The chairman, Securities and Exchange Commission of Pakistan (SECP), Dr Tariq Hassan, told the CFA Association of Pakistan that the SECP was conscious of the need for reform among financial professionals, and was firmly committed to bringing about dynamism and professionalism among them. He sated this while addressing the Board meeting of the CFA Association held in Karachi on Saturday.
Addressing the Board members, Dr Tariq Hassan said that in cognisance of its mandate to protect investors' interest and international developments, the SECP considered it expedient to bring the activities of financial professionals within the regulatory net.
"We also recognise that further development of our financial markets requires that higher standards and superior quality of financial analysis and asset management are provided to the investors", he added.
Elaborating the consultative approach followed by SECP, he said he would like to bring on board those concerned, so that the policy and regulatory measures instituted by the SECP are sound and well-accepted.
He said a number of issues needed to be addressed, such as minimum qualification requirements for these professional service-providers, their registration, as well as mechanisms for achieving integrity and independence.
He also asserted that the regulatory structure in case of financial analysts must be defined.
Financial analysts exert considerable influence in today's marketplace. Their recommendations can significantly influence a company's stock price - particularly when these recommendations are widely disseminated through electronic and print - media - besides influencing individual investment decisions.
In view of their key-role in the financial sector, the SECP chief urged the CFA Association to assist the SECP in achieving its desired objectives of higher professionalism, technical proficiency and integrity among financial analysts and asset managers.
Dr Tariq Hassan said that despite the odds, the SECP was determined to progress on this agenda.-PR
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