SECP issues draft Self-Regulatory Organisations (Registration) Regulations, 2021 for soliciting public comments.

ISLAMABAD -- In pursuance of its reforms agenda for reforming the non-bank financial services, the Securities and Exchange Commission of Pakistan (SECP) has issued draft Self-Regulatory Organisations (Registration) Regulations, 2021 for soliciting public comments.

These transformational regulations, being introduced for the first time under the SECP Act 1997, are intended to promote establishment of self-regulatory organizations (SROs), to inculcate self-discipline and collective responsibility amongst market players, with a view to enhance investor confidence. Internationally, there has been a shift towards self-regulation; typically involving a unique combination of private interests with government oversight, as it offers an effective and efficient form of regulation for the complex, dynamic and ever-changing financial services industry. A SRO, having certain degree of regulatory authority over an industry or profession, can serve as a collective forum for advancing objectives of an industry through adoption of higher standards of operations, promote fair practices, encourage efficient complaint handling mechanisms for improved customer experience and enhance research and development functions.

The draft...

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