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Finance Minister hails SECP for compliance with IOSCO rules

Finance Minister hails SECP for compliance with IOSCO rules

ISLAMABAD: Federal Finance Minister  Ishaq Dar has commended Securities and Exchange Commission of Pakistan (SECP) on its landmark achievement of compliance with the International Organization of Securities Commissions (IOSCO) Principles for securities regulation.

Mr. Zafar Hijazi, Chairman SECP presented the Report published by the IOSCO to the Finance Minister.  The Report recognized that SECP has made a significant progress in adopting the internationally set principles for capital markets.

Finance Minister congratulated SECP on achieving this important milestone and said that this international recognition is reflective of the Government’s resolve of institution building, good governance and transparency.

This would supplement the Government on-going measures which have led to enhanced business confidence on Pakistan’s economy. Mr. Dar expressed that recognition by IOSCO of Pakistan’s compliance with global standards underpins Pakistan’s move to establish good governance standards and bring transparency in the capital markets.

Compliance with the IOSCO Principles is important to safeguard the integrity and credibility of financial system and develop Pakistan’s capital markets as a preferred investment choice for both local and foreign investors.

Mr. Hijazi said that Pakistan’s regulatory framework has undergone significant improvements in the structure and practice of regulation because of this IOSCO Review. He also expressed his resolve to continue efforts to address areas identified for further improvement. Enhanced compliance with international standards will help Pakistan in graduating to MSCI Emerging Markets Index.

The Finance Minister at the conclusion of the meeting asked the SECP to disseminate information about achievements of SECP to all the stakeholders through seminars.