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International Organization of Securities Commissions approves Securities and Exchange Commission of Pakistan’s report on Nominee Accounts in Emerging Markets

Islamabad: The SECPs recommendations through its report on Regulation of Nominee Accounts in Emerging Markets, have been approved by the International Organization of Securities Commissions (IOSCO)s Emerging Markets Committee (EMC) at the EMC Annual Conference in the Dominican Republic.

It has been published as an IOSCO report and placed on the following link: http://www.iosco.org/library/pubdocs/pdf/IOSCOPD362.pdf. The SECP co-chairs the IOSCO EMC Working Group (WG) for the regulation of market intermediaries.

Based on a survey of the 20 EMC member jurisdictions, the report aims at assisting the members of the Emerging Markets Committee in obtaining a better understanding of different practices and regulations concerning the nominee account system that operate in different member jurisdictions, and in identifying useful regulatory elements that could be adopted by members.

The report emphasizes the need for adequate client identification measures and disclosure requirements, combined with the segregation of client’s securities from the intermediary’s own securities in order to avoid any misconduct by the nominee account operator.

The SECP has been a member of the IOSCO since 1993 and has been chairing the IOSCO EMCs WG3, since October 2003 when Pakistan got elected to chair this important international forum. The SECP has earlier worked on the following mandates since becoming the chair of IOSCOs EMC WG3.

Cross-border Activities of Market Intermediaries in Emerging Markets –in March 2005

Guidance to Emerging Markets Regulators Regarding Capital Adequacy Requirements for Financial Intermediaries- in December 2006.

Guidelines for Minimum Entry Requirements and Continuous Risk Based Supervision for Market Intermediaries – in September 2009

Guidelines for Regulation of Conflicts of Interest Facing Market Intermediaries – in October 2010

“Entrusted with the responsibility to chair this important international group, the SECP took the lead in the emerging markets region on regulation of financial intermediaries, particularly emphasizing vital areas like capital flows, corporate governance and combating money laundering activities”, observed Mr. Muhammad Ali, the SECP chairman.

He has also noted that Pakistan’s contribution to this vital forum has been a factor to improve

Country’s image and play a vital part in the SECPs successful implementation of capital market reforms.

All reports prepared by the SECP under the auspices of IOSCO have been placed on the SECP website on the following link. http://www.secp.gov.pk/IACCD/iaccd_reports.asp.

For more information, contact:
Shakil Ahmad Chaudhary
Head, Internal and External Communication
Securities and Exchange Commission of Pakistan (SECP)
NIC Building, 63 Jinnah Avenue, Islamabad
Tel: +9251 921 4005 or 921 4009 (Ext. 378)
Fax: +9251 920 6459
Cell: +92302 855 2254
E-mail: shakil.chaudhary@secp.gov.pk

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