Market regulators sign agreement
SECP and China Securities Regulatory Commission sign MoU to enhance regulatory cooperation.
ISLAMABAD:
The Securities and Exchange Commission of Pakistan (SECP) and the China Securities Regulatory Commission (CSRC) signed a memorandum of understanding on Friday to further enhance regulatory cooperation and information sharing between the two agencies.
The agreement provides parameters of cooperation and consultation, seeking to enforce and ensure compliance with respective laws and regulations in both countries. The document reiterated the commitment of the securities regulators to work together in ensuring that securities and futures markets in Pakistan and China are fair, transparent and regulated according to world-class standards.
The SECP has been promoting cooperation with other regulatory authorities of the capital market at the bilateral, regional and international level. It has already established cooperative arrangements through memoranda of understanding with the regulatory agencies of India, the Maldives, Australia, Bhutan, Sri Lanka and Iran.
The agreement with the Chinese regulator was signed in the presence of Prime Ministers Wen Jiabao and Yousaf Raza Gilani. SECP Commissioner Tahir Mahmood and Chinese Ambassador Liu Jian inked the agreement.
“It is aimed at supporting the national economy and minimising the risk that is usually involved in financial market transactions,” said Mahmood.
The deal will help develop cooperative linkages to ensure information sharing for enforcement of securities laws and combat cross-border violations.
Terming the deal a significant milestone in the development of capital markets, he said that “expanding securities markets today require cooperation among the regulatory bodies at the international level for adequate protection of investor rights and this is a step towards building a strong cooperative arrangement between the SECP and the CSRC.”
Published in The Express Tribune, December 19th, 2010.
The Securities and Exchange Commission of Pakistan (SECP) and the China Securities Regulatory Commission (CSRC) signed a memorandum of understanding on Friday to further enhance regulatory cooperation and information sharing between the two agencies.
The agreement provides parameters of cooperation and consultation, seeking to enforce and ensure compliance with respective laws and regulations in both countries. The document reiterated the commitment of the securities regulators to work together in ensuring that securities and futures markets in Pakistan and China are fair, transparent and regulated according to world-class standards.
The SECP has been promoting cooperation with other regulatory authorities of the capital market at the bilateral, regional and international level. It has already established cooperative arrangements through memoranda of understanding with the regulatory agencies of India, the Maldives, Australia, Bhutan, Sri Lanka and Iran.
The agreement with the Chinese regulator was signed in the presence of Prime Ministers Wen Jiabao and Yousaf Raza Gilani. SECP Commissioner Tahir Mahmood and Chinese Ambassador Liu Jian inked the agreement.
“It is aimed at supporting the national economy and minimising the risk that is usually involved in financial market transactions,” said Mahmood.
The deal will help develop cooperative linkages to ensure information sharing for enforcement of securities laws and combat cross-border violations.
Terming the deal a significant milestone in the development of capital markets, he said that “expanding securities markets today require cooperation among the regulatory bodies at the international level for adequate protection of investor rights and this is a step towards building a strong cooperative arrangement between the SECP and the CSRC.”
Published in The Express Tribune, December 19th, 2010.