Barely two months after, PenCom lift ban on investments in commercial papers


 





 




By allcitynews.blog 

 



Barely two months ban, the leadership of National Pension Commission (PenCom) has announced a significant policy update by  lifting restrictions on investments in commercial papers by Licensed Pension Fund Administrators (LPFAs) involving non-bank Issuing and Paying Agents (IPAs).


This decision follows PenCom’s earlier circular dated October 23, 2024, which directed LPFAs to suspend such investments due to the absence of regulatory guidelines governing the role of capital market operators (non-banks) as IPAs.



PenCom acknowledged progress made by the Securities and Exchange Commission (SEC), which has developed draft rules and amended Rule 8 (Exemptions) to regulate the issuance of commercial papers by its regulated entities. These new regulations address PenCom’s concerns, bringing non-bank IPAs under stricter regulatory oversight to ensure compliance and market stability.


With the regulatory framework now in place, PenCom has lifted the suspension, enabling LPFAs to resume investments in commercial papers involving non-bank IPAs. However, PenCom emphasized the importance of due diligence, directing LPFAs to thoroughly review all Prospectus and Offer Documents in line with Section 2.9 of the Regulation on Investment of Pension Fund Assets.



This move aims to balance market stability with increased capital-raising opportunities, reinforcing confidence in the nation’s pension fund investment framework.



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