Ambassador Aizaz Chaudhry appreciates SECP for introducing corporate reforms

1876
Profile Picture

ISLAMABAD, April 10 (APP):Pakistan Ambassador to United States
(US) Aizaz Ahmad Chaudhry has appreciated the SECP’s role in introducing
corporate and capital market reforms for the promotion of trade and
investment in the country.
A delegation of Security and Exchange Commission of Pakistan
(SECP) officials along with senior officers of US Department of
Commerce met the Pakistan’s ambassador to United States Aizaz Ahmad
Chaudhry at the Pakistan Embassy in Washington, DC,said in press
release issued by SECP here on Monday.
The SECP officials were in the US to attend the 27th Annual
International Institute on Securities Market Growth and Development
at the United States Securities and Exchange Commission (US SEC).
Ambassador Chaudhry applauded the SECP’s leadership for
playing an effective regulatory role for disciplining the financial
and corporate sector of Pakistan.
In order to provide conducive environment for investment in
capital market, the SECP has implemented significant reforms in
legislative framework in line with the best international practices.
Including promulgation of the 2015 Securities Act, amendments
to 1997 the SECP Act, amendments to the NBFC Regulations,
Securities’ Brokers Regulations, Research Analyst Regulation and
Private Fund Regulations.
Besides the legislative reforms, the supervisory architecture
within the corporate sector and the non-bank financial sector has
also revamped to provide for fair and efficient markets, ensure
protection of investor’s interest and mitigate systemic risk.
The SECP has successfully implemented a comprehensive risk-
based inspection plan covering brokers and CIS supplemented by
offsite surveillance having 100% coverage as well as regulatory
Compliance Audit of SROs.
This supervision programme supplements the Joint Inspections
regime by SROs operational since December 9, 2015.
Seniors officials of the US Department of Commerce present at
the event commended the SECP officials for their active
participation in the training course.
Ambassador Chaudhry in his closing remarks said that the
present Pakistani government attached great importance to mutually
beneficial trade and investment relations between Pakistan and the
U.S.
The delegates from other countries also appreciated the SECP
for its regulatory reforms and the role it is playing as a
regulatory authority. The SECP expressed its willingness to share
its experience in the implementation of these reforms with other
jurisdictions.