Financial reporting: SECP steps up efforts to tackle lapses

KARACHI:

The Securities and Exchange Commission of Pakistan (SECP) has stepped up its enforcement efforts against lapses in accounting and financial reporting, while taking action against irregularities, a statement said on Friday.

In January, the Insurance Division of the SECP issued six show-cause notices
and passed three orders against insurance companies for failing to comply with the 1984 Companies Ordinance and 2000 Insurance Ordinance.

Three warning letters were also issued to the CEOs and directors of insurance and Takaful companies.

During January, the Insurance Division renewed licences and certificates of 14 surveying companies and 40 authorised surveying officers.

The punitive actions were designed to highlight the SECP’s enforcement regime.

Published in The Express Tribune, February 8^th, 2014.

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