Safeguarding investors: Brokers required to submit quarterly financials

Majority of the brokerage houses were providing their financial reports on an annual basis


APP July 07, 2015
The FRS requires the TREC holders to submit their quarterly financial returns through the SECP’s website within 30 days of the close of each quarter. PHOTO: INP

ISLAMABAD:


The Securities and Exchange Commission of Pakistan (SECP) has reinforced its online Financial Reporting System (FRS) for all the trading right entitlement certificate (TREC) holders of stock exchanges in the country.


The initiative has been taken in order to safeguard investors’ interests and effectively monitor financial health of the trading right entitlement certificate (TREC) holders.


The FRS requires the TREC holders to submit their quarterly financial returns through the SECP’s website within 30 days of the close of each quarter, a statement of the commission issued said.


Majority of the brokerage houses were providing their financial reports on an annual basis. However, the SECP believes that since the TREC holders act as custodians of the clients’ assets, therefore, their reporting requirements need to be enhanced. This initiative is in line with the commitment of the SECP to strengthen oversight of the TREC holders.


Published in The Express Tribune, July 7th, 2015.

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COMMENTS (2)

Umair | 6 years ago | Reply Dear MAD Regulatory bodies in many countries require listed companies to disclose and publish their accounts on quarterly basis so disclosing on monthly basis would be burdensome and would not be in line with best practices or regulatory requirement or accounting standards.
MAD | 6 years ago | Reply This data should also be disclosed to the public.
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