To facilitate the asset management industry in compliance with statutory/regulatory requirements in an efficient manner, the Securities and Exchange Commission of Pakistan (SECP) has issued a Master Circular containing all the applicable circulars, directions and clarifications of the Commission. The Circular is a compilation of all the existing/applicable circulars, directions and clarifications issued by the Commission from January 06, 2009 up to July 05, 2022 for regulation of collective investment schemes (CIS)/mutual funds/ investment advisory services, said a press release issued here. The Master Circular covers matters with respect to digitization, advertisements, categorization of collective investment schemes (CIS) and investment avenues, disclosure requirements, Constant Proportion Portfolio Insurance based schemes, exchange traded funds. It also includes directions related to performance benchmarks for CIS, selling and marketing of CIS, sales load and expenses, valuation and provisioning, mandatory certifications for professionals of NBFCs and distribution of Units of CIS, outsourcing arrangements, risk management and compliance, merger of open-end schemes, procedure for unit holders meeting, separately managed accounts and closed end schemes. In case of any inconsistency between the master circular and the applicable circular, the contents of the relevant circular shall prevail.