The Policy Board of the Securities and Exchange Commission of Pakistan (SECP) has directed the SECP that all personnel deputed to the law enforcement agencies (LEAs) be repatriated back to the commission.
According to the decisions of the SECP Policy Board issued here on Wednesday, the SECP Board directed that all personnel deputed to the LEAs be repatriated back to the commission unless there was a strong reason not to do so in specific instances (in which case the Policy Board should be advised) and also that any future request for personnel from the SECP should be cleared by both the commission and the board.
The Policy Board of the SECP has also accepted many recommendations of the Oversight Committee for the Board.
The SECP Policy Board resolved that the following recommendations of the Oversight Committee be and are hereby approved for implementation by the commission: It included mandatory rotation policy, lack of appropriate training programmes; lack of appropriate level of automated processes; implementation of business intelligence solutions; review the Investment Banking and Leasing Sector in detail to assess how to either revive; the sector or phase out the few remaining players over time into more sustainable structures in-house Shariah adviser for SCD; Commission and Policy Board require a confidential means of 'real time' communication so that decisions made by the Board and its implementation, challenges/issues can be resolved.
On the recommendations of the Regulations Committee for the Board, the SECP Policy Board considered the recommendations of the Regulations Committee and it was resolved that approval be and is hereby granted for: (i) Amendments to Schedule I of SECP Act 1997; (ii) Draft amendments to the Public Sector Companies (Corporate Governance) Rules 2013; (iii) Draft the Corporate Restructuring Companies Rules, 2019; (iv) Draft amendments to the Securities Broker (Licensing and Operation) Regulations, 2016; [two working papers]; (v) Proposed amendments to Pakistan Stock Exchange (PSX) Rules Book (a) Amendments to Chapter 4 and Chapter 5 of PSX Rulebook; and (b) Distribution of Profit by Brokers on Clients' Unutilized Funds (vi) Proposed amendments to the NCCPL Regulations in respect of Access to UIN Portal (NCSS) by PMEX (vii) Other recommendations of the Committee. The Board resolved that Commission to review (i) the proposed amendments to the Listed Companies (Code of Corporate Governance) Regulations, 2017, (ii) utility of the MoUs with SBP, FBR, and other agencies; and (iii) the JamaPunji portal, and revert to the Board by next meeting.
On the issue of list of significant pending cases in the SECP, the SECP Policy Board observed that the list of cases had been provided, content and language that is unintelligible, as they do not specify the matter that is under litigation.
The list be revised explaining the issue, risks for the commission and the likelihood of a favorable decision.
The board is particularly concerned with regard to cases involving oppression of the minority.
A firm of chartered accountants from among the top four of the industry be appointed at the cost of the party in litigation to carry out a professional assessment and provide a determination of the true facts, which can then become an objective basis to proceed further in the matter.
The SECP Policy Board resolved that the draft Insurance Bill 2019 should be examined with the aim of removing harsh regulatory impediments that hamper the overall growth of insurance sector.
Further, the draft amendments/law be simplified and made principles-based with procedural matters being covered under subsidiary legislation i.e. through regulations, guidelines, directives etc.
The draft/amendments revised in light of the aforesaid be placed before the regulation committee.
The SECP Policy Board resolved that the Growth Enterprise Market (GEM) Listing Regulations of the PSX proposed by the Commission be reexamined for being applicable to all listed companies to facilitate the market; and in addition consideration be given to be establishment of a "senior" or "premium" tier for very large companies that were also fully compliant with all environmental regulations and corporate governance stipulations.
The board approved the amendments to the Public Offering framework, subject to review by Regulations Committee.
The SECP Policy Board resolved that the SECP annual audited accounts for the year ended June 30, 2019, be and are hereby approved.
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