SBP, SECP to build strong regulatory framework

Money laundering, futures trading in foreign currency were discussed.

KARACHI: The State Bank of Pakistan (SBP) and the Securities and Exchange Commission of Pakistan (SECP) have resolved to work in close cooperation to build up a strong and effective regulatory framework for the financial sector.

This was discussed in a meeting of a coordination committee of the two institutions here. SBP Governor Yaseen Anwar and SECP Chairman Muhammad Ali also attended the meeting.

SECP and SBP established the coordination committee in 2003 to deliberate on areas of mutual concern and policy matters to eliminate impediments in the way of development of a robust financial sector.

In the meeting, the SECP chairman said regulatory objectives could only be met through a consultative process with all stakeholders and he intended to adopt a participatory approach in fulfilling SECP’s mandate. He said SECP would continue to facilitate investors by promoting an efficient and transparent capital market and corporate sector and engendering confidence and faith in the integrity of the market. They compared notes on creating a more vibrant debt market by identifying problems and initiatives required to solve them.

Published in The Express Tribune, January 28^th, 2012.