SECP helps IOSCO combat cross-border markets' misconduct

The Securities and Exchange Commission of Pakistan (SECP) is working as full time member of the International Organisation of Securities' Commissions (IOSCO), reflecting the commission's ability to meet the accepted international standard and contribute to the global efforts to combat cross-border securities market misconduct.
It is learnt here on Wednesday that the SECP has been a full time member of the International Organisation of Securities' Commissions (IOSCO) since 1998. It is also a full signatory to IOSCO's Multilateral Memorandum of Understanding (MMoU) concerning consultation, co-operation and the exchange of information for securities enforcement. The objectives of the IOSCO are to protect investors, maintain fair, efficient and transparent markets and mitigate systemic risks. The IOSCO's current membership exceeds 199 members from 114 jurisdictions, which have committed to implementing international standards of regulatory oversight and to develop strong co-operation in enforcement action against misconduct.
After a comprehensive assessment and verification of SECP's regulatory and legal regime by international assessors, SECP's accession to IOSCO multilateral information-sharing arrangement as full signatory, reflects its ability to meet the accepted international standard and contribute to the global efforts to combat cross-border securities market misconduct, alongside 72 other IOSCO signatory jurisdictions.
Sources said that the SECP is actively involved in IOSCO work, being member of IOSCO's Presidents Committee, Emerging Markets Committee, Asia Pacific Regional Committee and Emerging Markets Committee Advisory Board (EMCAB). It has also been chairing IOSCO's EMC Working Group 3 (WG3) on Regulation of Market Intermediaries since 2003. Presently, the SECP's mandate as chair of WG 3 is to develop "Guidelines for regulations of Nominee Accounts in Emerging Markets", a task that will be completed by October 2011.
Apart from WG3, the SECP actively participates in the activities of the other working groups at IOSCO. The SECP participates in the reports and surveys of all 5 working groups of IOSCO and is also a project team member of WG5, mandated with the task of "development and regulation of institutional investors in Emerging Markets." In addition, the SECP is also a member of the IOSCO task force on the development of corporate bond markets and of the task force on securitisation. The SECP is also in the process of undertaking its self-assessment with IOSCO's principles and objectives of securities regulation, sources added.