Commissioner IRD SECP to assist foreign regulatory bodies
RECORDER REPORT
ISLAMABAD: The Commissioner International Relations Department, Securities and Exchange Commission of Pakistan (SECP), has been empowered to provide assistance to foreign regulatory authorities or any other international organization for assisting in any inquiry or investigation in relation to the request made by the foreign authority.
According to the SRO 1098(I)/2018 issued here on Thursday, Commissioner International Relations Department SECP has been given power to cooperate with and provide assistance to foreign regulatory authorities or any other international organization with whom the Commission has entered into any arrangement or agreement or understanding for assisting in any inquiry or investigation in relation to request made by the requesting authority under Section 42D of the Securities and Exchange Commission of Pakistan Act, 1997.
The Commissioner International Relations Department SECP has been authorized to obtain any information or document from any person on the request of the requesting authority and request the foreign regulatory body or authority or entity to seek such mutual legal assistance for carrying out inspection, inquiry or investigation under this Act or any administered legislation.
The Commissioner, International Relations Department SECP has been empowered to refuse assistance provided under this section to any foreign regulatory authorities or international organizations on the grounds of national security and public interest.
According to the SECP, the Commission may, on reciprocal basis, cooperate with and provide assistance or any administered legislation to a foreign regulatory authority or any other international organizations with whom the Commission has entered into any arrangement or agreement or understanding for assisting in any inquiry or investigation for contravening the laws relating to financial services of the requesting authority.
The Commission may request the foreign regulatory body or authority or entity to seek such mutual legal assistance for carrying out inspection, inquiry investigation or any administered legislation, the SECP added.
Any assistance provided under this section to any foreign regulatory authorities or international organizations may be refused by the Commission on the grounds of national security and public interest, the SECP said.
Following is the text of SRO 1098 (I)/2018 issued here on Thursday: In exercise of powers conferred by section 10 of the Securities and Exchange Commission of Pakistan Act, 1997 (XLII of 1997), the Securities and Exchange Commission of Pakistan (the Commission), subject to such conditions and limitations as it may from time to time impose, hereby delegates the following powers and functions of the Commission to its Commissioner, International Relations Department:
42D (1): Power to cooperation with and provide assistance to foreign regulatory authorities or any other international organizations with whom the Commission has entered into any arrangement or agreement or understanding for assisting in any inquiry or investigation in relation to request made by the requesting authority under Section 42D.
42D (3): Power to obtain any information or document from any person on the request of the requesting authority.
42D (5): To request the foreign regulatory body or authority or entity to seek such mutual legal assistance for carrying out inspection, inquiry or investigation under this Act or any administered legislation.
42D (7): To refuse assistance provided under this section to any foreign regulatory authorities or international organizations on the grounds of national security and public interest.
