The Securities and Exchange Commission of Pakistan (SECP) and Capital Market Authority (CMA) Sultanate of Oman, recognizing the increasing international activity in the financial markets and the corresponding need for cooperation between the relevant national authorities, signed a Memorandum of Understanding (MOU). The MOU will pave way to further enhance regulatory cooperation and information sharing between the two counterpart regulatory authorities of Pakistan and Oman. The MOU has been inked in the backdrop of evolving globally integrated financial markets, necessitating for regulatory agencies of capital markets to develop cooperative linkages to ensure information sharing for enforcement of securities laws and facilitate detection and combat cross-border violations. The SECP has been promoting co-operation with counterpart regulatory authorities of the capital market at the bilateral, regional and international level. The SECP has already established co-operative arrangements through MOUs with the regulatory agencies of India, the Maldives, Australia, Bhutan, Srilanka, Iran, China and Turkey. Expanding the cooperative linkages, the MoU, was signed in Beijing China at the sidelines of IOSCO Annual Meeting by Mr. Muhammad Ali, Chairman SECP and Abdullah bin Salim Al-Salmi, Executive President of CMA. The MoU reiterated 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. Both CMA Sultanate of Oman and SEC Pakistan are signatory to IOSCO Multilateral Memorandum of Understanding, the international standard for information sharing between the securities regulators and this bilateral MoU would supplement the cooperation extended under the umbrella of Multilateral MoU. According to the SECP, the memorandum is a significant milestone in the development of the capital markets of two brotherly countries. It cements an already excellent level of co-operation between the two independent agencies.
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.