all crucial to the sustainable growth and development of Pakistan’s capital and financial industries.

The SECP officially recognized the curriculum of the CFA Program, an international professional credentialing program offered by CFA Institute and widely considered to the gold standard for qualification in the investment management industry. As part of the SECP recognition, all CFA charterholders are given a waiver to Fundamentals of Capital Markets course which is one of the two exams mandatory for all financial intermediaries in Pakistan. 

Training Sessions for Regulators

Regular trainings are arranged for regulators by CFA Society Pakistan. These trainings have been delivered by CFA Institute staff and representatives, CFA Society Pakistan members, and international training firms. Some previous trainings include:

  • Ethical decision making workshops
  • Financial Modeling training
  • Mutual Funds training
  • Presentation – The Future of the Investment Management Profession