Securities and Exchange Commission of Pakistan (SECP) has been elected as vice-chair of the International Organisation of Securities Commissions (IOSCO) Committee on Regulation of Market Intermediaries for 2013-14. SECP had applied for IOSCO committee on market intermediaries both for leadership as vice-chair and membership, which were both accepted. Korea will be the vice–chair of the committee for 2012-2013. Under IOSCO New Strategic Direction, many jurisdictions applied for membership and leadership positions of the IOSCO forthcoming committees. SECP will now form an integral part of IOSCO’s new committee on the regulation of market intermediaries alongside international counterparts from jurisdictions such as US, UK, Brazil, China, Japan, France, Germany and India. The committee chaired by Hong Kong will consist of about 30 member jurisdictions and will begin its functions in May 2012 after IOSCO’s annual conference.
Chairman SECP Muhammad Ali said being vice-chair of IOSCO committee will enable the SECP to contribute to the policy and standard setting work of IOSCO and give it an opportunity to benefit from the experience and developments taking place in securities markets of other IOSCO membership jurisdictions. “It is a sign of the SECP’s commitment and dedication to the IOSCO’s work and recognition of our past contributions, which will go a long way not only in improving the country’s image, but also in paving the way for implementation of best international practices in the country’s capital market. IOSCO is a global standard setter for securities markets regulation and an international forum for cooperation amongst securities regulators, having objectives to protect investors, maintain fair, efficient and transparent markets and mitigate systemic risks. SECP has been a member of IOSCO since 1998. Currently, IOSCO has over 199 members from 114 countries that have committed to implementing the international standards of regulatory oversight and to develop strong cooperation in enforcement action against misconduct. In order to effectively implement the international securities regulatory principles, the IOSCO is strengthening its role in the international financial community and aligning its strategic direction with the evolving financial regulatory landscape.
