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SECP Aims To Liberalize Non-Bank Financial Sector Through Promoting Self- Regulation
Faizan Hashmi Published January 14, 2021 | 10:33 PM
In pursuance of its reforms agenda for reforming the non-bank financial services, the Securities and Exchange Commission of Pakistan (SECP) has issued draft Self-Regulatory Organizations (Registration) Regulations, 2021 for soliciting public comments
ISLAMABAD, (UrduPoint / Pakistan Point News - 14th Jan, 2021 ) :In pursuance of its reforms agenda for reforming the non-bank financial services, the Securities and Exchange Commission of Pakistan (SECP) has issued draft Self-Regulatory Organizations (Registration) Regulations, 2021 for soliciting public comments.
These transformational regulations, being introduced for the first time under the SECP Act 1997, are intended to promote establishment of self-regulatory organizations (SROs), to inculcate self-discipline and collective responsibility amongst market players, with a view to enhance investor confidence.
Internationally, there has been a shift towards self-regulation; typically involving a unique combination of private interests with government oversight, as it offers an effective and efficient form of regulation for the complex, dynamic and ever-changing financial services industry.
A SRO, having certain degree of regulatory authority over an industry or profession, can serve as a collective forum for advancing objectives of an industry through adoption of higher standards of operations, promote fair practices, encourage efficient complaint handling mechanisms for improved customer experience and enhance research and development functions.
The draft regulations cover the parameters for registration and regulation of companies that are eligible to be registered as a SRO under the SECP Act, 1997, and lays down fit and proper criteria applicable on its promoters, directors, chief executive and chairman of board of directors.
The regulations also specify the obligations and functions of a SRO and enable them to make regulations designed to improve transparency and fair play, screening, certification and training requirements, measures to reduce conflicts of interest, and improved compliance with the code of corporate governance.
The draft Self-Regulatory Organizations, (Registration) Regulations 2021 have been placed on SECP's website and can be accessed at following web-address: https://www.secp.gov.pk/document/s-r-o-16-i-2021-draft-self-regulatory-organizations-registration-regulations-2021-for-soliciting-public-opinion/?wpdmdl=41193&refresh=5ffd754dd69641610446157Interested entities, stakeholders and the general public can submit their comments on the draft within thirty days from the date of its notification. The draft regulations will be finalized in the light of stakeholder consultation and subsequently notified after due regulatory process.
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