Pakistan and Oman sign agreement

Transparency, efficiency in securities and commodities markets to be ensured.

ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) and the Capital Market Authority (CMA) of the Sultanate of Oman, while recognising increasing international activity in financial markets and the corresponding need for cooperation between the relevant national authorities, have signed a Memorandum of Understanding (MoU). The MoU will enhance regulatory cooperation and information sharing between the counterpart regulatory authorities of Pakistan and Oman.

The MoU has been inked in the backdrop of evolving globally integrated financial markets, necessitating the development of cooperative linkages to ensure information sharing for enforcement of securities laws and facilitate detection of cross-border violations.

The MoU, was signed in Beijing, China, at the sidelines of the IOSCO Annual Meeting by SECP Chairman Muhammad Ali and CMA Executive President Abdullah bin Salim Al-Salmi. The MoU reiterates the commitment of two of the leading securities regulators to work together in ensuring that securities and commodities markets in the Pakistan and Oman are fair, transparent, efficient and regulated to world class standards.

Each regulator will be able to rely on the MoU to ensure compliance with applicable legislation and to collaborate in regulating inter-jurisdictional dealings as well as share technical know-how and joint training in enhancing the credibility of financial markets and protect investor rights.

Published in The Express Tribune, May 15^th, 2012.