SECP and the China Securities Regulatory Commission sign MOU

ISLAMABAD, December 18: The Securities and Exchange Commission of

Pakistan (SECP) and the China Securities Regulatory Commission (CSRC)

have signed a memorandum of understanding (MOU) to further enhance

regulatory cooperation and information sharing between the two

regulatory agencies.

The MOU was signed in the backdrop of evolving globally integrated

financial markets, necessitating for regulatory agencies of capital

markets to develop cooperative linkages to ensure information sharing

for enforcement of securities laws and facilitate detection and combat

cross-border violations. The SECP has been promoting bilateral

co-operation with counterpart regulatory authorities of the capital

market at the bilateral, regional and international level. The SECP

has already established co-operative arrangements through MOUs with

the regulatory agencies of India, the Maldives, Australia, Bhutan, Sri

Lanka and Iran.

The MOU was signed in the presence of Prime Ministers Wen Jiabao and

Yousaf Raza Gillani on Friday. Mr Tahir Mahmood, the SECP

Commissioner, signed the MOU on behalf of the SECP while Mr Liu Jian,

the Chinese Ambassador, inked it on behalf of the CSRC.

The MOU provides parameters of co-operation and consultation, seeking

to enforce and ensure compliance with respective laws and regulations

in both countries. The document reiterated the commitment of the

securities regulators to work together in ensuring that securities and

futures markets in Pakistan and China are fair, transparent, efficient

and regulate to world class standards.

“The MOU is aimed at supporting the national economy and minimizing

the risk that is usually involved in financial market transactions,"

Mr Tahir Mahmood said. Describing the MOU as a significant milestone

in the development of the capital markets of Pakistan and China, he

added that "increasingly expanding securities markets today require

cooperation among the regulatory bodies of the capital markets at the

international level for adequate protection of investor rights and the

MOU is a step towards building a strong cooperative arrangement

between the SECP and the CSRC.”

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