Section 2: Definitions

Plain-Language Summary

A general explanation to aid understanding. The official statutory text appears below.

This section defines the following terms used in The Pakistan Sovereign Wealth Fund Act, 2023: • Board — the Sovereign Wealth Fund’s Board constituted under this Act • Fund — the Pakistan Sovereign Wealth Fund established under this Act • investment mandate — investment strategy followed by the fund as approved by the Supervisory Council and includes— (i) types of assets in which the Fund will invest; (ii) details of assets to be transferred to the Fund; (iii) sectors and regions in which the Fund will invest; (iv) use or restriction on derivatives and gearing; and (v) benchmarks of the Fund • regulations — regulations made under, this Act • sub-fund — sub-fund established within the Fund with specific investment objective having separate property and capital • Supervisory Council — the Sovereign Wealth Fund’s Supervisory Council constituted under this Act • Schedule — schedule to this Act; and • transfer assets — the assets of every kind, whether corporeal or incorporeal, movable or immovable, tangible or intangible, and legal documents or instruments evidencing title to or interest in such assets listed in the Schedule I to this Act and in terms of section 9 of the Act, transferred subsequently to the Fund, which are owned, directly or indirectly, by the Federal Government. PART II PAKISTAN SOVEREIGN WEALTH FUND This is the official statutory text, shown as written — it is not a paraphrase or a legal opinion. Consult a verified lawyer to see how it applies to your specific situation.

2. Definitions.___In this Act, unless there is anything repugnant in the subject or context, (a) “asset” includes any— (i) kind of property whether movable or immovable, tangible or intangible; or (ii) legal or equitable estate or interest in property; or (iii) legal or equitable right. (b) “Board” means the Sovereign Wealth Fund’s Board constituted under this Act; (c) “chief executive officer “or” CEO” means the chief executive officer of the Fund appointed under this Act; (d) “foreign assets” mean any assets located outside Pakistan or title to which is held or registered outside Pakistan; (e) “Fund” means the Pakistan Sovereign Wealth Fund established under this Act; (f) “investment manager” includes a manager of the Fund, or of a sub-Fund or any portfolio of assets held by the Fund or of a sub-Fund; (g) “investment mandate” means investment strategy followed by the fund as approved by the Supervisory Council and includes— (i) types of assets in which the Fund will invest; (ii) details of assets to be transferred to the Fund; (iii) sectors and regions in which the Fund will invest; (iv) use or restriction on derivatives and gearing; and (v) benchmarks of the Fund. (h) “in the public private partnership” shall have the same meaning as defined in Public Private Partnership Authority Act, 2017 (VIII of 2017); (i) “person” includes an individual, a company, a statutory body corporate, an association of persons whether incorporated or not, a trust and a partnership; (j) “in the private party” shall have the same meaning as defined in Public Private Partnership Authority Act, 2017 and includes a person who is eligible to bid for a Public Private Partnership project with the implementing agency; (k) “regulations” means regulations made under, this Act; (l) “sub-fund” means sub-fund established within the Fund with specific investment objective having separate property and capital; (m) “Supervisory Council” means the Sovereign Wealth Fund’s Supervisory Council constituted under this Act; (n) “Schedule” means schedule to this Act; and (o) “transfer assets” means the assets of every kind, whether corporeal or incorporeal, movable or immovable, tangible or intangible, and legal documents or instruments evidencing title to or interest in such assets listed in the Schedule I to this Act and in terms of section 9 of the Act, transferred subsequently to the Fund, which are owned, directly or indirectly, by the Federal Government. PART II PAKISTAN SOVEREIGN WEALTH FUND

Effective date: 2023-08-04

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