Pakistan elected to global securities board

SECP becomes part of a decision-making body for the first time.

ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) has announced that it has been elected to the International Organisation of Securities Commissions (IOSCO) Board established at the IOSCO annual conference in Beijing on Tuesday.

In a press release, the SECP said it contested against various IOSCO members in the elections and this was the first time in Pakistan’s history that a regulatory body had been elected to a decision-making board at an international forum.

IOSCO, the international standard setter in securities regulation, has a membership base from 115 countries covering more than 95% of the world’s capital markets. The SECP has been its member since 1998.

The IOSCO board apart from the SECP comprises around 30 securities regulators from different jurisdictions including the US, UK, Japan, France, Germany, China, Canada, Italy, Australia, India, Brazil, Hong Kong, Mexico, the Netherlands, Spain, Switzerland and others.

“The SECP’s election brings more balance and diversity to the IOSCO board, enabling it to act as a representative and voice of the developing capital markets,” the SECP said.

It added that its endeavour to form part of the IOSCO board was supported by a host of jurisdictions including Australia, China, India, Japan, South Korea and Singapore.

According to the SECP, it will now form an integral part of IOSCO’s board responsible for taking all decisions and undertaking all actions necessary to achieve the objectives of the organisation. The board will convene for the first time on May 17 before the close of the annual conference.

Speaking on the occasion, SECP Chairman Muhammad Ali, who will be the SECP’s representative to the board, said: “IOSCO has a critical role in leading the development of the global framework for securities markets and Pakistan looks forward to supporting this progress as part of the think tank towards improving regulatory standards. The SECP has the resources to commit to taking IOSCO’s mandate forward. Markets in Pakistan are at a key development stage and thus Pakistan will be in a unique position to bring to the fore the issues faced by the emerging markets.”

Published in The Express Tribune, May 16^th, 2012.