The Securities and Exchange Commission of Pakistan (SECP) has been elected vice-chair of the International Organisation of Securities Commissions (IOSCO) Committee on Regulation of Market Intermediaries for 2013-14. South Korea will be the vice-chair of the committee for 2012-13.
“This is an important step forward for the SECP as it will strengthen its position within securities market supervisors worldwide,” SECP said in an announcement here on Thursday. SECP has been a member of IOSCO since 1998.
IOSCO is a global standard setter for securities markets regulation and an international forum for cooperation amongst securities regulators. It works to protect investors, maintain fair, efficient and transparent markets and mitigate systemic risks.
Currently, IOSCO has over 199 members from 114 countries that have committed to implementing international standards of regulatory oversight and to develop strong cooperation in enforcement action against misconduct.
According to SECP, it will now form an integral part of IOSCO’s committee on regulation of market intermediaries alongside international counterparts from jurisdictions such as the US, the UK, Brazil, China, Japan, France, Germany and India. The committee, chaired by Hong Kong, will consist of about 30 IOSCO member jurisdictions and will begin its functions in May this year.
“Being vice-chair of IOSCO committee will enable the SECP to contribute to the policy and standard setting work and give it an opportunity to benefit from the experience and developments taking place in securities markets of other IOSCO member jurisdictions,” observed SECP Chairman Muhammad Ali.
Published in The Express Tribune, March 2nd, 2012.
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